Firewall as a Service (FWaaS) Market Size to hit $2.5bn by 2024
Published Date: September 3, 2019 Authors: Ankita Bhutani, Preeti Wadhwani
Firewall as a Service Market size is set to exceed USD 2.5 billion by 2024; according to a new research report by Global Market Insights, Inc.
The high demand for Firewall as a Service (FWaaS) market can be attributed to initiatives by government and private organizations to protect their and customers critical information. For instance, the government of UK is going to invest more than USD 200 million in cybersecurity start-ups. This will help them in closely work with ISP to try to divert all the malware attacks and block the URLs. In Kenya, the government is ready to invest heavily in the security sector with more focus on welfare, mobilization, and modernization of security forces, offering an opportunity to the software market.
Technological advancements, such as big data, IoT, and BYOD, are going to transform the Firewall as a Service market. For instance, the recent development of the BYOD has resulted in more crucial information that is being circulated in the network, giving an opportunity for hackers to gain access to huge volumes of information. This has resulted in offering tremendous opportunity for security providers to come up with customized solutions that will track malware and offer solutions to further prevent it. However, the lack of knowledge and reluctance among enterprises to use the cloud-based model poses as an entry barrier for companies. Despite the huge demand from financial institutions and government agencies favoring the market, companies seeking to enter the market are anticipated to face various obstacles.
Get more details on this report - Request Free Sample PDF
Stateful inspection firewall is estimated to register more than 19% CAGR in the FWaaS market over the forecast timeline due to an increase in the number of DDoS attacks and growing internet dependency. In addition, the advanced and automated threats, frauds, and regulatory compliances will foster demand over the forecast period. The use of internet for day-to-day life and increase in the penetration of internet with posting personal information require security firewalls. The stateful inspection helps in offering protection against exploits providing security architecture and possesses the ability to automatically patch the application for protection.
Browse key industry insights spread across 250 pages with 220 market data tables & 11 figures & charts from the report, “Firewall as a Service Market Size By Product (Firewalls [Proxy Servers, Stateful Inspection Firewall, Unified Threat Management (UTM), Next-generation Firewall (NGFW)], Management Software/Tools [Auditing & Compliance, Cloud Security, Connectivity Management, Automation, Backup & Recovery]), By Application (BFSI, Healthcare, Government, Retail, Education, Manufacturing), By Service Model (SaaS, IaaS, PaaS), By Delivery Model (Public, Private, Hybrid), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 - 2024” in detail along with the table of contents:
The healthcare segment held a substantial Firewall as a Service (FWaaS) market share in 2016 and is anticipated to maintain the industry revenue share over the forecast timeline due to a rapid surge in the number of data breaches in the sector. It has been observed that more than 130 million people have been compromised in 1,200 system breaches at organizations handling protected health information since 2009. Stringent government regulations related to user data protection in the healthcare sector is a prominent factor, propelling the demand for FWaaS. The firewall solution protects the network from blunt attacks and offers IT departments with insights of common types and options for protecting it where required.
PaaS service mode segment in the Firewall as a Service market is projected to exhibit significant growth rate over the forecast timeline. It is a platform on which software can be developed and deployed. The providers take much work of the deals with servers and give users environment in which the OS and server hardware and software and network infrastructure are being taken care of. Here, users only need to focus on the core business and the application development of the product or service. As PaaS is built on virtualization technology, the market for firewall will grow as networking players are trying to offer the platform to pure firewall providers.
Asia Pacific Firewall as a Service (FWaaS) market is projected to exhibit more than 22% CAGR over the forecast timeline due to growing digitalization and rapid surge in the number of cyberattacks. The rising internet penetration coupled with the proliferation of computers and smart devices is supporting market growth. The number of attacks is increasing day-by-day, making firewall technology mandatory and secure with features such as application identification and control. The growing concerns of data breaches, use of internet, and cloud computing will help to stimulate the spending on the cloud firewall market. Stringent government regulations in the region related to user data protection are anticipated to increase the demand for the market.
Prominent market players operating in the FWaaS market are Cisco, Palo Alto Networks, Fortinet, IBM, Sophos, Symantec, Checkpoint, and McAfee. Additionally, key software providers operating in the market are Tufin, Skybox Security FireEye, Firemon, Watchguard, and Algosec. They are focusing on strategic alliances with other market players to expand their product line and geographical presence. For instance, in February 2017, Palo Alto Networks acquired LightCyber (Behavioral Attack Detection solutions provider) to improve its threat prevention capabilities and prevent cyberattacks & other cyberthreats.
The Firewall as a Service (FWaaS) market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2013 to 2024 for the following segments:
- Proxy Server
- Stateful Inspection Firewall
- Unified Threat Management (UTM)
- Next-generation Firewall (NGFW)
- Firewall Management Software/ Tools
- Auditing and Compliance
- Cloud Security
- Connectivity Management
- Backup and Recovery
By Delivery Model
By Service Model
The above information has been provided on a regional basis for the following:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East and Africa
- South Africa