Cloud Firewalls Market to Surpass US$ 10.4 Bn by 2032

According to Future Market Insights (FMI), the global cloud firewall market is expected to grow from $2.2 billion in 2022 to $10.4 billion in 2032, growing at a CAGR of 16.7% in 2019 entire forecast period (2022-2032).

The growing popularity of cloud services and increasing acceptance of cloud firewalls to combat advanced threats and protect enterprise operational data are some of the key factors driving the demand for cloud firewalls in the market.

Similarly, the increase of cyber attacks across the world acts as a catalyst that triggers the growth of cloud firewall market. One factor that has contributed to the rise in cyberattacks has been the Bring Your Device (BYOD) policy adopted by certain small and medium-sized businesses during the pandemic.

An increase in data hacking activities and cyber-attacks has forced organizations to focus on finding better security solutions to protect information hosted both on-premises and in the cloud, and to strengthen the security fabric of the organization. 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. The cloud firewall is a new technology that blends into web application environments and is designed to meet the needs of modern businesses.

Also Read :  Microsoft Looks to Enable Practical Zero-Trust Security With Windows 11

Therefore, the demand for cloud firewalls has increased as companies have become more aware of data integrity and security. With the rise of cyber attacks, cloud firewalls have become the most disruptive technology. This has propelled the growth of the cloud firewall market.

The central theses

  • By solution, the cloud firewall appliance segment has the highest market share in the global cloud firewall market at around 59.8%. However, the cloud firewall services segment is expected to grow at a robust CAGR of 17.8% through 2032.
  • By company size, the enterprise segment had the highest market share of around 59.4% in the cloud firewall market in 2021.
  • By industry, the IT and telecom segment is forecast to grow at around 21.5% annually between 2022 and 2032.
  • North America held the largest market share of around 35.8% in the cloud firewall market in 2021.
  • The South Asia and Pacific region is expected to grow at the highest CAGR of around 21.5% during the forecast period.
  • The UK cloud firewall market is projected to create an absolute $396.3M opportunity by the end of 2032
Also Read :   MIMIK Academy Celebrates Its 3rd Year Anniversary

“Cloud firewalls are essential for all types of businesses in the age of digital transformation. Organizations can protect their fast-growing endpoints and improve their security posture, increase employee productivity, and protect the hybrid workforce by choosing the right type of cloud firewall solution.” says Future Market Insights Analyst.

Huge growth of cloud-based applications to boost cloud firewall market

Using cloud computing in the workplace has become the new norm. The cloud continues to be one of the fastest growing areas of IT spending across all industries. Cloud technology was critical to enable organizations not only to survive shutdown scenarios and inconsistent IT infrastructures, but also to improve speed, agility and responsiveness.

The growing importance of public clouds coupled with the ongoing threat to infrastructure in the private and public sectors is likely to drive the adoption of cloud firewalls. In addition, companies are increasingly implementing Platform-as-a-Service and Infrastructure-as-a-Service methods to solve security problems in the cloud environment.

Also Read :  Virtual Reality: The Landscape And Market Opportunity - Gaming

Cloud firewall options enable perimeter protection without forcing organizations to deploy dedicated firewall hardware at each corporate location. The result is an optimized infrastructure that improves visibility and ultimately agility and scalability. Cloud firewalls will remain important as more businesses move their connectivity and security operations to the cloud.

More valuable insights into the cloud firewall market

Future Market Insight’s Cloud Firewalls Market research report is segmented into four main sections: Solution (Cloud Firewall Appliances and Cloud Firewall Services), Company Size (Small and Medium-sized Organizations (SMB) and Large Organizations), Industry (BFSI , Healthcare, IT & Telecom, Government, Aerospace & Defense, Retail, and others) and Region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and Middle East & Africa) to help readers’ understanding and evaluation Find lucrative opportunities in Cloud Firewall Demand Outlook.

Source link