How big is the Firewall-as-a-Service Market?

The Firewall-as-a-Service Market size is expected to reach USD 4.69 billion in 2024 and grow at a CAGR of 16.47% to reach USD 2.19 billion by 2029. Read More

What is the current Firewall-as-a-Service Market size?

In 2024, the Firewall-as-a-Service Market size is expected to reach USD 4.69 billion. Read More

Who are the key players in Firewall-as-a-Service Market?

Barracuda Networks, Inc., Cato Networks, Check Point Software Technologies, Inc., Cisco Systems, Inc. and Forcepoint are the major companies operating in the Firewall-as-a-Service Market. Read More

Which is the fastest growing region in Firewall-as-a-Service Market?

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in Firewall-as-a-Service Market?

In 2024, the North America accounts for the largest market share in Firewall-as-a-Service Market. Read More

What years does this Firewall-as-a-Service Market cover, and what was the market size in 2023?

In 2023, the Firewall-as-a-Service Market size was estimated at USD 4.03 billion. The report covers the Firewall-as-a-Service Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Firewall-as-a-Service Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

Firewall-as-a-Service Market Trends

Market Trends of Firewall-as-a-Service Industry

Public Cloud Deployment Model is Expected to Hold Significant Market Share

As organizations continue to move their operations to cloud environments, data protection, and security breaches have become major concerns across various industries, including financial services, government organizations, healthcare institutions, retail, defense, IT & telecom, and others.
A report by RedLock Inc. reveals that nearly half (49%) of all databases worldwide are not encrypted, leaving them vulnerable to potential cyber-attacks. Additionally, over half (51%) of organizations are exposed to cloud storage services, increasing the risk of attacks on applications running in hosted environments.
Furthermore, the shift from traditional IT infrastructure to cloud environments has resulted in a rapid increase in endpoints, necessitating advanced firewall protection services that are specific to cloud platforms.
Vendors in the market are responding to this demand by offering enhanced versions of firewall-as-a-service (FWaaS) solutions with SSL offloading, content caching, and load balancing to ensure the smooth processing of applications. Developed countries worldwide are adopting FWaaS as a necessary service to protect their cloud environments and improve overall business functions.
In April 2023, Akamai Technologies, Inc. launched the Prolexic Network Cloud Firewall. This capability of Akamai Prolexic allows customers to manage and define their own access control lists (ACLs) while enabling greater flexibility to secure their own network edge. Prolexic is Akamai's cloud-based DDoS protection platform that stops attacks before they reach applications, data centers, and internet-facing infrastructure.

Firewall-as-a-Service Market: Percentage of internet users in selected countries ever experienced any cybercrime as of December 2022

Understand The Key Trends Shaping This Market

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Asia Pacific Expected to Witness Significant Growth in the Market

The Asia Pacific region is currently experiencing the fastest adoption of firewall-as-a-service, with both large and small enterprises adopting this technology. China has witnessed an increase in cyberattacks, which has prompted the country to improve its defense capabilities. However, the country also has a good chance of serving as a significant point of origin for cyberattacks in other parts of the globe. Moreover, the number of connected devices has increased in China due to technological advancements. The interconnectivity of the devices will also grow exponentially with 5G-enabled devices. Consequently, there are more connected devices, which immediately increases the market's need for security products.
Cybersecurity incidents have sharply increased in China as a result of the growing organizational propensity toward digitization and the usage of related technology as part of their operations. Due to technological advancements, there are more connected gadgets in China. Moreover, with the rise in the usage of 5G-enabled gadgets, the interconnectedness of the devices will also significantly increase, which in turn directly increases the need for security products, driving the market significantly within the region.
Cybersecurity is gaining interest from Japanese enterprises and the government rapidly. The rise in cyberattacks on Japanese organizations prompts the government to establish new strategies, legislation, and facilities. Moreover, the widespread utilization of smartphones and the increasing connection of various electrical appliances to the Internet have made life more convenient but however, had exposed people to the daily risk of information theft.
Japan is seeking bilateral cooperation with countries to operationalize its cybersecurity priorities, such as the agreement with the U.S. Department of Homeland Security, to improve and collaborate on curbing cyber threats faced by the governments. In January 2023, The United States and Japan signed an updated memorandum of cooperation on cybersecurity mainly to strengthen operational collaboration, as stated by the U.S. Department of Homeland Security.
The government of Australia is focusing on the goal of becoming the most cyber-secure nation by 2030 as a result of growing cyber threats and demand for cyber security solutions for which the country is investing in enduring and adaptive capabilities. With this aim, the government wants the country to be a recognized brand for cybersecurity products and services, boosting domestic market growth.