How Has The Firewall-As-A-Service Market Size Been Performing And What Are Its Growth Prospects?
The firewall-as-a-service market size has grown exponentially in recent years. The market, valued at $3.37 billion in 2024, is expected to grow at a compound annual growth rate (CAGR) of 22.6% to reach $4.13 billion in 2025. This growth can be attributed to increased cybersecurity threats, growth in remote work, the rise in cloud adoption, and the adoption of bring your own device (BYOD) policies.
Looking ahead, this market is expected to continue its phenomenal growth in the coming years. By 2029, the firewall-as-a-service market is forecasted to reach $11.41 billion, growing at a CAGR of 28.9%. This can be attributed to the increased adoption of zero-trust security models, growth in Internet of Things (IoT) security, emphasis on cloud-native security solutions, and the expansion of firewall-as-a-service for 5G networks.
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What Are The Key Drivers For The Firewall-As-A-Service Market Growth?
The alarming increase in cyberattacks and fraud cases is one of the key drivers propelling the expansion of the firewall-as-a-service market. Most notably, cybercrime costs are predicted to surge to $10.5 trillion by 2025, increasing the demand for firewall-as-a-service solutions to identify and block a large percentage of malicious traffic before it breaches the network perimeter, thereby providing defense in depth.
What Are The Major Segments In The Firewall-As-A-Service Market?
The firewall-as-a-service market is segmented by:
1) Service Type: Traffic Monitoring And Control, Compliance And Audit Management, Reporting And Log Management, Automation And Orchestration, Security Management.
2) Deployment: Private, Hybrid.
3) Enterprise Size: Large Enterprise, Small And Medium Enterprises.
4) Vertical: Banking, Financial Services, Insurance, IT And Telecom, Manufacturing, Travel And Hospitality, Healthcare, Energy And Utilities, Retail and Consumer goods.
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Who Are The Major Players In The Firewall-As-A-Service Industry?
Prominent companies operating in the firewall-as-a-service market include Barracuda Networks Inc., Cisco Systems Inc., Juniper Networks Inc., Cato Networks, Forcepoint, Fortinet Inc., Check Point Software Technologies Inc., Palo Alto Networks Inc., WatchGuard Technologies Inc. among others.
What Are The Emerging Trends In The Firewall-As-A-Service Industry?
Advancements in cloud-based firewall services are a key emerging trend in the firewall-as-a-service market. Notable example includes the launch of a cloud-native firewall service for Amazon Web Services (AWS) by Palo Alto, a US-based cybersecurity company, in March 2022. This Next-Generation Firewall (NGFW) service aims to improve the security of AWS deployments.
What Will Be The Largest And Fastest-Growing Regions In The Firewall-As-A-Service Market?
North America was the largest region in the firewall-as-a-service market in 2024. However, Asia-Pacific is expected to be the fastest-growing region in the forecast period.
What Does The Firewall-As-A-Service Market Report 2025 Offer?
Firewall as a service (FWaaS) is a solution that is delivered as a cloud-based service, aimed to safeguard organizations from both inside and outside threats by filtering network traffic. The Firewall-As-A-Service Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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