Firewall as a Service Market, By Solution (Advanced Threat Protection, Next Generation Firewall, Traffic Control & Monitoring, Managed Services), by Service Model, Deployment Model, Organizational size, Verticals, and by Region- Forecast till 2027
Industry/Innovation/ Related News:
October 26, 2020 —- Privafy, Inc. (the US), a leading cloud-native cybersecurity company redefining how to secure Data-in-Motion, announced its collaboration with Micron Technology to deliver a turnkey IoT security solution. Privafy provides cybersecurity technologies impacting carriers, IoT device makers, and enterprises to protect their data-in-motion. The collaboration would help Privafy to deliver end-to-end IoT Security-as-a-Service solution.
Privafy’s cloud-native SECaaS solution uses Authenta’s Key Management Service (KMS) to create a clone-proof endpoint authentication to onboard the device to a comprehensive list of services, including end-to-end secure connectivity, firewall, malware detection, device lifecycle management & clustering, and Distributed Denial-of-Service protection. The new solution would deliver seamlessly integrated Security-as-a-Service (SECaaS) for OEM device manufacturers & service providers, deploying connected products, from smart locks to self-driving automobiles.
Global Firewall as a Service (FWaaS) Market – Competitive Analysis
Highly competitive, the FwaaS Industry appears fragmented due to the presence of several well-established players. Mergers & acquisitions, innovation, and brand reinforcement remain prevailing key trends for the leading players as these strategies support their growth and expansion plans. They deliver reliable, leading-edge products and services. For which they invest substantially in R&D to develop adept technologies and products.
The global FwaaS Industry is expanding exponentially. Firewall as a Service (FWaaS) refers to network security capabilities as a cloud service. Enterprises deploy next-generation firewalls as security measures to control growing data breech/cyber theft concerns. The market growth attributes to growing numbers of enterprises and the increasing web-based (Cyber) attacks worldwide.
Moreover, the increasing uses of IoT devices and automation across the industries escalate the market growth. According to Market Research Future (MRFR), the global FwaaS Industry is poised to create a valuation of approx. USD1.98 BN by 2023, growing at 23 % CAGR throughout the review period (2018 – 2023). Also, increasing needs of the security foundation and make it easy to onboard IoT devices to the cloud boost the market growth.
Rising demand for a small, embedded footprint, low power consumption, low latency, resilient communications, and privacy define the widening landscape of FwaaS Industry. Small and medium enterprises have gradually adopted this technology since it provides them with customized firewall solution rendering simplified management, and comprehensive protection services.
Additionally, cost-effective solutions offered by FWaaS that have been proving as practical approaches to all SMEs (Small to Midsize Enterprises) accelerate the firewall as a service market growth. The proliferation of cloud-based platforms and increasing usages of the Internet & connected devices influences the market growth, generating a vast amount of the data.
Furthermore, the adoption of Bring Your Own Device (BYOD) policy, digital payments, and connected devices across the globe provide impetus to the market growth. BFSI sector is the most vulnerable space as the most intense attacks are directed towards financial institutions, which is considered as a key growth driver for the market.
Conversely, the lack of technical expertise in managing the advanced firewall mechanism is a major factor projected to impede the growth of the firewall as a service industry. Also, the lack of governance in the robust network infrastructure poses challenges to the growth of FwaaS Industry.
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The report is segmented into six dynamics;
By Solution : Next-generation Firewall, Advanced Threat Protection, Traffic Control & Monitoring, Managed Services, and others.
By Service Model : Infrastructure as a Service (IaaS), Software as a service (SaaS), Platform as a service (PaaS), and others.
By Deployment Model : Private, Public, and Hybrid cloud.
By Organizational Size : Small-to-Medium-Sized Enterprises (SMEs) and Large Enterprises.
By Vertical : Education, BFSI, Energy & Utilities, Healthcare, Government, Manufacturing, IT & Telecom, Retail, and others.
By Regions : Americas, Europe, APAC, and the Rest-of-the-World (RoW).
Global Firewall as a Service (FWaaS) Market – Regional Analysis
North America dominates the global firewall as a service market. The largest market share attributes to the wide uptake of FWaaS & advances in technology. Besides, increasing investments in cloud-based solutions drive market growth in the region. Moreover, the digital transformation, early adoption of cloud services, and increased cloud initiatives by the governments substantiate the firewall as a service industry in the region. The North American FWaaS market is projected to retain its dominance throughout the review period.
Europe stands second in the global firewall as a service market. The market growth is driven by the growing number of businesses and technological advancement, especially in the UK, France, Germany, and Italy. Additionally, the rising demand for FWaaS increases the firewall as a service market size. The European FWaaS market is expected to create a substantial revenue pocket during the assessment period.
The Asia Pacific region accounts for a substantial share in the global firewall as a service market. Factors such as the rapidly advancing countries such as China, Japan, and India, backed by the improving economy, boost the firewall as a service market share. Furthermore, the spurting industrialization across the region influences the growth of the market. The APAC FWaaS market is forecasted to grow at a modest CAGR during the anticipated period.
Players leading the FWaaS market are Barracuda Networks (US), Check Point Software Technologies (Israel), Cato Networks (Israel), Cisco Systems (US), Fortinet (US), Forcepoint (US), Juniper Networks (US), WatchGuard (US), Zscaler (US), Palo Alto Networks (US), Sophos (UK), H3C(China), Hillstone Network(US), and Sangfor Technologies(China), among others.
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