North America will dominate the firewall as a service market in 2016, approx. 52% and is expected to maintain its majority by 2024, due to increase in the use of cloud computing and collaboration within companies and government. The region has well-established players investing in R&D activities that will contribute to the development of new and advanced technologies. Asia Pacific (APAC) offers growth opportunities in the FWaaS market as there is a wide presence of SMEs in the region that are ready to use customized security applications to defend against threats. The region is the fastest growing market due to security challenges and investment in infrastructure.
The number of cyber-crimes across the globe is sky-rocketing – a factor that has provided a substantial push to FWaaS market, an integral vertical of the network security landscape. According to recent news reports, roughly 2 billion data records around the globe were stolen or lost by cyber-attacks in the first half of 2017. The increasing complexity and sophistication of these attacks further paint a grim picture of today’s network security landscape, in extension leading to firewall as a service market emerging in rather a gigantic way. FWaaS industry is capitalizing on the back of ever-growing demand for network security and data protection.
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The maturation of Firewall as a Service market can also be accredited to the increased utilization of the ever-expanding cloud computing and the regulatory guidelines being prescribed by the Governments around the world to protect critical data and information. Furthermore, the large enterprises are gradually realizing the significance of firewalls and are increasingly adopting the cloud-based firewalls to fortify their data. The prominent cloud firewall service providers and software vendors are collaborating to enhance the customized products and solutions to address the growing market-specific demand. As per a report compiled by Global Market Insight, Inc., Firewall as a Service market size is estimated to grow at a robust CAGR of over 25% from 2017 to 2024.
Some of the remarkable benefits of cloud-based firewall services include simplified management, better internal threat protection, comprehensive protection services, reduced cost of training the staff, improved threat perception, and enhanced disaster recovery. The BFSI sector stands to contribute immensely toward firewall as a service industry growth, as the most ferocious cyber-attacks are directed towards financial institutions. The BFSI application, as per the estimates, is contemplating a resilient and sturdy growth of over 22% CAGR from 2017 to 2024. The Governments across the globe are willingly joining hands with the firewall service providers to contain the burden of cyber thefts on the national exchequer, which is carving a profitable roadmap for the Firewall as a Service market to reap huge benefits in the near future.
The recent trend of the increasing collaboration of firewall service providers and pure software vendors is seen to be growing. These proactive and dynamic prospects are vividly underlining the competitive and strategic landscape of firewall as a service market. To cite an instance, Tata Consultancy Services, a dominant Indian IT service provider, has recently teamed up with US-based security firm Palo Alto Networks to assist enterprises to reliably transfer applications and data to the public cloud infrastructure. The Global Security Operations Centres of TCS will be leveraged to keep a tab on the sophisticated and complex cyber-threats and ward off malicious cyber-attacks trying to inflict organizations. Furthermore, Firewall as a Service market is striving to be a combative market as the leading players are continuing their efforts to integrate with cloud companies to cater to a wider range of customers.
Some of the key participants in the firewall as a service market include CheckPoint, Fortinet, Palo Alto Networks, Cisco, Juniper Networks, Tufin, AlgoSec, FireMon, and SkyBox Security. The industry is characterized by presence of firewall appliance providers, security providers, network providers, cloud providers, and management software providers.
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Glimpse of Table of Content (ToC)
Chapter 3. Firewall As A Service Market Insights
3.1. Industry segmentation
3.2. Industry landscape, 2013 – 2024
3.3. Industry ecosystem analysis
3.4. Technology & innovation landscape
3.4.1. Virtualization firewalls
3.4.2. Web application firewallS
3.5. Regulatory landscape
3.5.1. Payment Card Industry Data Security Standard (PCI DSS)
3.5.2. The Gramm-Leach-Bliley Act (GLB) Act of 1999
3.5.3. Federal Information Security Management Act (FISMA)
3.5.4. North American Electric Reliability Corp. (NERC) standards
3.5.5. Health Insurance Portability and Accountability Act (HIPAA)
3.6. Industry impact forces
3.6.1. Growth drivers
220.127.116.11 Growing cybercrimes in North America
18.104.22.168 Regulatory Compliance
22.214.171.124 Increase in demand for network security in Asia Pacific
3.6.2. Industry pitfalls & challenges
126.96.36.199 Lack of concern towards security
188.8.131.52 Penetration confined to large enterprises
3.7. Growth potential analysis
3.8. Porter’s analysis
3.9. Competitive landscape, 2016
3.9.1. Strategy dashboard
3.10. PESTEL analysis
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