Firewall-As-A-Service Global Market Report 2024 To 2033 | Barracuda Networks Inc., Cisco Systems Inc., Juniper Networks Inc., Cato Networks, Forcepoint, Fortinet Inc

The Business Research Company recently released a comprehensive report on the Global Firewall-As-A-Service Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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.

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Market Drivers and Trends:

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.

Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.

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Major Key Players of the Market:

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, Microsoft Corporation, SonicWall, Sophos group PLC., Zscaler Inc., Akamai Technologies Inc., Armor Defense Inc., AT&T Inc., Lumen Technologies Inc., Cloudflare Inc., Comodo Security Solutions Inc., Cyxtera Technologies, F5 Inc., Google LLC., The International Business Machines Corporation., Netskope Inc., Okta Inc., Oracle corporation., Proofpoint Inc., Qualys Inc., Secureworks Inc., Broadcom Inc., Trend Micro Inc., Vmware Inc.

Firewall-As-A-Service Market 2024 Key Insights:

• 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%.
• Rising Cyberattacks And Fraud Incidents Drive Firewall-As-A-Service Market Growth
• Cloud-Based Firewall Advancements Drive Innovation In Firewall-As-A-Service Market
• North America was the largest region in the firewall as a service market in 2023

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