The global market for firewall-as-a-service is anticipated to grow as a result of the increasing adoption of IoT and BYOD trends, according to Allied Market Research, as well as the sharp rise in malware and phishing threats among businesses worldwide. An increase in demand for cloud-based firewall as a service modes, and the adoption of mobile device applications and platforms also contributed to the market’s growth.
The pandemic led to an increase in digital dependency and a rise in cyber risks, which further helped the market. During this time, internet usage increased dramatically, which had a significant influence on the firewall-as-a-service market expansion.
In the upcoming years, it is anticipated that a rise in the number of start-ups throughout the world and a rise in the need for businesses to protect themselves from cyber threats would generate lucrative chances for the market’s expansion.
The worldwide firewall-as-a-service market generated $1.8 billion in 2021, and Allied Market Research projects that it will expand to $15.6 billion by 2031, at a CAGR of 24.6 percent from 2022 to 2031.
Firewall-as-a-Service Market Details
According to the service model, the software as-a-service market segment accounted for more than two-fifths of the worldwide firewall-as-a-service market in 2021, and it is anticipated that it will continue to occupy the top spot during the forecast period. On the other hand, the platform as-a-service category is anticipated to have the fastest CAGR of 25.7 percent throughout the projection period.
Based on the deployment model, the public cloud market segment controlled over three-fifths of the worldwide firewall-as-a-service market in 2021, and it is anticipated that it would continue to occupy the top spot during the projected period, according to Allied Market Research. On the other hand, the hybrid category is anticipated to have the fastest CAGR of 26.2 percent throughout the projection period.
Based on the industry vertical, the BFSI (banking, financial services, and insurance) sector commanded the lion’s share of the global firewall-as-a-service market in 2021, accounting for over one-fifth of it. On the other hand, it is anticipated that the energy and utilities industry would continue to hold the top spot during the projected period. The fastest CAGR of 28.3 percent is anticipated for the retail category throughout the projection period, though.
According to region, the North American market accounted for over two-fifths of the worldwide firewall-as-a-service market in 2021, and it is anticipated that it would continue to keep the leading position during the projected period. On the other hand, the Asia-Pacific region is anticipated to see the fastest CAGR of 26.8 percent over the projection period.
In-depth analyses of the top successful strategies, changing market trends, market size and projections, value chain, major investment pockets, drivers & opportunities, competitive landscape, and regional landscape are included in the study.
In order to introduce key plans for the future and take crucial actions to considerably enhance and heighten their position in the market, new entrants, shareholders, frontrunners, and shareholders might find the study by Allied Market Research to be a beneficial source of information.