Demand for advanced security driving Firewall as a Service market
The Firewall as a Service Market is set to reach US$30.9 billion by 2033, according to a new report from Future Market Insights.
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 will grow at a 25% CAGR from 2023 to 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.
Because of 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.
According to the report, 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%.
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.
Cider Security Company, based in Israel, is a provider of supply chain security solutions and application security solutions. Palo Alto Networks acquired the company 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.
Meanwhile, Zscaler, Inc. and NTT Communications Company of Japan entered into a partnership to offer cloud-based firewalls and endpoint