The demand for the firewall as a service solution by managed services is growing remarkably in the current years. As per the FMI analysis, this segment is projected to register a CAGR of 27.5%.
In 2022, the overall value of the firewall as a service was roughly US$ 2.72 billion. According to FMI, the firewall as a service market would grow at a 25% CAGR from 2023 to 2033. If current trends continue, the global firewall as a service market value is expected to reach US$ 30.9 billion by 2033.
The increased demand for advanced security solutions and services to limit the risk of cyber-attacks is creating new prospects for growth. Enterprises’ increased demand for frameworks of interconnected devices has created a demand for robust firewalls.
The industry is also being driven by a firewall as a service to safeguard data and information from security breaches and cyber-attacks. Furthermore, the growing trend of Bring-Your-Own-Device (BYOD) is likely to provide further potential for growth in the FWaaS market.
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Because to pandemic restrictions, the market increased by roughly 30% between 2019 and 2022. As virtual private networks become more popular, the deployment of firewall services is expected to grow rapidly.
Key Takeaways from the Market
- The United States was the leading region in 2022 with a revenue contribution of more than 30% in the market. Further, it is anticipated to grow at an annual average rate of 21% through 2033 retaining its dominance.
- Based on different applications, the compliance & audit management market segment is the prominent user of the firewall as a service solution. In the year 2022, it contributed to almost 20% of the overall revenue generated by the market globally.
- The demand for the firewall as a service solution by managed services is growing remarkably in the current years. As per the FMI analysis, this segment is projected to register a CAGR of 27.5% during the forecast years.
- The firewall as a service on the public cloud model dominates the market by contributing nearly 50% of the revenue. Agility, portability, and pricing are a few of the elements driving the demand for firewalls on the public cloud model.
- The Large size enterprises segment accords 70% of the market while the SMEs segment is witnessing a growth rate of 26.5%.
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Competitive Landscape
The firewall as a service market is highly competitive and fragmented, with the presence of several international and local companies. Leading market players are spending money on research and development to create cutting-edge products and get ahead in this sector. Also, many key players are forming alliances and merging with other businesses. As the market is primarily defined by novelty, alteration, and evolving customers.
Recent Developments by the Firewall as a Service Industries
- Cider Security Company, based in Israel, is a provider of supply chain security solutions and application security solutions. The company was acquired by Palo Alto Networks in November 2022. Through this acquisition, it aims to integrate supply chain security as a component of a code-to-hybrid security platform.
- Barracuda Networks, Inc. introduced Firewall Insights in its portfolio in June 2019 to improve its SD-WAN security services. This analytics-backed solution is aimed to aid professionals in evaluating the reliability of their defenses and improving the market position.
- Zscaler, Inc. and NTT Communications Company of Japan entered into a partnership to offer cloud-based firewalls and endpoint protection. Besides Japan, it is predicted that this agreement may increase Zscaler’s clientele in the Asia Pacific region.
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Key Segments Covered by Firewall as a Service Industry Study Report
Firewall as a Service Industry by Service Model:
- Infrastructure as a Service (IaaS)
- Platform as a Service (PaaS)
- Software as a Service (SaaS)
Firewall as a Service Industry by Service Type:
- Firewall as a Service for Traffic Monitoring & Control
- Firewall as a Service for Compliance & Audit Management
- Firewall as a Service for Reporting & Log Management
- Firewall as a Service for Automation & Orchestration
- Firewall as a Service for Security Management
- Firewall as a Service for Managed Services
Firewall as a Service Industry by Deployment Model:
- Firewall as a Service on Public Cloud Model
- Firewall as a Service on Private Cloud Model
- Firewall as a Service on Hybrid Model
Firewall as a Service Industry by Enterprise Size:
- Firewall as a Service for Large Size Enterprises
- Firewall as a Service for Small & Medium Size Enterprises (SMEs)
Firewall as a Service Industry by End-use Industry Verticals:
- Firewall as a Service for Banking, Financial Services, and Insurance (BFSI)
- Firewall as a Service for Retail & eCommerce
- Firewall as a Service for IT & ITES
- Firewall as a Service for Telecommunication
- Firewall as a Service for Healthcare
- Firewall as a Service for Energy & Utilities
- Firewall as a Service for Government
Firewall as a Service Industry by Region:
- Firewall as a Service in North America Market
- Firewall as a Service in Latin America Market
- Firewall as a Service in Europe Market
- Firewall as a Service in East Asia Market
- Firewall as a Service in South Asia and Pacific Market
- Firewall as a Service in the Middle East and Africa (MEA) Market
