Press Release / Technology / Firewall as a Service Market is expected to reach a USD 1.98 Billion by Forecast to 2023

Firewall as a Service Market is expected to reach a USD 1.98 Billion by Forecast to 2023

Firewall as a Service Market Highlights:
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.
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.
The Global Firewall as a Service Market is projected to reach USD 1.98 billion at a CAGR of over 23.01% by the end of the forecast period 2017-2023.
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Major 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).
Other Players in the market include Sophos (UK), Sangfor Technologies(China), H3C(China), Hillstone Network(US). Mergers and acquisitions among the key players are changing the market structure. For instance, Intel Security sold its firewall business to Raytheon/Websense sand renamed as Forcepoint become a cybersecurity super power.
The prominent players keep innovating and investing in research and development to present a cost-effective offerings.
Regional Analysis:
The geographical analysis of global firewall as a service market is done for regions like North America, Europe, Asia Pacific, and rest of the world. Among these regions, the market is mostly dominated by North America during the forecasted year. The major growth driver in this region are, increase in investment in cybersecurity companies by the corporate investors. Also, increase in initiatives by government to enhance the security of customer information and increasing need to prevent cyber-attacks is also expected to drive the market growth.
For instance, On January 5, 2017, the U.S. Department of Commerce and the U.S. Department of Homeland Security has released executive order on strengthening the cybersecurity of Federal Networks and Critical Infrastructure with mission is to protect cyberspace information and infrastructure, build capabilities to prevent and respond to cyberattacks. North America has the presence of major sustainable and well-established organizations, who invest in R&D activities, hence contributing to the development of security technology. Asia Pacific is expected to grow in forecast region due to rapid digitalization, the presence of SME’s and large Enterprises, and increasing adoption of cloud services. To defend their network against threats, SME’s are ready to use customized security applications. APAC region aims to be the fastest growing market due to increasing investment in cloud infrastructure.
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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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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

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