Firewall As A Service Market Growth & Trends
The global firewall as a service market size is anticipated to reach USD 12.27 billion by 2030, registering a CAGR of 22.3% from 2023 to 2030, according to a new report by Grand View Research, Inc. The surge in data breaches in the cloud environment and the proliferation of NGFW are expected to drive demand for the firewall as a service solution and services among industries.
The COVID-19 outbreak had a positive impact on the firewall as a service market. Numerous organizations shifted to online platforms from traditional methods to operate their businesses as a response to the work-from-home situation due to the pandemic. Several factors are pushing the market growth, such as increased cyber-attacks targeting remote workers, demand for a secure and managed workforce, cost-effectiveness, and scalable solutions. Several industry players such as Cisco Systems Inc., Barracuda Networks, Inc., Juniper Networks, Inc., Amazon Web Services, Inc., Cloud flare, Inc., IBM Corporation, Fortinet, Inc., and Palo Alto Networks witnessed a growth in sales of the firewall as a service technology during the pandemic. Thus, such factors are fueling market demand.
Firewall As A Service Market Report Highlights
- Based on service type, the compliance & audit management segment accounted for the highest revenue share of 21.7% in 2022 and is expected to retain its position during the forecast period. Surging use of the firewall as a service solution owing to its benefits such as minimization of the risk of data breaches and ensuring the confidentiality, integrity, and availability of sensitive information is attributed to the market growth
- Based on the deployment model, the public segment dominated the market with a share of 48.4% in 2022 and is also expected to expand at a CAGR of 21.0% during the forecast period. This can be attributed to the rising adoption of cloud-based firewall services worldwide that focus on providing data security as well as network security. The hybrid segment is expected to expand at the fastest CAGR of 24.8% during the forecast period. This can be attributed to the increasing demand from enterprises to deliver hybrid-based firewall-as-a-service solutions that prevent cyber threats, which can be accessed from anywhere
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Firewall As A Service Market Segmentation
Grand View Research has segmented the global firewall as a service market based on the service type, deployment model, enterprise size, industry vertical, and region:
Firewall As A Service Type Outlook (Revenue, USD Million, 2017 – 2030)
- Traffic Monitoring & Control
- Compliance & Audit Management
- Reporting & Log Management
- Automation & Orchestration
- Security Management
- Managed Services
- Professional Services
Firewall As A Service Deployment Model Outlook (Revenue, USD Million, 2017 – 2030)
List of Key Players in the Firewall As A Service Market
- Cisco Systems Inc.
- Barracuda Networks, Inc.
- Check Point Solution Technologies Ltd.
- Juniper Networks, Inc.
- Cato Networks Ltd.
- Palo Alto Networks.
- Fortinet, Inc.
- Forcepoint LLC
- Sophos Ltd.
- Zscaler, Inc.
- WatchGuard Technologies, Inc.
- Sonic Wall
Grand View Research is an India & U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. Grand View Research database is used by the world's renowned academic institutions and Fortune 500 companies to understand the global and regional business environment. Our database features thousands of statistics and in-depth analysis on 46 industries in 25 major countries worldwide.
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