Categories: Market Research

Global Firewall-As-A-Service Market Size and Forecast 2024-2033|Barracuda Networks Inc., Cisco Systems Inc., Juniper Networks Inc., Cato Networks, Forcepoint

The Firewall-As-A-Service by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Firewall-As-A-Service, The firewall-as-a-service market size has grown exponentially in recent years. It will grow from $2.79 billion in 2023 to $3.44 billion in 2024 at a compound annual growth rate (CAGR) of 23.3%. The growth in the historic period can be attributed to increase in cybersecurity threats, growth in remote work and cloud adoption, emphasis on network security and access control, adoption of bring your own device (byod) policies, rise of software-defined networking (sdn).

The firewall-as-a-service market size is expected to see exponential growth in the next few years. It will grow to $8.74 billion in 2028 at a compound annual growth rate (CAGR) of 26.3%. The growth in the forecast period can be attributed to increased adoption of zero trust security models, growth in internet of things (iot) security, emphasis on cloud-native security solutions, expansion of firewall-as-a-service for 5g networks, rise of cloud-native firewalls. Major trends in the forecast period include integration of artificial intelligence in firewall-as-a-service, micro-segmentation for enhanced network security, integration with cloud security posture management (cspm), emphasis on threat intelligence and threat hunting, adoption of secure access service edge (sase) principles in firewall-as-a-service.

The increase in the number of fraud cases and cyber-attacks is expected to propel the growth of the firewall as a service market going forward. A cyberattack is a malicious and deliberate attempt by an individual or organization to breach the information system of another individual or organization. Cybercrime has increased every year as people try to benefit from vulnerable business systems. The visibility and traffic filtering that a firewall provides enable an organization to identify and block a large percentage of malicious traffic before it enters the network perimeter and can provide defense in depth. For instance, according to an article published by Forbes, a US-based business magazine, the average number of cyberattacks and data breaches worldwide increased by 15.1% in 2020. Furthermore, according to a statistical report published by Packetlabs, a Canadian-based penetration testing company, in 2021 cybercrime costs the world $6 trillion and by 2025 this figure would climb to $10.5 trillion. Therefore, an increase in the number of fraud cases and cyber-attacks will drive the firewall-as-a-service market.

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The firewall-as-a-service market covered in this report is segmented –

1) By Service Type: Traffic Monitoring and Control, Compliance and Audit Management, Reporting and Log Management, Automation and Orchestration, Security Management

2) By Deployment: Private, Hybrid

3) By Enterprise Size: Large Enterprise, Small and Medium Enterprises

4) By Vertical: Banking, Financial Services and Insurance, IT and Telecom, Manufacturing, Travel and Hospitality, Healthcare, Energy and Utilities, Retail and Consumer goods, Other Verticals

Advancements in cloud-based firewall services have emerged as a key trend gaining popularity in the firewall as a service market. A cloud firewall protects cloud infrastructure from attacks, just as a traditional firewall protects on-premise networks. Major companies operating in the firewall as a service market are focused on developing new technological solutions to strengthen their position. For instance, in March 2022, Palo Alto, a US-based cybersecurity company launches a cloud-native firewall service for AWS (Amazon Web Services). It would be a managed Next-Generation Firewall (NGFW) service designed to simplify securing AWS deployments, enabling organizations to speed their pace of innovation while remaining highly secured.

The firewall-as-a-service market report table of contents includes:

1. Executive Summary

2. Financial Auditing Professional Services Market Characteristics

3. Financial Auditing Professional Services Market Trends And Strategies

4. Financial Auditing Professional Services Market – Macro Economic Scenario

5. Global Financial Auditing Professional Services Market Size and Growth

26. South America Financial Auditing Professional Services Market

27. Brazil Financial Auditing Professional Services Market

28. Middle East Financial Auditing Professional Services Market

29. Africa Financial Auditing Professional Services Market

30. Financial Auditing Professional Services Market Competitive Landscape And Company Profiles

Top Major Players: