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Based on enterprise size, the large enterprise segment is expected to witness significant growth. Collaborations aimed at boosting speed while maintaining robust security are contributing to segment growth. For instance, in March 2022, Palo Alto Networks collaborated with AWS to launch the Palo Alto Networks Cloud NGFW for AWS. This managed Next-generation Firewall (NGFW) service is crafted to streamline the security of AWS deployments, allowing organizations to accelerate innovations while ensuring that high-level security measures are in place. These collaborations enable the implementation of advanced firewall systems, ensuring protection against cyber threats while allowing large enterprises to optimize their operations and speed up innovations.
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Based on industry vertical, the BFSI segment accounted for a market share of around 25% in 2022. Safeguarding sensitive customer data, financial records, and transaction details is fueling the adoption of enterprise firewall solutions in the BFSI sector. With stringent data protection regulations and the rising sophistication of cyber threats, robust firewall systems are essential. They establish secure perimeters, ensuring encrypted transmission, secure online transactions, and compliance with regulatory standards.
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North America enterprise firewall market accounted for 39% of the revenue share in 2022. The region's robust technology infrastructure fosters innovations in firewall solutions. Advancements in Artificial Intelligence (AI), Machine Learning (ML), and deep packet inspection techniques enable next-generation firewalls to effectively detect & mitigate sophisticated cyber threats. With a focus on cutting-edge technologies, North American businesses increasingly invest in advanced firewall systems, ensuring that they stay ahead of evolving cybersecurity challenges, thereby driving the regional market growth.