Sellbyville, DE -- (SBWIRE) -- 10/08/2018 -- The firewall appliances sector 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.

Firewall as a service Market is estimated to surpass USD 2.5 billion by 2024. The firewall solutions are being used by organizations to protect end-to-end web application and database of customer information and business. FWaaS enables fast and secure local Internet breakouts for all ports and protocols, without the use of hardware appliances. It elastically handles all the cloud application traffic, bringing the entire security stack closer to offer protection no matter where they connect. The solutions keep the network secure, depending on the needs of the customer; the solutions are integrated with next-generation appliances.

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The increase in initiatives by government to improve the security of the customer information and cyber-attacks is a major factor driving the firewall as a service market growth. Rapid digitization, improvement in business, and growth of cyber-attacks on BFSI, healthcare, and retail industry in developing countries such as India and China, has led to an increase in the use of security solutions.

Organizations are working closely with security associations to form new regulatory and offer customized suite and packages to enterprises which are more prone to attacks. According to industry experts, cybercrime will cost more than USD 1 trillion globally by 2020, impacting the global economy, thus, will drive the market in the forecasted period. In addition, the development of Next-Generation Firewall(NGFW) is going to change the market landscape with capabilities such as DPI, API, SSL inspection, filtering, and IPS, improving the cloud firewall opportunity for these solutions.

Mergers and acquisitions is changing the market structure with the influence of major investments and development of new and enhanced products. Acquisitions in the firewall market accelerated in 2016, up from 2015 and 2014 for instance, HPE acquiring Niara, Trend Micro acquiring HP TippingPoint business, and Intel Security selling its firewall business to Raytheon/Websense, and renamed as Forcepoint. Despite the turmoil, the market will grow moderate and is expected to grow due to additions of features such as IPS and URL filtering in the traditional firewalls. The market for pure-players is growing tremendously in firewall market, many of them offering services on cloud.

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North America firewall as a service market will dominate the 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 firewall as a service 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.

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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