Web Application Firewall Market Growing at 20.88 % CAGR to Hit $ 25.6 billion by 2030 | Share Analysis, Company Profiles
WAF is designed to enhance security level for HTTP conversations or web conversations. It generally follows a set of rules to identify and block threats.
PORTLAND, PORTLAND, OR, UNITED STATE, December 4, 2023 /EINPresswire.com/ — The web application firewall market is impacted by factors such as growth in demand for cloud-based solutions, increase in number of cyber-attack activities, stringent industry standards and regulatory compliance, increase in application areas, and dearth of trained professionals. However, dearth of trained professionals hampers growth of the WAF market.
According to a new report published by Allied Market Research, titled, “Web Application Firewall Market,” The web application firewall market was valued at $3.9 billion in 2020, and is estimated to reach $25.6 billion by 2030, growing at a CAGR of 20.88% from 2021 to 2030.
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In 2020, on the basis of deployment, the on-premise segment dominated the web application firewall market, and is expected to maintain its dominance in the upcoming years. This is attributed to factors such as lack of additional capital for procurement of essential hardware and software and high cost of on-premises security deployment model compared to cloud-based model have created hurdles in growth of this model. In addition, impact of increased threat from advanced cyber-attack such as Ransomware have increased adoption of the market among large enterprises.
COVID-19 Scenario:
1. The current estimation of 2030 is projected to be higher than pre-COVID-19 estimates. Over the last two years, the global semiconductors and electronics industry has seen a variety of changes, with manufacturing and other heavy industries encountering operational issues as a result of the restricted cash flow in the pandemic.
2. Data center services, cloud computing, and other online support sectors, on the other hand, benefited greatly from market changes. Hence, the market for web application firewall solutions is expected to witness a major increase in end-user spending in the future.
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On-premises deployment mode is most prevalent with large enterprises as it involves significant investments to implement and organizations need to purchase interconnected hardware, servers, and software to manage the system. This model is appropriate for specific applications such as financial and health records with critical data that entails large data transfers and operations. However, origination of cloud computing has reduced cost constraints for most enterprises, which makes latter the most preferred choice of deployment.
On the basis of organization size, the large enterprises segment is the fastest growing segment of WAF market, and is projected to keep its hold on the web application firewall market size in the next years. Moreover, incorporation of overall security for IT assets requires network as well as application security and WAF security. The need to safeguard data and rise in awareness regarding security events boost growth of the market across large enterprises. Key factors such as ease of deployment, presence of sandboxing technologies, and advanced detection capabilities increase the adoption of WAF Firewall among large enterprises. Further, advantages of WAF Firewall over next generation network firewall (NGFW) and intrusion prevention systems (IPS) to offer advanced protection capabilities for internal business-critical applications, internet facing websites, and web services is expected to drive the market growth during the web application firewall market forecast period.
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Moreover, web application providers for distance learning, teleconferencing, online gaming, healthcare, e-commerce, and entertainment have observed an upsurge in usage as well as boost in revenue. Hence, there is rise in need for such applications to improve their security capabilities. Aforementioned factors boosted the growth of the web application firewall market.
Key Market Players:
➢ Akamai Technologies, Inc.
➢ Radware Ltd.
➢ Citrix Systems, Inc.
➢ Applicure Technologies Ltd.
➢ Barracuda Networks, Inc.
➢ Fortinet, Inc.
➢ Qualys, Inc.
➢ Imperva, Inc.
➢ F5 Networks, Inc.
➢ Cloudflare, Inc.
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Similar Reports:
1. Greater Web Application Firewall Market
2. Web Application Firewall Solution Market
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