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Firewall as a Service Market Growing at a CAGR 24.9% | Key Player Barracuda Networks, Cato Networks, Cisco Systems, Forcepoint, Fortinet

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Firewall as a Service Market Growing at a CAGR 24.9% | Key Player Barracuda Networks, Cato Networks, Cisco Systems, Forcepoint, Fortinet

May 07
00:21 2021
Firewall as a Service Market Growing at a CAGR 24.9% | Key Player Barracuda Networks, Cato Networks, Cisco Systems, Forcepoint, Fortinet

Barracuda Networks (US), Cato Networks (Israel), Check Point Software Technologies (Israel), Cisco Systems (US), Forcepoint (US), Fortinet (US), Juniper Networks (US), Palo Alto Networks (US), WatchGuard (US), and Zscaler (US).
Firewall as a Service Market by Service Type (Traffic Monitoring and Control, Compliance and Audit Management, and Automation and Orchestration), Service Model, Deployment Model, Organizational Size, Vertical, and Region – Global Forecast to 2022

The Firewall as a Service (FWaaS) Market size is expected to grow from USD 0.56 Billion in 2017 to USD 1.70 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 24.9% during the forecast period, due to the increasing need to fortify the enterprise network against unauthorized and unprecedented strikes, centralized policy management and simplified installation for distributed enterprise networks, and elimination of the upfront investment cost.

The security management service type is estimated to contribute the largest market share in 2017.

Among service types, the security management segment is estimated to have the largest market size in 2017 and is expected to continue its dominance during the forecast period. The major factors driving the growth of this segment include reduced cost of maintaining firewalls, increasing demand for security offerings, instant upgradation of and rectification to firewall protocols, automated compliance gap analysis, and easy deployment of FWaaS.

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The hybrid cloud deployment model is expected to grow at the highest CAGR during the forecast period.

The hybrid cloud deployment model is expected to gain the highest traction in the FWaaS market during the forecast period. The hybrid cloud provides more control, reduced risks, cost-efficiency, and better performance. Additionally, it provides an ideal combination of public cloud and private cloud features, such as the versatility and cost-effectiveness of the public cloud, and greater control and security of the private cloud.

The major players in the FWaaS market include Barracuda Networks (US), Cato Networks (Israel), Check Point Software Technologies (Israel), Cisco Systems (US), Forcepoint (US), Fortinet (US), Juniper Networks (US), Palo Alto Networks (US), WatchGuard (US), and Zscaler (US). These players have adopted various growth strategies, such as new product launches, partnerships, acquisitions, and expansions. Product launches and partnerships were the 2 major strategies adopted by these players to achieve a strong foothold in the FWaaS market.

Barracuda Networks is one of the prominent players in the FWaaS market. It is a provider of security and storage solutions. The company offers security solutions to enhance the network performance, address security threats, and secure and store data. It focuses on designing and developing simple, secure, and cost-effective security solutions. In February 2018, the company was acquired by Thoma Bravo, a leading private equity investment firm. Barracuda Networks has constantly evolved its business strategy by expanding its product portfolio and investments as per the fastest growing trends in the FWaaS market, and increasing its presence by aligning sales and operational resources to new opportunities. Barracuda Networks has adopted effective inorganic strategies, such as acquisitions and partnerships, to expand its presence in the FWaaS market. For instance, in November 2017, the company acquired Sonian to enhance its cloud archiving, and email security and management capabilities.

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Fortinet is another top market player in the FWaaS market. The company provides integrated network security solutions to midsized and large enterprises, government agencies, and other service providers to protect users, applications, and data from malware and content-related security threats. The company emphasizes on R&D activities and promotes innovations. For instance, in 2016, it invested USD 183.1 million in R&D activities. In the last 3 years, the company has added new distributors and partners to its global marketing channel for strengthening its ability to serve the increasing security needs. Apart from acquiring new customers, the company’s other strategies for long-term growth include adding more functionalities and value in its security subscription and support service offerings. Fortinet has also adopted aggressive strategic collaboration and partnership strategies to improve its security product portfolio. For instance, in October 2016, the company partnered with Tufin to develop advanced network security and orchestration solutions across physical networks as well as the public, private, and hybrid cloud environments.

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