The global Firewall as a Service (FWaaS) Market was valued at 1.2 billion in 2021 and it is anticipated to grow up to USD 13.9 billion by 2031, at a CAGR of 27.7% during the forecast period.
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Firewall as a Service (FWaaS) is a type of security service that provides a firewall solution as a cloud-based offering. This service can be delivered in a number of ways, including as a software-as-a-service (SaaS) solution, a platform-as-a-service (PaaS) solution, or as an infrastructure-as-a-service (IaaS) solution.
Market Trends and Drivers
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.
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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.
Major Players in the Global Firewall as a Service (FWaaS) Market
The key players in the market Cisco Systems, Inc., Palo Alto Networks, Inc., Juniper Networks, Sophos, Ltd., Check Point Software Technologies , SonicWall, Barracuda Networks, WatchGuard Technologies, Zscaler, and Fortinet, Inc., among others.
COVID-19 Impact
The advent of the COVID-19 pandemic results in increased investment on advanced services and technology including cloud computing, the Internet of Things, artificial intelligence, and corporate flexibility. Furthermore, the growing number of people working from home in the face of worldwide shutdowns due to the COVID-19 pandemic is likely to fuel the need for cloud-based applications throughout the forecast timeframe.
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Global Firewall as a Service (FWaaS) Market Segmentation
By Product
Firewall
Firewall Management Software/ Tools
By Delivery Model
Public
Private
Hybrid
By Service Model
SaaS
IaaS
PaaS
By Application
BFSI
Healthcare
Government
Retail
Education
Manufacturing
Others
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