The exponentially rising cases of cyber-attacks, which have practically plagued every industry, is one of the most profound factors driving firewall as a service market share. As per reliable estimates, cybercrime seemingly falls under the criteria of top two reported crimes at a global level. Estimates further suggest that, worldwide, approximately, more than 50% of the organizations have been targeted by cyber criminals over the past two years. The matter has been a global concern and has called for attention at both the government and private levels, thus leading to a plethora of technological advancements in the security sector. In this regard, cloud based approaches have already made profound inroads in network security, a factor that has brought great deal of interest to firewall as a service market.
Firewall as a Service Market Size, By Application, 2016 & 2024 (USD Million)
Despite the fact that its inception dates quite a while back, firewall devices have been an element of prominence in network security over the recent years, subject to the development in product design in terms of functionality, sophistication, and performance. The growth of firewall as a service market is quite conspicuous from the plethora of investment activities and partnership programs that has of late taken place in the realm. One of the very recent precedents is the strategic partnership of ViewQwest and Cato Networks. As per reliable sources, ViewQuest has inked a deal with the network security expert to provide a SD-WAN (Software-Defined Wide Area Network) solution that would be embedded with firewall-as-a-service for the protection of its enterprise customers. Reportedly, the company is providing the new integrated software-defined FWaaS solution with 100Mbps secured internet access at a promotional price of USD 279 on a monthly basis for each office location. The competitive landscape of firewall as a service industry space is strongly characterized by similar kind collaboration activities.
Speaking of competitive profiling, worldwide, firewall as a service industry is rather fragmented with the participation of multitude of companies across the globe. One of the major trends that is underlining the competitive landscape of this industry is the growing inclination of firewall providers toward strategic collaborations with cloud based organizations to enhance their customer base. In addition, the recent instances of cyber-attacks coupled with increasing number of governmental initiatives undertaken worldwide to enhance customers’ knowhow regarding security issues are providing a significant push to firewall as a service market. Over the recent years, the industry has witnessed a slew of next-generation firewall technologies with enhanced features like SSL inspection, API, DPI, and filtering, which has phenomenally aided the firms to protect their end-to-end applications and intricate customer data base.
Firewall as a service market claims a humongous application spectrum encompassing a myriad range of sectors including BFSI, Government, Healthcare, Education, Retail, Manufacturing. Overtly, Banking & Financial sector has been one of the most vulnerable spaces prone to the cyber-attacks. As per reliable estimates, Firewall as a service market size from BFSI applications is set to record a CAGR of 22% over 2017-2024. One of the major driving factors remain the threat to this sector by the phenomenally increasing sophisticated cyber-attacks. Backing the fact with a recent instance – Russia Central Bank reported some of the country’s financial organizations to have been targeted with cyber-attack. The cybercrime was allegedly sourced from a malware dubbed ‘BadRabbit’ and was distributed through emails.
The instance also reflects the overall cybersecurity scenario in APAC, which has, of late, registered its name as one of the most susceptible regions to cybercrimes, in extension emerging as one of the most lucrative growth avenues for firewall as a service industry. The increasing number of internet users, expanding BFSI sector, heavy R&D investments in security infrastructure, and technological proliferations across a myriad range of domains are few of the pivotal factors driving the APAC firewall as a service market size. Reportedly, China holds a dominant position in the regional business space, driven by the massive use of cloud computing platforms.
In parallel with the BFSI domain, the government sector will further emerge as a strong contender in the application landscape of firewall as a service industry. Reportedly, over the timeframe of 2016 to 2020, the overall expenditure on vital intelligence and cybersecurity projects is projected to cross a mammoth valuation of USD 1 trillion – a fact validating the opportunistic roadmap for the firewall as a service industry players.
Extensively driven by mandatory roll outs enforced by the governmental organizations with regards to security framework, firewall as a service market is certain to experience tremendous recognition in the ensuing years. Moreover, next generation firewalls equipped with high-end security capacities are already gaining a massive popularity in the retail space. However, budget constraints and dearth of technological penetration in some of the economies are hindering the market growth to some extent. Nonetheless, rising number of cybercrime across the globe and the earnest need for security measures will allow firewall as a service market to garner a colossal revenue in the ensuing years. Global Market Insights, Inc., claims the overall industry size to surpass a valuation of USD 2.5 billion by 2024.