The global firewall as a service market is expanding exponentially. Firewall as a Service (FWaaS) refers to network security capabilities as a cloud service. Enterprises deploy next-generation firewalls as security measures to control growing data breech/cyber theft concerns. The market growth attributes to growing numbers of enterprises and the increasing web-based (Cyber) attacks worldwide.
Moreover, the increasing uses of IoT devices and automation across the industries escalate the market growth. According to Market Research Future (MRFR), the global firewall as a service market is poised to create a valuation of approx. USD1.98 BN by 2023, growing at 23 % CAGR throughout the review period (2018 – 2023). Also, increasing needs of the security foundation and make it easy to onboard IoT devices to the cloud boost the market growth.
Rising demand for a small, embedded footprint, low power consumption, low latency, resilient communications, and privacy define the widening landscape of FWaaS market. Small and medium enterprises have gradually adopted this technology since it provides them with customized firewall solution rendering simplified management, and comprehensive protection services.
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Additionally, cost-effective solutions offered by FWaaS that have been proving as practical approaches to all SMEs (Small to Midsize Enterprises) accelerate the firewall as a service market growth. The proliferation of cloud-based platforms and increasing usages of the Internet & connected devices influences the market growth, generating a vast amount of the data.
Furthermore, the adoption of Bring Your Own Device (BYOD) policy, digital payments, and connected devices across the globe provide impetus to the market growth. BFSI sector is the most vulnerable space as the most intense attacks are directed towards financial institutions, which is considered as a key growth driver for the market.
Players leading the FWaaS market are Barracuda Networks (US), Check Point Software Technologies (Israel), Cato Networks (Israel), Cisco Systems (US), Fortinet (US), Forcepoint (US), Juniper Networks (US), WatchGuard (US), Zscaler (US), Palo Alto Networks (US), Sophos (UK), H3C(China), Hillstone Network(US), and Sangfor Technologies(China), among others.
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