ID: MRFR/ICT/4561-HCR | February 2021 | Region: Global | 100 pages
Cyber-attacks have become a global concern, the exponential rise of cyber theft in the last few years has plagued the industry in general. Adoption of Bring Your Own Device (BYOD), digital payments, and connected devices across the globe has led to the rise in the hacking of devices and data breach, thus, resulting in the high adoption of various firewall services. Traditional firewalls are installed on each server that controls all incoming and outgoing network traffic. Firewall as a service is similar to the traditional firewall, but here the service is hosted on the cloud, which implies that it is available at all locations and practically on any device.
Firewall as a Service Market is expected to grow due to factors such as increasing need to secure the organization network against unauthorized and unprecedented crimes, and simplified installation of the firewall for distributed networks. However, there are some challenges that may hinder the growth of Firewall as a Service Market such as lack of technical expertise to manage the advanced firewall mechanism, lack of governance & robust network infrastructure.
Small and medium enterprises are slowly adopting this technology since it provides them with simplified management, comprehensive protection services, customized firewall solution, and cost-effective features. The BFSI sector has a major contribution towards the growth of Firewall as a Service Market as the most intense attack are directed towards financial institutions.
By Solution, Firewall as a service (FWaaS) market is segmented into Advanced Threat Protection, Traffic Control and Monitoring, Next-generation Firewall, Network Security, Identity Management, Managed services, and others.
By Services Model, the market is segmented into Software as a service (SaaS), Infrastructure as a Service (IaaS), and Platform as a service (PaaS).
By Deployment model, the Firewall as a service (FWaaS) market is segmented into Public, Private, and Hybrid cloud.
By Organizational size, the FWaaS market is segmented into small & medium sized enterprise and large enterprise.
By Verticals, the market is divided into BFSI, Education, Energy & Utilities, Government, Healthcare, Manufacturing, Retail, IT & Telecom, and others.
The Firewall as a Service Market for Firewall as a service is estimated to grow at a significant rate during the forecast period from 2017 to 2023. The geographical analysis of Firewall as a Service market is studied for North America, Europe (including Russia), Asia Pacific, and the rest of the world (including the Middle East, Africa, and Southern America).
North America is expected to dominate the Firewall as a Service market during the forecast period due to early adoption of cloud services, increased cloud initiatives by various governments, and digital transformation.
Asia Pacific is expected to grow at a faster rate due to technological advancements and better security compliance offered by the vendors and the increasing need to prevent cybercrimes.
Global Firewall as a Service Market, USD Billions
Source: MRFR Analysis
Global Firewall as a Service Market for Firewall as a Service is expected to reach ~1.98 billion, growing with a CAGR of ~23.01% in the forecast period
The prominent players in the FWaaS market of Firewall as a service are Barracuda Networks (US), , Check Point Software Technologies (Israel), Cato Networks (Israel),Cisco Systems (US), Fortinet (US), Forcepoint (US), Juniper Networks (US), WatchGuard (US), and Zscaler (US), Palo Alto Networks (US).
Other Players in the market include Sophos (UK), Sangfor Technologies(China), H3C(China), Hillstone Network(US).
The prominent players keep innovating and investing in research and development to present cost-effective offerings. Merger and Acquisitions among the various players are changing the market structure. For instance, Intel Security sold its firewall business to Raytheon/Websense and renamed it as Forcepoint to become a cybersecurity super power.
Frequently Asked Questions (FAQ) :
North America is expected to lead the market for its share at a global level.
The market is expecting ~1.98 billion valuation in the future.
The mounting need to secure the organization network against unauthorized and unprecedented crimes, and simplified installation of the firewall for distributed networks are the key factors driving the market.
Next-generation Firewall, Traffic Control and Monitoring, Advanced Threat Protection, Network Security, Identity Management, Managed services are the segments.
Check Point Software Technologies (Israel), Barracuda Networks (US), Cisco Systems (US) and Cato Networks (Israel) are the top key players mentioned in the study of the market.