Firewall as a Service Market by Service and Geography - Forecast and Analysis 2022-2026

The firewall as a service market share is expected to increase by USD 1.06 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 19.9%.

This firewall as a service (Fwaas) market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers firewall as a service market segmentation by end-user (BFSI, healthcare, retail, education, and others) and geography (North America, Europe, APAC, South America, and Middle East and Africa). The firewall as a service (Fwaas) market report also offers information on several market vendors, including AlgoSec Inc., Barracuda Networks Inc., Cato Networks Ltd., Check Point Software Technologies Ltd., Cisco Systems Inc., F5 Networks Inc., FireMon LLC, Forcepoint LLC, Fortinet Inc., Juniper Networks Inc., Palo Alto Networks Inc., Skybox Security Inc., SonicWall Inc., Sophos Ltd., Spitfire Technology Group, Vocus Group Ltd., WatchGuard Technologies Inc., and Zscaler Inc. among others.

What will the Fwaas Market Size be During the Forecast Period?

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Firewall as a Service Market: Key Drivers, Trends, and Challenges

The growing need for network security and privacy is notably driving the firewall as a service (Fwaas) market growth, although factors such as the availability of open-source and free-of-cost security firewalls may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the firewall as a service industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Fwaas Market Driver

One of the key factors driving growth in the firewall as a service market is a growing need for network security and privacy. Enterprises from different industry verticals, such as BFSI, healthcare, retail, telecommunications, and manufacturing, are deploying technologies such as IoT and big data analytics to increase productivity and reduce operational complexities. They are deploying a high number of digital sensors in their production and manufacturing facilities as well as processes to improve their operational processes and make effective decisions. The deployment of advanced technologies, such as the cloud and IoT, is increasing the risk of cyberattacks. Enterprises are focusing on securing their data at every level, owing to concerns over cyberattacks and the imposition of data protection regulations, such as the General Data Protection Regulation (GDPR). The need for network security and data privacy, owing to the risk of cyberattacks, is increasing the demand for firewall-as-a-service, which will drive the growth of the global firewall as a service (Fwaas) market.

Key Fwaas Market Trend

The adoption of cloud-based services is a firewall as a service market trend that is expected to have a positive impact in the coming years. Cloud-based services are adopted for purposes such as authentication, video management systems, and storing biometric information. As establishments like banks and hospitals store large volumes of confidential data in the cloud, it is important to secure this data from unauthorized access. The flexibility and scalability of cloud-based security solutions can accommodate the varying needs of consumers, which is a major reason for its increased adoption. The need to protect the information stored in the cloud is increasing, which is leading to a greater demand for security solutions owing to the rising number of cloud data breaches. Thus, the growing implementation of cloud-based services and increasing cloud cyber-security breaches will add to the demand for firewall-as-a-service, which, in turn, will drive the growth of the market in focus.

Key Fwaas Market Challenge

The availability of open-source and free-of-cost security firewalls will be a major challenge for the firewall as a service market during the forecast period. The implementation cost of firewall-as-a-service solutions is relatively higher than that for traditional antivirus or other security solutions. Though the cost of deployment is high, enterprises require firewall-as-a-service solutions to protect their data and infrastructure from cyberattacks as well as malware and ransomware attacks. Small-scale enterprises and individual customers have limited budgets. Therefore, such end-users prefer to deploy free-of-cost or open-source firewalls, which is a major challenge for the growth of the global firewall as a service (Fwaas) market. The wide availability of open-source firewalls will have an adverse impact on the revenues generated by vendors operating in the global firewall as a service market. Hence, the availability of open-source firewalls will be a major challenge for the adoption of firewall-as-a-service solutions.

This firewall as a service (Fwaas) market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global firewall as a service market as a part of the global system software market within the global IT software market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the firewall as a service (Fwaas) market during the forecast period.

Who are the Major Fwaas Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

• AlgoSec Inc.
• Barracuda Networks Inc.
• Cato Networks Ltd.
• Check Point Software Technologies Ltd.
• Cisco Systems Inc.
• F5 Networks Inc.
• FireMon LLC
• Forcepoint LLC
• Fortinet Inc.
• Juniper Networks Inc.
• Palo Alto Networks Inc.
• Skybox Security Inc.
• SonicWall Inc.
• Sophos Ltd.
• Spitfire Technology Group
• Vocus Group Ltd.
• WatchGuard Technologies Inc.
• Zscaler Inc.

 

This statistical study of the firewall as a service market encompasses successful business strategies deployed by the key vendors. The firewall as a service (Fwaas) market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

• Barracuda Networks Inc. - Barracuda Networks Inc. is a privately held company headquartered in the US. It is a global company generating $42.94 million in revenues and has around 162 employees. Its revenue from the global firewall as a service market contributes to its overall revenues along with its other offerings, but it is not a key revenue stream for the company. 
• Barracuda Networks Inc. - The company offers firewalls as a service such as Baracuda CloudGen Firewall. 

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The firewall as a service market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Firewall as a Service Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the firewall as a service (Fwaas) market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Which are the Key Regions for Firewall as a Service Market?

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36% of the market’s growth will originate from North America during the forecast period. The US is the key market for the firewall as a service in North America. Market growth in this region will be faster than the growth of the market in the European regions.

The increasing demand for cybersecurity solutions and the rising adoption of the bring-your-own-device (BYOD) policy and IoT-based devices will facilitate the firewall as a service (Fwaas) market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The regional economy witnessed a slowdown in 2020 due to the outbreak of COVID-19. The US has been the most affected country globally by the COVID-19 pandemic. The pandemic has had a negative effect on organizations and has changed the ways that people work, which has resulted in new cyber threats. However, by 2021, the demand for firewall-as-a-service solutions increased as regional end-user activities picked up pace following the successful implementation of large-scale COVID-19 vaccination drives. These factors will, thus, drive the growth of the regional firewall as a service (Fwaas) market during the forecast period.

What are the Revenue-generating End-user Segments in the Firewall as a Service Market?

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The firewall as a service market share growth by the BFSI segment will be significant during the forecast period.  The global firewall as a service market in the banking, financial services, and insurance (BFSI) sector is expected to grow due to the increasing demand for the confidentiality of customer data. The rise in online transactions has increased the vulnerability of critical data to theft, phishing, and other online cyber threats. As the level of threats is increasing every day, the BFSI sector is rapidly responding to such threats by enhancing its internal security and adopting firewall-as-a-service solutions. 

This report provides an accurate prediction of the contribution of all the segments to the growth of the firewall as a service market size and actionable market insights on post COVID-19 impact on each segment.

 

Fwaas Market Scope
Report Coverage	Details
Page number	120
Base year	2021
Forecast period	2022-2026
Growth momentum & CAGR	Accelerate at a CAGR of 19.9%
Market growth 2022-2026	$ 1.06 billion
Market structure	Fragmented
YoY growth (%)	19.17
Regional analysis	North America, Europe, APAC, South America, and Middle East and Africa
Performing market contribution	North America at 36%
Key consumer countries	US, China, India, Japan, and UK
Competitive landscape	Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled	AlgoSec Inc., Barracuda Networks Inc., Cato Networks Ltd., Check Point Software Technologies Ltd., Cisco Systems Inc., F5 Networks Inc., FireMon LLC, Forcepoint LLC, Fortinet Inc., Juniper Networks Inc., Palo Alto Networks Inc., Skybox Security Inc., SonicWall Inc., Sophos Ltd., Spitfire Technology Group, Vocus Group Ltd., WatchGuard Technologies Inc., and Zscaler Inc.
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Firewall as a Service Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive firewall as a service market growth during the next five years
• Precise estimation of the firewall as a service market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the firewall as a service industry across North America, Europe, APAC, South America, and Middle East and Africa
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of firewall as a service market vendors

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