FireWall as a Service (FWaaS) Market to Reach USD 4.16 Billion by 2028

Market Overview:
The Global FireWall as a Service (FWaaS) Market size was valued at USD 0.95 Billion in 2021 and is projected to reach USD 4.16 Billion by 2028, growing at a CAGR of 23.5% from 2022 to 2028.
The cloud-based firewall protection solution that companies offer is called firewall-as-a-service. FWaaS can provide firewall protection service to IT infrastructure installed in hosted, on-premise, and hybrid environments depending on deployment. By safeguarding inbound and outbound traffic across hosted or cloud-based apps, the most recent, next generation FWaaS can safeguard an organization's servers on platform-as-a-service (PaaS) or infrastructure-as-a-service (IaaS) models. Due to a sharp increase in digital dependence during the COVID-19-induced lockdowns and the rising number of cyber-threats, the Firewall as a Service (FWaaS) market experienced positive growth during the period and was positively impacted by the COVID-19 pandemic. These factors helped to fuel the growth of the FWaaS market.

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Market Dynamics
Driver:
Small and medium-sized enterprises are gradually adopting this technology because it provides customers with simplified management, extensive security services, customizable firewall solutions, and cost-effective capabilities. Since financial institutions are the primary target of cyberattacks, the financial services industry (BFSI) significantly contributes to the growth of the Firewall as a Service market. The benefits of firewall as a service could serve as growth engines for the industry at large. This service requires no hardware; thus, maintenance takes very little time. Furthermore, unlike hardware-powered firewalls, which require complex configuration, firewall as a service does not. As a result, these elements act as market growth catalysts for firewall as a service.

Opportunities:
Global cyberattacks are made more likely by the interconnected and linked design of contemporary computer environments. Firewalls help businesses by defending them against cyberattacks, which has led to the growth of the firewall as a service industry.

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Market Segments
By Service Type
• Security Management
• Traffic Monitoring And Control
• Compliance And Audit Management
• Other Services
By Service Model
• SaaS
• IaaS
• PaaS
By Deployment Model
• Public
• Private
• Hybrid
By Vertical
• BFSI
• Government & Public Sector
• Retail & eCommerce
• Education
• Others

Regional Analysis In The Firewall As A Service (FWaaS) Market
Asia-Pacific is expected to as the fastest-growing region with respect to the adoption of firewall-as-a-service among the user groups including large and small enterprises. To safeguard their cloud environments and network security in the area, stakeholders such as government agencies, solution providers, platform providers, integrators, and end users are increasingly forming alliances with security service providers. An aggressive attempt by the international vendors to seize new markets in the Asia-Pacific area may be seen in the recent agreement between Zscaler, Inc. and NTT Communications Corporation, Japan, in the year 2019.
• APAC (Japan, China, South Korea, Australia, India, and Rest of APAC)
• Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe)
• North America (U.S., Canada, and Mexico)
• South America (Brazil, Chile, Argentina, Rest of South America)
• MEA (Saudi Arabia, UAE, South Africa)

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Key Players For The Firewall As A Service (FWaaS) Market
• 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 Technologies Inc. (US)
• and Zscaler (US)
• Spitfire Technology Group (US)
• Hewlett Packard Enterprise Development LP (US)
• Skybox Security Inc. (US)
• AlgoSec (US)
• FireMon
• LLC. (US)
• F5 Inc. (US)
• Vocus Group (Australia) and Other Major Players

Key Industry Developments In The Firewall As A Service (FWaaS) Market
In March 2022, The new Palo Alto Networks Cloud NGFW for AWS is a managed Next-Generation Firewall (NGFW) service designed to simplify securing AWS deployments, allowing organizations to speed their pace of innovation while remaining highly secure, according to Palo Alto Networks, a 10-time leader in network firewalls.
In October 2021, Firewall Insights was introduced by Barracuda Networks, Inc. to improve SD-WAN security. In this constantly evolving field of IT security measures, these analytics-backed solutions will aid professionals in evaluating the security of their defenses. Barracuda's position in the international market is anticipated to improve with this new invention.

Key highlights of the report:
• Market Performance (2016-2022)
• Market Outlook (2022-2028)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

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