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Firewall-as-a-Service Market – Growth, Trends, COVID-19 Impact, And Forecasts (2021 – 2026)
Global Firewall-as-a-Service market has been thoroughly scrutinized and then carefully demarcated by geographic locations which are based on major economic regions and their topographical regions. Growing competition and the changing market dynamics has been highlighted. Aggressive market players are profiled with attributes of company overview, financial overview, business strategies, product portfolio and recent developments. The Market share and Market size prominent players for 2021 to 2026 are profiled in this report.
The Firewall-as-a-Service market is highly competitive and consists of a number of major players. Top Companies like Barracuda Networks, Inc., Cato Networks, Check Point Software Technologies, Inc., Cisco Systems, Inc., Forcepoint, Fortinet, Inc., IntraSystems, Juniper Networks, Inc., Microsoft Corporation, OPAQ, Sprout Technologies Ltd, Vocus Communications, and Zscaler, Inc.
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Scope of the Report:
Firewall-as-a-Service (FWaaS) market is anticipated to witness a CAGR of 22.0% over the forecast period 2021 – 2026. In the recent years, firewall-as-a-service has found a place in various industries such as BFSI, government, IT & telecom, healthcare, retail, manufacturing, aerospace & defense, energy & utilities, and others, offering an advanced cloud-based network security solution for the enterprises. As traffic is increasing on an exponential rate over the cloud network, organizations have adopted security solutions like firewalls and endpoint security to protect their data on their respective cloud network.
Key Market Trends:
Data Breaches on Public Cloud Environment will Influence the Market Demand
– As everything everywhere is shifting to the cloud environment, data protection and breaches have become top challenges for the business organizations of various fields such as banks, financial services, government organizations, healthcare institutions, retail, defense, IT & telecom, and many others. According to RedLock Inc., 49% of the data bases across the globe are not encrypted, and 51% organization are somehow exposed to cloud storage services, which in turn brings possibilities of cyber-attacks for applications running in hosted environment.
– Additionally, shifting of traditional IT infrastructure to cloud environment by the user groups have led to rapid surge in endpoints, which has demanded advanced firewall protection services specific to cloud platform. Vendors in the market are offering enhanced version of firewall-as-a-services with SSL offloading, content caching, and load balancing for smooth processing of the applications. Developed countries across the globe are adopting FWaaS as a must needed service to protect their cloud environment and augment overall business functions.
Asia-Pacific will Showcase Maximum Growth Rate in the Forecast Period
– Asia-Pacific is considered as the fastest-growing region with respect to the adoption of firewall-as-a-service among the user groups including large and small enterprises. Stakeholders including government agencies, solution providers, platform providers, integrators and end users are on a high trend of building partnerships with security service providers to protect their cloud environment and network security in the region. The recent partnership between Zscaler, Inc. and NTT Communications Corporation, japan in the year 2019, can be seen as an aggressive move by the global vendors to capture potential markets in the Asia-Pacific region.
– APAC is distinguished to be an ideal region for cybercrimes, due to the expanding digital connectivity, rising cross-border data interfaces, weak regulations and low cyber security cognizance. According to Microsoft Corporation, a large enterprise in Asia-Pacific region, incurs loss more than 300 times than a mid-sized enterprise with respect to cyber security related issues. Additionally, 47% of time, the cost for data breaches goes beyond USD 1 million in the APAC region. According to survey conducted by Cisco Systems Inc. in 2018, APAC shows 5% more daily security alerts than the global average in the category of 100,001 – 150,000 number of alerts. Surely, Asia-Pacific poses great opportunities for the cloud security vendors in the coming years.
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What are the market factors that are explained in the report?
–Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
–Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
–Analytical Tools: Firewall-as-a-Service Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, feasibility study, and investment return analysis have been used to analyzed the growth of the key players operating in the market.
The research includes historic data from 2016 to 2020 and forecasts until 2026 which makes the reports an invaluable resource for industry executives, marketing, sales and product managers, consultants, analysts, and other people looking for key industry data in readily accessible documents with clearly presented tables and graphs.
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