The global firewall as a service (FWaaS) market is estimated to grow at a significant growth rate of 19.8% during the forecast period. The market growth is attributed to the increasing growth in cloud-based applications, advantages offered by the cloud-based firewall solutions such as secure access parity, identity protection, and security over migration, and secure performance management, rise in the incidence of data breaches.
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Data security and privacy have a significant role in enterprises that aids in preventing unauthorized access to computers, websites, and databases. However, the concerns regarding data security and privacy have been rising significantly owing to the abundant amount of unprotected data and poor security infrastructure. Data loss is a major concern for businesses of all sizes as it results in losing money and time to recover information which is vital for every business. It can disrupt the everyday operations of any business. This increases the need for implementation of FWaaS solutions across industry verticals; thereby expanding the global FWaaS market size.
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The Global Data Protection Index by Dell EMC has surveyed 2,200 IT decision-makers from 18 countries in 2018. Of these, 76% experienced a disruption and 27% experienced irreparable data loss in 2018, which is around double that of 14% in 2016. Although system downtime is a problem, the loss of data is particularly expensive. On average, 20 hours of downtime cost businesses $494,869. Further, the average data loss of 2.04 terabytes costs nearly $939,703. As it costs high to enterprises, the companies are moving towards network protection solutions, which in turn, drives the growth of the global FWaaS market.
For instance, on average, organizations managed 9.70 petabyte (PB) of data in 2018, which signifies an explosive growth of 569% as compared to 1.45 PB managed in 2016. Further, 92% of businesses across the globe realize the potential value of data, with 36% already monetizing it. According to the survey, the use of the public cloud has increased from 28% of the total IT environment in respondents’ organizations in 2016 to 40% in 2018. Nearly all (98%) organizations are using the public cloud as a part of data protection infrastructure, reflecting the enormous potential for the expansion of the market growth.
In addition, according to Identity Theft Resource Center (ITRC), data breaches are an ever-increasing threat to every industry, with the number of the US data breach incidents tracked in 2017 hitting a new record of 1,579 breaches. It is a 44.7% increase over 2016’s record-breaking numbers. Of the data breaches reported in 2017, 8.5% involved the financial sector, such as banks, credit unions, financial services, credit card companies, investment firms, mortgage and loan brokers, payday lenders and pension funds. Owing to such factors, various industry verticals are adopting FWaaS solutions; thereby, propelling the growth of the global firewall as a service (FWaaS) market.
Current Market Trends Covered in the Global FWaaS Market Report
- Based on the mode of deployment, the on-premises segment is estimated to hold a dominating market share during the forecast period.
- Based on the industry vertical, the BFSI segment held the largest market share in the global FWaaS market in 2018.
- North America is estimated to dominate the global firewall as a service (FWaaS) industry during the forecast period.
Global FWaaS Market Segmentation
By Service Model
- Software-as-a-Service (Saas)
- Platform-as-a-Service (Paas)
- Infrastructure-as-a-Service (Iaas)
By Mode of Deployment
By Industry Vertical
- Aerospace and Defense
- IT & Telecom
Global FWaaS Market – Segment by Region
- Rest of Europe
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East and Africa
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