Firewall as a Service Market 2024 By Top Key Players: Intel Corporation, Hewlett Packard Enterprise, Symantec, FireEye, Inc., Zscaler, WatchGuard Technologies, F5 Networks, Juniper Networks, Barracuda, Palo Alto Networks, Fortinet, Cisco, McAfee

Global Firewall as a Service (FWaaS) Market in BFSI segment is anticipated to exhibit high growth of over 22% CAGR from 2017 to 2024. With the modernization and development, the use of technology has gained momentum. Moreover, the number and impact of cyber incidents has increased in recent past two to three years, more in the case of financial institutions that needs to put security framework to ensure adequate security preparedness among banks. Also, growth is improving due to the use of digital banking, regulatory compliance, and improved business performance.

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Firewall as a Service (FWaaS) Market is set to exceed USD 2.5 billion, with a CAGR of over 25% from 2017 to 2024. Rising initiatives by regulatory authorities to improve the security of the customer information and increase in cyber-attacks is a major factor driving the firewall as a service market growth. Firewalls help organizations in protecting end-to-end web application and database to protect their customer information and their business. The development of Next-Generation Firewall has entirely changed the landscape with features such as DPI, API, SSL inspection, filtering, and IPS, improving the cloud firewall market opportunity for these solutions.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

1. Palo Alto Networks
2. Fortinet
3. Cisco
4. McAfee
5. Intel Corporation
6. Hewlett Packard Enterprise
7. Symantec
8. FireEye, Inc.
9. Zscaler
10. WatchGuard Technologies
11. F5 Networks
12. Juniper Networks
13. Barracuda

Adoption of BYOD, digital banking, and connected devices is changing the firewall as a service market. The penetration of phones and the connectivity across the world has led to the rise in the hacking of the device and collect the financial information. NGFW is attracting lot of companies with their public deployment model as majority of the players offer the product in the competitive firewall as a service market. Organizations such as Tufin, Skybox Security and Firemon are offering management software tools required by any user to track and monitor the attacks and update the regulatory norms whenever required.

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The firewall appliances market holds majority of the firewall as a service market share with approximately 22% CAGR estimation from 2017 to 2024. Traditionally, proxy servers and stateful inspection firewalls were used to protect the servers and network. However, with the change in the attacks and spreading its reach, internal networks require more protection than traditional ways. The UTM and NGFW were used to protect enterprises from internal and external network attacks.

The government agencies and financial institutions are most targeted due to the huge transactions and classified information. Thus, government and private organizations are collaborating and customizing compliances regulations best suited for the industry. BFSI applications account for majority of the revenue and are expected to maintain their position in the coming years.

The rising number of attacks and need for security measures are fostering the growth of the Asia Pacific firewall as a service market. Additionally, number of organizations are understanding the benefits of offering cloud deployment to their customers to get cost-benefits. Moreover, government initiatives to improve the security and introduce norms is creating growth opportunities for the security providers.

Browse key industry insights spread across 250 pages with 220 market data tables & 11 figures & charts from the report, Firewall as a Service (FWaaS) Market in detail along with the table of contents:

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Asia Pacific is anticipated to grow over the forecast timeline owing to the increase in cyber-attacks and investment in security appliances. Furthermore, the increase in internet penetration in countries such as Japan and South Korea are given rise to more cyber threats, leading to use of firewall solutions. China firewall as a service market accounts for the highest revenue share as majority of the companies are relying on cloud computing to deploy software applications.

Latin America and MEA is anticipated to witness growth over the forecast timeline. The high internet penetration rate, investment by government, and increase in incidents of cybercrimes is driving the adoption of firewalls.

The players operating in the firewall as a service market space include Checkpoint Technologies, Palo Alto Networks, Fortinet, Cisco, McAfee, Intel Corporation, Hewlett Packard Enterprise, Symantec, Tufin, Skybox Security, FireMon, Algosec, FireEye, Inc., Zscaler, WatchGuard Technologies, F5 Networks, Juniper Networks, Barracuda, and Cato Networks.

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