Global Firewall as a Service Market Scope

Global Firewall as a Service Market Size, Forecast, and Trend Highlights Over 2022 - 2031

The global firewall as a service market is estimated to garner a revenue of USD 13.0 Billion by the end of 2031 by growing at a CAGR of ~25% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of USD 0.30 Billion in the year 2021. The growth of the market can be attributed to an increase in the number of cyberattack cases across the globe. For instance, more than 35 percent of organizations across the globe were victims of ransomware attacks in 2021.

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Firewall as a service is a cloud-based firewall solution that allows businesses to simplify their IT infrastructure. It includes next-generation firewall (NGFW) features such as advanced threat protection (ATP), web filtering, Domain Name System (DNS), and intrusion prevention system (IPS) security. Moreover, FWaaS plugs-in provides a firewall to OpenStack objects such as routers, projects, and router ports. Advanced research and development in technology are allowing companies to convert their infrastructure from complex to simple form.  Hence, it is expected to drive the growth of the global firewall as a service market. As per the United Nations Educational, Scientific and Cultural Organization Institute for Statistics, the spending on research and development has reached nearly USD 1.7 trillion across the globe.

Global Firewall as a Service Market: Growth Drivers and Challenges

Growth Drivers

• Rising Bring Your Own Devices Trend – Firewall provides protection to the employees’ devices being used for the organizations against any unnecessary network traffic. Therefore, it is anticipated to surge in the growth of the global firewall as a service market. More than 60 percent of organizations worldwide have adopted bring your own devices in 2022.

• Surging Adoption of Cloud-Based Technology– There has been a surge in the adoption of cloud-based technology worldwide to reduce risk and cost. Hence, it is expected to drive the growth of the global firewall as a service market. More than 65 percent of enterprises across the globe have a cloud-based infrastructure by 2021.

• Rising Urbanization– With the rise in urbanization, organizations are opting for simplified operations, as more people get used to it at a faster face. Therefore, it is projected to increase the growth of the global firewall as a service market. As per the World Bank, the percentage of urbanization has increased from 49 percent in 2005 to 57 percent in 2021.

• Growing Number of Small & Medium Organizations– An increase in the number of small & medium organizations such as healthcare, banking, education, energy & utilities, and others is anticipated to drive the growth of the global firewall as a service market. According to the Office of the United States Trade Representative, nearly 28 million small & medium enterprises in the United States account for approximately two-thirds of new private jobs.

Challenges

• Lack of Skilled Employees

• Increasing Number of Regulatory and Legal Obligations

• Rising Complexities Combined with Cloud-Based Deployment

The global firewall as a service market is segmented and analyzed for demand and supply by deployment into hybrid, public, and private clouds. Out of these, the hybrid segment is anticipated to hold the largest share over the forecast period owing to the adoption of hybrid cloud infrastructure by large enterprises followed by their increasing financial capability. For instance, hybrid cloud infrastructure has been adopted by 82 percent of large enterprises in 2022. 

Global Firewall as a Service Market Regional Synopsis

Regionally, the global firewall as a service market is studied into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Amongst these markets, the market in the North America region is projected to hold the largest market share by the end of 2031 on the back of rising initiatives taken by the government for digital transformation and increasing adoption of cloud-based services.

Moreover, the market in the Asia Pacific region is anticipated to witness the fastest growth over the forecast period owing to the rising cybercrimes cases, and advancement in technology. For instance, there was a nearly a 12 percent upsurge in cybercrime cases in India in 2020 from the previous year.

Market Segmentation

Our in-depth analysis of the global firewall as a service market includes the following segments:

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Key Companies Dominating the Global Firewall as a Service Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global firewall as a service market that are included in our report are Cisco Systems, Inc., Forcepoint, Zscaler, Inc., Cato Networks Ltd., WatchGuard Technologies, Inc., Palo Alto Networks, Fortinet, Inc., Juniper Networks, Inc., Check Point Software Technologies Ltd, Barracuda Networks, Inc., and others.

Global Firewall as a Service Market: Latest Developments

• August, 2022: Palo Alto Networks announced the launch of Unit 42 Managed Detection and Response in combination with Cortex XDR technology that provides continuous 24/7 detection, threat, investigation, and response.

• June, 2022: Zscaler, Inc announced the launch of posture control solution in order to provide organizations with unified cloud-Native Application Protection Platform for securing cloud workloads.

Key Reasons to Buy Our Report

• The report covers a detailed analysis comprising market share attained by each market segment and its sub-segments.

• It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis, and challenges that impact market growth.

• The report includes detailed company profiles of the major players dominating the market.

• We use effective research methodologies to calculate the market numbers and provide value-added assessments for overall growth.

• We provide customized reports as per the clients’ requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal.

Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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