Global Firewall as a Service Market in BFSI segment is anticipated to exhibit high growth of over 22% CAGR from 2017 to 2024. With the modernization and development, the use of technology has gained momentum. Moreover, the number and impact of cyber incidents has increased in recent past two to three years, more in the case of financial institutions that needs to put security framework to ensure adequate security preparedness among banks. Also, growth is improving due to the use of digital banking, regulatory compliance, and improved business performance.
Firewall as a Service Market is set to exceed USD 2.5 billion, with a CAGR of over 25% from 2017 to 2024. Rising initiatives by regulatory authorities to improve the security of the customer information and increase in cyber-attacks is a major factor driving the firewall as a service market growth. Firewalls help organizations in protecting end-to-end web application and database to protect their customer information and their business. The development of Next-Generation Firewall has entirely changed the landscape with features such as DPI, API, SSL inspection, filtering, and IPS, improving the cloud firewall market opportunity for these solutions.
Adoption of BYOD, digital banking, and connected devices is changing the firewall as a service market. The penetration of phones and the connectivity across the world has led to the rise in the hacking of the device and collect the financial information. NGFW is attracting lot of companies with their public deployment model as majority of the players offer the product in the competitive firewall as a service market. Organizations such as Tufin, Skybox Security and Firemon are offering management software tools required by any user to track and monitor the attacks and update the regulatory norms whenever required.
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The firewall appliances market holds majority of the firewall as a service market share with approximately 22% CAGR estimation from 2017 to 2024. Traditionally, proxy servers and stateful inspection firewalls were used to protect the servers and network. However, with the change in the attacks and spreading its reach, internal networks require more protection than traditional ways. The UTM and NGFW were used to protect enterprises from internal and external network attacks.
Asia Pacific is anticipated to grow over the forecast timeline owing to the increase in cyber-attacks and investment in security appliances. Furthermore, the increase in internet penetration in countries such as Japan and South Korea are given rise to more cyber threats, leading to use of firewall solutions. China firewall as a service market accounts for the highest revenue share as majority of the companies are relying on cloud computing to deploy software applications.
Latin America and MEA is anticipated to witness growth over the forecast timeline. The high internet penetration rate, investment by government, and increase in incidents of cybercrimes is driving the adoption of firewalls.
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.