Firewall as a Service Market to reach $2.5bn by 2024

The industry analysis report "Firewall as a Service (FWaaS) Market Size By Product (Firewalls [Proxy Servers, Stateful Inspection Firewall, Unified Threat Management (UTM), Next-generation Firewall (NGFW)], Management Software/Tools [Auditing & Compliance, Cloud Security, Connectivity Management, Automation, Backup & Recovery]), By Application (BFSI, Healthcare, Government, Retail, Education, Manufacturing), By Service Model (SaaS, IaaS, PaaS), By Delivery Model (Public, Private, Hybrid), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, China, India, Japan, South Korea, Australia, Brazil, Mexico, GCC, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 - 2024" by by Global Market Insights, Inc. says (FWaaS) Firewall as a Service Market size is set to exceed USD 2.5 billion by 2024, escalated by Increase in demand for network security.

Rising initiatives by regulatory authorities to improve the security of the customer information and increase in cyber-attacks is a major factor driving the firewall as a service market growth. Firewalls help organizations in protecting end-to-end web application and database to protect their customer information and their business. The development of Next-Generation Firewall has entirely changed the landscape with features such as DPI, API, SSL inspection, filtering, and IPS, improving the cloud firewall market opportunity for these solutions.

Rapid digitization, primarily in countries such as India and China, has led to an increase in the IT sector, leading to a new market for cyber criminals. Various organizations are working with government agencies to provide customized suites and packages to enterprises, especially SMEs, as they are very reluctant to use software and more prone to attackers.

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Adoption of BYOD, digital banking, and connected devices is changing the firewall as a service market. The penetration of phones and the connectivity across the world has led to the rise in the hacking of the device and collect the financial information. NGFW is attracting lot of companies with their public deployment model as majority of the players offer the product in the competitive FWaaS market. Organizations such as Tufin, Skybox Security and Firemon are offering management software tools required by any user to track and monitor the attacks and update the regulatory norms whenever required.

The firewall appliances market holds majority of the FWaaS market share with approximately 22% CAGR estimation from 2017 to 2024. Traditionally, proxy servers and stateful inspection firewalls were used to protect the servers and network. However, with the change in the attacks and spreading its reach, internal networks require more protection than traditional ways. The UTM and NGFW were used to protect enterprises from internal and external network attacks.

The government agencies and financial institutions are most targeted due to the huge transactions and classified information. Thus, government and private organizations are collaborating and customizing compliances regulations best suited for the industry. BFSI applications account for majority of the revenue and are expected to maintain their position in the coming years.

The rising number of attacks and need for security measures are fostering the growth of the Asia Pacific FWaaS market. Additionally, number of organizations are understanding the benefits of offering cloud deployment to their customers to get cost-benefits. Moreover, government initiatives to improve the security and introduce norms is creating growth opportunities for the security providers.

The players operating in the firewall as a service equipment space include Checkpoint, Palo Alto Networks, Fortinet, Cisco, IBM, Symantec, McAfee, and Sophos. Additionally, some of the pure management software providers holding strong place in the FWaaS market are Tufin, Firemon, Algosec, Skybox Security FireEye, and Watchguard.The industry is seeing a number of M&A in the past five years; for instance, the acquisition of Niara by HPE to expand their product offerings and brand value.

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