Firewall as a Service (FWaaS) Market Size Was Valued at USD 3.09 Billion in 2023 and is Projected to Reach USD 18.94 Billion by 2032, Growing at a CAGR of 22.30 % From 2024-2032
A cutting-edge security solution known as Firewall as a Service (FWaaS), built upon advanced Layer 7/next-generation firewall (NGFW) technology, provides a range of access controls, including URL filtering, heightened threat prevention, intrusion prevention systems (IPS), and DNS protection. In the past, when applications were primarily housed within data centers and the majority of employees operated from office locations, channeling traffic to an NGFW situated in a corporate or regional data center was a logical approach.
Top Key Players in FireWall as a Service (FWaaS) Market:
Barracuda Networks (US), Cato Networks (Israel), Check Point Software Technologies (Israel), Cisco Systems (US), Forcepoint (US), Fortinet (US), Juniper Networks (US), Palo Alto Networks (US), WatchGuard Technologies, Inc. (US), Zscaler (US), Spitfire Technology Group (US), Hewlett Packard Enterprise Development LP (US), Skybox Security, Inc. (US), AlgoSec (US), FireMon, LLC. (US), F5 Inc. (US), Vocus Group (Australia), and Other Major Players
Market Dynamics and Factors for FireWall as a Service (FWaaS) Market:
Drivers:
Increasing Number Of Cyber-Attacks And Investment For Research And Development To Carve Way For Innovations
The escalating frequency of cyber-attacks, coupled with substantial investments in research and development, is poised to catalyze the growth of the Firewall as a Service (FWaaS) market by fostering a climate of innovation and heightened security measures.
As the digital landscape expands and becomes increasingly interconnected, the threat of cyber-attacks has surged to unprecedented levels. Organizations across various industries are grappling with sophisticated and persistent threats that target sensitive data, networks, and operations. In response, businesses are recognizing the urgent need to fortify their cybersecurity defenses with advanced solutions.
Opportunities:
Cloud-Based Firewalls To Produce Lucrative Opportunities
The emergence of cloud-based firewalls presents a promising avenue for generating lucrative opportunities, thereby providing substantial growth prospects for the FireWall as a Service (FWaaS) market.
Cloud-based firewalls represent a significant evolution in cybersecurity solutions, offering a dynamic and scalable approach to safeguarding digital assets. These firewalls leverage the power of cloud infrastructure to deliver real-time threat detection, intrusion prevention, and data filtering, all while ensuring seamless adaptability to changing threat landscapes.
Segmentation Analysis of the FireWall as a Service (FWaaS) Market:
- By Service Type, the Security Management segment had the largest market. Security management encompasses the planning, implementation, and oversight of an organization's security measures to safeguard its digital assets, data, and operations.
- By Deployment Model, thePublic is likely to dominate in this area. Public deployment ensures that FWaaS solutions are readily accessible across geographical boundaries, allowing organizations to leverage advanced firewall protection regardless of their location.
Regional Analysis of the FireWall as a Service (FWaaS) Market:
Regarding the adoption of firewall-as-a-service among user groups, including large and small enterprises, Asia-Pacific is predicted to grow at the fastest rate. Stakeholders like government agencies, solution providers, platform providers, integrators, and end users are increasingly forming partnerships with security service providers to protect their cloud environments and network security in the area. A recent agreement between Zscaler, Inc. and NTT Communications Corporation, Japan, in 2019 may be seen as an aggressive attempt by international vendors to seize new markets in the Asia-Pacific region.
Key Industry Development:
- In March 2022, the new Palo Alto Networks Cloud NGFW for AWS is a managed Next-Generation Firewall (NGFW) service designed to simplify securing AWS deployments, allowing organizations to speed their pace of innovation while remaining highly secure, according to Palo Alto Networks, a 10-time leader in network firewalls.
- In October 2021, Firewall Insights was introduced by Barracuda Networks, Inc. to improve SD-WAN security. In this constantly evolving field of IT security measures, these analytics-backed solutions will aid professionals in evaluating the security of their defenses. Barracuda's position in the international market is anticipated to improve with this new invention.
