At CAGR of 24.9% Firewall as a Service Market will grow $1.70 Billion by 2022
According to new market research report "Firewall as a Service Market by Service Type (Traffic Monitoring and Control, Compliance and Audit Management, and Automation and Orchestration), Service Model, Deployment Model, Organizational Size, Vertical, and Region - Global Forecast to 2022", The FWaaS market size is expected to grow from USD 0.56 Billion in 2017 to USD 1.70 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 24.9% during the forecast period.
The demand for FWaaS is driven by various factors, such as the increasing need to fortify the enterprise network against unauthorized and unprecedented strikes, centralized policy management and simplified installation of firewalls for distributed enterprise networks, elimination of the upfront investment cost, rapid upgradation of and alteration to firewall protocols, proliferation of Next-Generation Firewalls (NGFWs), and seamless scalability and reduced operational cost.
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The security management service type is estimated to contribute the largest market share in 2017.
Among service types, the security management segment is estimated to have the largest market size in 2017 and is expected to continue its dominance during the forecast period. The major factors driving the growth of this segment include reduced cost of maintaining firewalls, increasing demand for security offerings, instant upgradation of and rectification to firewall protocols, automated compliance gap analysis, and easy deployment of FWaaS.
The hybrid cloud deployment model is expected to grow at the highest CAGR during the forecast period.
The hybrid cloud deployment model is expected to gain the highest traction in the FWaaS market during the forecast period. The hybrid cloud provides more control, reduced risks, cost-efficiency, and better performance. Additionally, it provides an ideal combination of public cloud and private cloud features, such as the versatility and cost-effectiveness of the public cloud, and greater control and security of the private cloud.
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North America is expected to contribute the largest market share, whereas Asia Pacific (APAC) is projected to grow at the highest CAGR during the forecast period.
North America is expected to have the largest market share and dominate the FWaaS market during the forecast period. The major growth drivers for this region are the increasing need to prevent cyber threats, growing adoption of cloud services, better security compliant offerings by vendors, and need for enhanced control and visibility mechanisms.
The major vendors providing FWaaS solutions and services are Barracuda Networks (US), Cato Networks (Israel), Check Point Software Technologies (Israel), Cisco Systems (US), Forcepoint (US), Fortinet (US), Juniper Networks (US), Palo Alto Networks (US), WatchGuard (US), and Zscaler (US).
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