Web Application Firewall Market: : A Deep Dive into the $25.6 Billion Projection by 2030 | AMR
A surge in demand for cloud-based solutions & rise in application areas drives the growth of the global web application firewall market.
PORTLAND, PORTLAND, OR, UNITED STATES, March 20, 2024 /EINPresswire.com/ — According to the report, the global web application firewall industry generated $3.9 billion in 2020, and is expected to reach $25.6 billion by 2030, witnessing a CAGR of 20.8% from 2021 to 2030.
A Web Application Firewall (WAF) is crafted to elevate the security level of HTTP or web conversations. Typically, it adheres to a set of protocols to detect and prevent threats that pose risks to a system. Its role extends to managing and overseeing network traffic within web-enabled applications. This firewall acts as a secure barrier, shielding a system from potential external threats.
Positioned at the application layer of the Open Systems Interconnection model, it offers web protection against a variety of attack types including XSS, SQL injection, cross-site scripting, DT, and RFI. The significant driving forces behind the growth of the web application firewall market encompass the expanding demand for cloud-based solutions and the enforcement of rigorous industry standards and regulations.
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Surge in demand for cloud-based solutions, increase in number of cyber-attacks, stringent industry standards & regulatory compliance, and rise in application areas drive the growth of the global web application firewall market. However, scarcity of trained professionals restrains the market growth. Contrarily, advanced protection capabilities of web application firewalls over next-generation network firewall (NGFW) and intrusion prevention systems (IPS) create new opportunities in the coming years.
Covid-19 Scenario:
• Owing to the adoption of a work-from-home culture and remote working practices during the Covid-19 pandemic, the demand for web application firewalls increased considerably to ensure endpoint security and protect against data breaches.
• In addition, there has been a scarcity of resources for security teams within the enterprises to address different security issues. This, in turn, raised the demand for web application firewall solutions.
• Data center services, cloud computing providers, and other online support providers availed various benefits of web application firewall during the pandemic.
Based on 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 the on-premises security deployment model compared to the cloud-based model have created hurdles in the growth of this model. In addition, the impact of increased threat from advanced cyber-attacks such as Ransomware have increased the adoption of the market among large enterprises.
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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, the origination of cloud computing has reduced cost constraints for most enterprises, which makes latter the most preferred choice of deployment.
Based on 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, the 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 the 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 Firewalls among large enterprises. Further, the 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.
Based on industry vertical, the BFSI segment held the highest market share in 2020, holding more than one-fourth of the global web application firewall industry, and is projected to maintain its leadership status during the forecast period. This is attributed to increase in customer base and rise in adoption of online banking services. However, the manufacturing segment is expected to manifest the fastest CAGR of 24.7% from 2021 to 2030.
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Based on region, North America contributed the highest market share in terms of revenue in 2020, holding nearly two-fifths of the global web application firewall market, and is expected to maintain its dominance by 2030. This is attributed to an increase in investments in the defense sector and technological advancements in the telecommunication industry. However, Asia-Pacific is estimated to register the fastest CAGR of 22.3% during the forecast period, owing to rise in investments in web application firewall solutions among countries such as China, Japan, Thailand, India, and Indonesia.
Asia-Pacific is expected to observe the highest growth rate during the forecast period. An increase in investments for web application firewall solutions among countries such as China, Japan, Thailand, India, and Indonesia fuels the growth of the market. Moreover, Asia-Pacific is expected to be the fastest-growing regional segment during the forecast period, with the highest CAGR. Government has implemented supportive growth strategies to enhance security. Leading players focus on Asia-Pacific to increase their business as the region is expected to witness high growth in the deployment of web application security solutions, especially in the banking, financial services, and insurance (BFSI) sector.
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.
Leading Market Players:
• Applicure Technologies Ltd.
• Qualys, Inc.
• Akamai Technologies, Inc.
• Barracuda Networks, Inc.
• Citrix Systems, Inc.
• F5 Networks, Inc.
• Imperva, Inc.
• Fortinet, Inc.
• Cloudflare, Inc.
• Radware Ltd.
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