New York, April 06, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Firewall-As-A-Service Global Market Report 2023" - https://www.reportlinker.com/p06443947/?utm_source=GNW
, Palo Alto Networks, WatchGuard, Microsoft Corporation, SonicWall, Sophos group PLC., and Zscaler.
The global firewall-as-a-service market grew from $2.32 billion in 2022 to $2.93 billion in 2023 at a compound annual growth rate (CAGR) of 26.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The firewall-as-a-service market is expected to grow to $7.39 billion in 2027 at a CAGR of 26.0%.
The firewall as a service (FWaaS) market consists of revenues earned by entities by providing FWaaS such as providing next-generation firewall (NGFW) capabilities like web filtering, advanced threat protection (ATP), intrusion prevention system (IPS), and Domain Name System (DNS) security.The market value includes the value of related goods sold by the service provider or included within the service offering.
The FwaaS service market also includes stateful firewall features such as packet filtering, network monitoring, Internet Protocol security (IPsec), secure sockets layer virtual private network (SSL VPN) support, and Internet Protocol (IP) mapping features.FWaaS also has deeper content inspection capabilities that include the ability to identify malware attacks and other threats.
Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.The value of goods in this market includes related services sold by the creators of the goods.
Only goods and services traded between entities or sold to end consumers are included.
Firewall as a service (FWaaS) is a firewall solution delivered as a cloud-based service that allows companies to simplify IT infrastructure. Firewall as a Service filters network traffic to safeguard organizations from both inside and outside threats.
North America was the largest region in the firewall as a service market in 2022.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 and Africa.
The main service types of firewalls as a service are traffic monitoring and control, compliance and audit management, reporting and log management, automation and orchestration, and security management.Traffic monitoring and control reports, alert, and provides vital information.
Firewall services use this for web-traffic details, security attacks, VPN log-on and log-off trends, and firewall rule changes. The services are deployed in private and hybrid deployment by large enterprises, small and medium enterprises, and used for banking, financial services, and insurance, it and telecom, manufacturing, travel and hospitality, healthcare, energy and utilities, retail and consumer goods, and other verticals.
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 growth of the market.
Advancements in cloud-based firewall services have emerged as a key trend gaining popularity in the firewall as a service market.A cloud firewall protects cloud infrastructure from attacks, just as a traditional firewall protects on-premise networks.
Major companies operating in the firewall as a service market are focused on developing new technological solutions to strengthen their position.For instance, in March 2022, Palo Alto, a US-based cybersecurity company launches a cloud-native firewall service for AWS (Amazon Web Services).
It would be a managed Next-Generation Firewall (NGFW) service designed to simplify securing AWS deployments, enabling organizations to speed their pace of innovation while remaining highly secured.
In May 2021, Arayaka, a US-based wide-area software-defined network connectivity, and application delivery company acquired Secucloud GmbH for an undisclosed amount.With this acquisition, Arayaka would be able to deliver on the promise of a managed SASE (SECURE ACCESS SERVICE EDGE) offering, while providing customers and partners with greater choice for the type of solution they would position for different deployment of use-cases.
Secucloud GmbH is a Germany-based company working on security technology and provides cloud-based firewall-as-a-service.
The countries covered in the firewall-as-a-service market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The firewalls as a service market research report are one of a series of new reports that provides firewalls as a service market statistic, including firewalls as a service industry global market size, regional shares, competitors with firewalls as a service market share, detailed firewalls as a service market segments, market trends, and opportunities, and any further data you may need to thrive in the firewalls as a service industry. This firewalls as a service market research report deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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