According to the report published by Allied Market Research, the global firewall-as-a-service market generated $1.8 billion in 2021, and is projected to reach $15.6 billion by 2031, growing at a CAGR of 24.6% from 2022 to 2031.
The adoption of firewall as a service (FWaaS) has increased in recent years owing to the need of modern business enterprises to reduce the burden on on-premises data center equipment and reduce the management burden for internal cybersecurity teams. Moreover, FWaaS vendors differentiate their service offerings by providing advanced network security features. These include going beyond traditional network traffic inspection to include next-generation firewall (NGFW) capabilities. FWaaS vendors commonly provide intrusion prevention and detection, application-aware security policy enforcement, URL filtering, threat intelligence, and advanced malware prevention capabilities.
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COVID-19 Scenario:
- The outbreak of the COVID-19 pandemic has had a positive impact on the growth of the global firewall-as-a-service market, owing to the occurrence of lockdowns in various countries across the globe.
- Stringent lockdown restrictions were imposed by the government to curb the spread of the virus during the pandemic.
- Hence, internet penetration surged exponentially during this time, which in turn, remarkably impacted market growth.
- In addition, an increase in the number of start-ups across the globe and surge in the need for companies to safeguard against cyber threats is further expected to create remunerative opportunities for the growth of the market in the coming years.
Rise in adoption of IoT and BYOD trends, the significant surge in malware and phishing threats among enterprises across the globe, an increase in demand for the cloud-based firewall as a service mode, and growth in the adoption of mobile device applications and platforms are expected to drive the growth of the global firewall-as-a-service market. An increase in digital dependence and a surge in the number of cyber threats during the pandemic had a positive impact on the market.
The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape, and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners, and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.
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Firewall-as-a-Service Market Segments:
Based on the service model, the software as a service segment held the dominating market share in 2021, holding more than two-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The platform as a service segment, on the other hand, is expected to cite the fastest CAGR of 25.7% during the forecast period.
Based on the deployment model, the public cloud segment held the dominating market share in 2021, holding nearly three-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The hybrid segment, on the other hand, is expected to cite the fastest CAGR of 26.2% during the forecast period.
Based on the industry vertical, the BFSI segment held the dominating market share in 2021, holding nearly one-fifth of the global market. On the other hand, the energy and utilities segment is expected to maintain its leadership status during the forecast period. However, the retail segment is expected to cite the fastest CAGR of 28.3% during the forecast period.
Based on region, the market across North America held the dominating market share in 2021, holding nearly two-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The Asia-Pacific region, on the other hand, is expected to cite the fastest CAGR of 26.8% during the forecast period.
Firewall-as-a-Service Market Players:
The key players analyzed in the global firewall-as-a-service industry include Amazon Web Services, Inc, Barracuda Networks, Inc., Cato Networks, Check Point Software Technologies Ltd., Cisco Systems, Inc., Forcepoint, Fortinet, IBM Corporation, Juniper Networks, Inc., McAfee Corp., Microsoft Corporation, Palo Alto Networks, SonicWall, Sophos Group plc, Trellix, WatchGuard, and Zscaler.
The report analyzes these key players in the global firewall-as-a-service market. These market players have made effective use of strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is helps analyse recent developments, product portfolios, business performance, and operating segments by prominent players in the market.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current Firewall as a Service Market trends, estimations, and dynamics of the firewall-as-a-service market analysis from 2021 to 2031 to identify the prevailing firewall-as-a-service market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the firewall-as-a-service market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global firewall-as-a-service market trends, key players, market segments, application areas, and market growth strategies.
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