Global Firewall As A Service Market Overview 2024: Size, Growth Rate, and Segments

The firewall-as-a-service global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.

Firewall As A Service Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.

Market Size -
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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Scope Of Firewall As A Service Market
The Business Research Company's reports encompass a wide range of information, including:

1. Market Size (Historic and Forecast): Analysis of the market's historical performance and projections for future growth.

2. Drivers: Examination of the key factors propelling market growth.

3. Trends: Identification of emerging trends and patterns shaping the market landscape.

4. Key Segments: Breakdown of the market into its primary segments and their respective performance.

5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.

6. Macro Economic Factors: Assessment of broader economic elements impacting the market.

Market Drivers -
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.

Market Trends -
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.

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

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Regional Insights -
North America was the largest region in the firewall as a service market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the firewall-as-a-service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

Key Companies -
Major companies operating in the firewall-as-a-service market report are 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.

Table of Contents
1. Executive Summary
2. Firewall As A Service Market Report Structure
3. Firewall As A Service Market Trends And Strategies
4. Firewall As A Service Market – Macro Economic Scenario
5. Firewall As A Service Market Size And Growth
…..
27. Firewall As A Service Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix