According to Future Market Insights (FMI), the global cloud firewalls market is likely to grow from US$ 2.2 Bn in 2022 to US$ 10.4 Bn by 2032. Exhibiting a CAGR of 16.7% throughout the forecast period (2022-2032).
The growing popularity of cloud services and increasing adoption of cloud firewalls for tackling advanced threats and protecting companies’ operational data are some of the key factors driving demand for cloud firewalls in the market.
Similarly, the surge in cyber-attacks across the world is acting as a catalyst triggering the growth of the cloud firewalls market. One factor that contributed to the rise in cyberattacks was the Bring Your Device (BYOD) policy adopted by certain small and medium-sized organizations during the pandemic.
Enterprises were forced by an increase in data hacking activities and cyberattacks to concentrate on finding better security solutions for protecting information deployed both on-premises and in the cloud as well as for fortifying the company’s security structure. As a result, they used security solutions like cloud firewalls.
A Cloud firewall is a network device that is software-based and deployed in the cloud. This network device is designed to block or reduce unauthorized access to private networks. Cloud firewall is a new technology that fits into web application environments and is created for the needs of contemporary businesses.
Thus, the use of cloud firewalls has witnessed an increase in demand as businesses have become more aware of data integrity and security. With the rise in cyberattacks, cloud firewalls have emerged as the most disruptive technology. This has propelled the growth of the cloud firewalls market.
- By solution, the cloud firewall appliances segment accounts for the highest market share of around 59.8% in the global cloud firewalls market. However, the cloud firewall services segment is estimated to grow at a robust CAGR of 17.8% through 2032.
- By enterprise size, the large enterprise segment had the highest market share of around 59.4% in the cloud firewalls market in 2021.
- By industry, the IT & Telecom segment is predicted to grow at a CAGR of around 21.5% between 2022 & 2032.
- North America held the largest market share of around 35.8% in the cloud firewalls market in 2021.
- South Asia & Pacific region is expected to grow at the highest CAGR of around 21.5% during the forecast period.
- The U.K. cloud firewalls market is predicted to create an absolute $ opportunity of US$ 396.3 Mn by the end of 2032
“Cloud firewalls are essential for all types of enterprises in the age of digital transformation. Organizations may safeguard their rapidly expanding endpoints and improve their security posture, increase worker productivity, and safeguard the hybrid workforce by selecting the appropriate type of cloud firewall solution,” says Future Market Insights analyst.
Enormous Growth of Cloud-Based Applications to Boost Cloud Firewalls Market
The use of cloud computing in the workplace has become the new norm. Cloud continues to be one of the fastest-growing areas of IT spending across all industries. Cloud technology was crucial in enabling businesses to not only survive shutdown scenarios and inconsistent IT infrastructure, but also to improve speed, agility, and responsiveness.
The growing significance of public clouds, combined with the ongoing threat to infrastructure in the private and public sectors, is expected to drive up the adoption of cloud firewalls. Additionally, as a way to solve security issues in the cloud environment, businesses are increasingly implementing Platform-as-a-Service and Infrastructure-as-a-Service methods.
Cloud firewall options enable perimeter protection without forcing enterprises to deploy dedicated firewall hardware to each corporate site. The result is a streamlined infrastructure that improves visibility and, eventually, agility and scalability. Cloud firewalls will remain important as more businesses move their connection and security operations to the cloud.
More Valuable Insights on Cloud Firewalls Market
Future Market Insight’s report on cloud firewalls market industry research is segmented into four major sections – solution (cloud firewall appliances, and cloud firewall services), enterprise size (small & mid-sized organizations (SMEs), and large organizations), industry (BFSI, healthcare, IT & Telecom, government, aerospace and defense, retail, and others), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and The Middle East & Africa), to help readers understand and evaluate lucrative opportunities in the cloud firewalls demand outlook.