The growing cases of cyber-attacks, which have impacted every industry is one of the most insightful factors of the firewall as a service market. Cyber-attacks have become a global concern, leading to a flood of technological developments in the security sector. Increasing initiatives by regulatory authorities to increase the safety of the database of end-users is a key factor which drives the firewall as a service market. Firewall services help businesses in protecting end-to-end database and web application. The growth of NGFW (next-generation firewall) has completely changed the scene with features such as application programming interface (API), deep packet inspection (DPI), intrusion prevention system (IPS), and filtering, developing the opportunities in the firewall market.
In recent years, firewall devices have gained an element of importance in network security, based on the progress in product design in terms of performance, sophistication, and functionality. Key trends highlighting the competitive scenario of this market are the rising inclination of firewall suppliers of signing strategic partnerships with cloud based organizations to increase their customer base. Furthermore, the recent cyber-attacks combined with growing number of government initiatives worldwide to improve customers’ knowledge about security problems are providing a key push to the firewall as a service market.
The rising number of internet users, growing banking, financial services and insurance (BFSI) sector, and increase in research & development investments for security infrastructure are the key factors driving the firewall as a service market. Internet has become so important that as it grows, there is an ongoing increase and evolution in cyber security risks. Cyber security threats are worsened by the interdependent and interconnected architecture of recent computing environments. Hence, firewalls help businesses by protecting them from cyber-attacks which has led to growth of the firewall as a service market.
Firewalls are used to restrict illegal data transmission from the network. Even though this can protect the system from interruption, it can also create significant difficulties for employees. Firewall rules can be very restrictive. These restrictions can hinder productivity of the firewall as a service market. Small and medium businesses (SMBs) are slowly adopting firewall technology. Customized firewall solutions and cost effective features are anticipated to offer remarkable growth opportunities for the firewall as a service market in the coming years.
On the basis of applications, the market is divided into Banking, Financial Services, and Insurance (BFSI), education, energy and utilities, government and public sector, healthcare, manufacturing, retail, IT & telecomm, and others (travel and transportation, and hospitality). Banking, Financial Services, and Insurance sector emerged as a strong contender in the application landscape of the firewall as a service market. On the basis of region, the market is categorized as North America, Europe, Middle East & Africa, Asia Pacific, and South America. North America is likely to have the highest market share during the forecast period, due to the growing adoption of cloud services, increasing need to prevent cyber threats, and better security compliant offerings by sellers.
Some of the key players of the firewall as a service market are Check Point Software Technologies Ltd., Palo Alto Networks, Fortinet, Inc., Cisco Systems Inc., IBM Corporation, Symantec Corporation, McAfee, LLC, Sophos Ltd., and FireEye, Inc. among others