Firewall as a Service Market 2021 Key Players Analysis, Segmentation, Industry Size, Growth, Trend and Forecast by 2030 | Says Kenneth Research

In a recent published report, Kenneth Research has updated the market report for Firewall as a Service Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Firewall as a Service Market products.

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The Firewall as a Service Market is estimated to record a significant growth throughout the forecast period. The ICT sector constitutes 4.8% of the European economy. Europe’s organization ERDF i.e. European Regional Development Fund has allotted approximately USD 23 billion for investments related to ICT during the funding period 2014-2020. ICT refers to the communication technologies including the internet, wireless networks, social networking, cell phones, video-conferencing, computers, software, and other media applications and services enabling users to access, retrieve, and manipulate information in a digital form.

Market synopsis

Cyber-attacks have become a global concern, the exponential rise of cyber theft in the last few years has plagued the industry in general. Adoption of Bring Your Own Device (BYOD), digital payments, and connected devices across the globe has led to the rise in the hacking of devices and data breach, thus, resulting in the high adoption of various firewall services. Traditional firewalls are installed on each server that controls all incoming and outgoing network traffic. Firewall as a service is similar to the traditional firewall, but here the service is hosted on the cloud, which implies that it is available at all locations and practically on any device.

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Firewall as a service (FWaaS) market is expected to grow due to factors such as increasing need to secure the organization network against unauthorized and unprecedented crimes, and simplified installation of the firewall for distributed networks. However, there are some challenges that may hinder the growth of market such as lack of technical expertise to manage the advanced firewall mechanism, lack of governance & robust network infrastructure.

Small and medium enterprises are slowly adopting this technology since it provides them with simplified management, comprehensive protection services, customized firewall solution, and cost-effective features. The BFSI sector has a major contribution towards the growth of FWaaS market as the most intense attack are directed towards financial institutions.

Segmentation

By Solution, market is segmented into Advanced Threat Protection, Traffic Control and Monitoring, Next-generation Firewall, Network Security, Identity Management, Managed services, and others.By Services Model, the market is segmented into Software as a service (SaaS), Infrastructure as a Service (IaaS), and Platform as a service (PaaS).

By Deployment model, the market is segmented into Public, Private, and Hybrid cloud.By Organizational size, the market is segmented into small & medium sized enterprise and large enterprise.By Verticals, the market is divided into BFSI, Education, Energy & Utilities, Government, Healthcare, Manufacturing, Retail, IT & Telecom, and others.

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Regional Analysis

The global market for Firewall as a service is estimated to grow at a significant rate during the forecast period from 2017 to 2023. The geographical analysis of Firewall as a Service market is studied for North America, Europe (including Russia), Asia Pacific, and the rest of the world (including the Middle East, Africa, and Southern America).North America is expected to dominate the Firewall as a Service market during the forecast period due to early adoption of cloud services, increased cloud initiatives by various governments, and digital transformation.

 Asia Pacific is expected to grow at a faster rate due to technological advancements and better security compliance offered by the vendors and the increasing need to prevent cybercrimes.Global market for Firewall as a Service is expected to reach 1.98 billion, growing with a CAGR of 23.01% in the forecast period

Key players

The prominent players in the market of Firewall as a service are Barracuda Networks (US), , Check Point Software Technologies (Israel), Cato Networks (Israel),Cisco Systems (US), Fortinet (US), Forcepoint (US), Juniper Networks (US), WatchGuard (US), and Zscaler (US), Palo Alto Networks (US).

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Other Players in the market include Sophos (UK), Sangfor Technologies(China), H3C(China), Hillstone Network(US).

The prominent players keep innovating and investing in research and development to present cost-effective offerings. Merger and Acquisitions among the various players are changing the market structure. For instance, Intel Security sold its firewall business to Raytheon/Websense and renamed it as Forcepoint to become a cybersecurity super power.

Intended Audience

IT Security Engineers

IT Network Engineers

Technical Vendors

Government agencies

Network solution providers

Independent software vendors

Research organizations and consulting firms

System integrators

Information Technology (IT) security agencies

Managed Security Service Providers (MSSPs)

Research organizations and consulting companies

About Kenneth Research:

Kenneth Research provides market research reports to different individuals, industries, associations and organizations with an aim of helping them to take prominent decisions. Our research library comprises of more than 10,000 research reports provided by more than 15 market research publishers across different industries. Our collection of market research solutions covers both macro level as well as micro level categories with relevant and suitable market research titles. As a global market research reselling firm, Kenneth Research provides significant analysis on various markets with pure business intelligence and consulting services on different industries across the globe. In addition to that, our internal research team always keep a track on the international and domestic market for any economic changes impacting the products’ demand, growth and opportunities for new and existing players.

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