The Firewall as a Service (FWaaS) Market size is expected to grow from $0.56 Billion in 2017 to $1.70 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 24.9% during the forecast period, according to the new market research report published by MarketsandMarkets.
Demand for Firewall as a Service (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 up-gradation of and alteration to firewall protocols, proliferation of Next-Generation Firewalls (NGFWs), and seamless scalability and reduced operational cost.
The MarketsandMarkets report is titled: ‘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.’
Among service types, the security management service 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 gain the highest traction in the FWaaS market during the forecast period. The hybrid cloud would provide more control, reduced risks, cost-efficiency, and better performance. Additionally, it would provide 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.
Growth Drivers North America
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 dominate the Firewall as a Service Market during the forecast period. The major growth drivers for this region are the increasing need to prevent cyber security threats, growing adoption of cloud services, better security compliant offerings by vendors, and a need for enhanced control and visibility mechanisms.
According to the MarketsandMarkets report, major vendors providing FWaaS solutions and services include 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).