Don't have enough idea. But it will be better if one have both.

Both hardware aswell software firewall has their own advantages.
But using combination of both can reduces lots of security concern and can keeps system and networks well protected.

Both hardware and software firewalls is what I would normally recommend, however is does depend on the traffic you are attracting. Go with both, most providers I know of offer a entry level low cost hardware firewall

It will be better if both hardware and software firewalls are used. Many people use both. Bigger businesses are use hardware firewall to secure their more than one servers.

The ideal case of server security can be said with a combination of hardware and software firewall. Individual/home users always rely on software firewall. Software firewalls allows you to customize it according to your need. It will protect your computer from attempts to gain access to your machine from outside network. When dealing with a large production servers with lot of sensitive data, a hardware firewall becomes very handy, as it gives extra protection at the hardware level. Along with the software firewall your server will be having strong protection.