The Firewall-as-a-Service (FWaaS) market is anticipated to witness a CAGR of 22% between 2021 and 2026, according to ResearchAndMarkets.
Flexible scalability, secure access parity, security over migration, identity protection, and secure performance management are some of the advantages of cloud-based firewall service, which has influenced organizations to implement firewall-as-a-service to manage their data packets in the cloud network.
Additionally, the enormous growth in cloud-based applications, surge in data breaches on the public cloud environment, and ever-changing firewall protocols for business organizations are some of the major factors influencing growth for the firewall-as-a-service in the global market. However, complexity in integrating hosted firewalls with on-premise firewalls and inadequate IT infrastructures in underdeveloped nations are obstructing market growth.
In 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.
Data breaches on public cloud to influence the FWaaS 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, 49% of the databases 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 have led to rapid surge in endpoints, which has demanded advanced firewall protection services specific to cloud platforms.
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. Countries across the globe are adopting FWaaS as a must needed service to protect their cloud environment and augment overall business functions.
As very few players are dominating the market with their technological expertise in firewall-as-a-Service, the global market for firewall-as-a-service is expected to be consolidated in nature.
Barracuda Networks, Cato Networks, Check Point Software Technologies, Cisco Systems, Forcepoint, Fortinet, IntraSystems, Juniper Networks, Microsoft, OPAQ, Sprout Technologies, Vocus Communications, and Zscaler are some of the major players present in the current market.
However, all these players are involved in several strategic development initiatives such as partnerships, new product development, market expansions, and others to maintain their key position in this competitive market.