Pune, July 08, 2024 (GLOBE NEWSWIRE) -- Web Application Firewall Market Size Analysis:
“According to the report of SNS Insider, The Web Application Firewall Market size stood at USD 6.35 billion in 2023. This growth is projected to surge to USD 28.6 billion by 2032, reflecting a wholesome compound annual growth rate (CAGR) of 18.2% throughout forecast 2024-2032.”
This boom trajectory indicates the growing importance of corporations’ vicinity on securing their internet applications and the increasing adoption of WAF solutions.
The web application firewall market is driven by the growing need to guard internet packages and networks in a global characterized by the aid of developing internet connectivity and a corresponding rise in cyber threats. As companies increasingly depend on internet packages for center operations and purchaser interactions, strong security features become paramount. WAFs play an important function in this landscape, presenting a shielding defence in opposition to malicious attacks inclusive of SQL injection, pass-web site scripting, and denial-of-carrier assaults. In March 2023, Cloudflare announced a free web utility firewall (WAF) for his loose plan customers. This WAF enables the automatic blocking of known threats by way of the use of pre-described policies, making it less complicated to secure your website.
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Major Players Analysis Listed in this Report are:
- Security Systems
- Oracle
- Barracuda Fortinet, Inc.
- Citrix Systems, Inc.
- Applicure Technologies Ltd.
- Cloudflare, Inc.
- Radware Ltd.
- Akamai Technologies
- F5 Networks, Inc.
- Imperva, Inc.
- AWS
- Qualys, Inc.
- Networks, Inc.
- Barracuda
- Rohde & Schwarz
- Positive Technologies
- Qualys
- Wallarm
- StackPath
- Cloudflare
- Reblaze
- Other Players
Growing Demand and Market Drivers
Several factors are driving the web application firewall market with the growing popularity of cloud computing. Cloud-based WAFs provide businesses with a price-powerful and scalable method to stabilize their internet programs. Additionally, the proliferation of Internet of Things (IoT) devices necessitates heightened security features. As more devices connect to the internet, the capacity assault floor expands, using the demand for WAFs to defend those interconnected systems. Furthermore, increasing authorities' rules mandating robust cybersecurity measures across industries are developing tremendous increase opportunities for the WAF marketplace. governments worldwide are spotting the criticality of information security and are enforcing stricter guidelines to safeguard sensitive statistics. This focus on cybersecurity compliance is compelling groups to spend money on WAF solutions to ensure adherence to those policies.
Barracuda Networks in April 2023, released new software security plans presenting complete safety for websites, packages, and APIs. These plans are designed for agencies wanting a better solution. They integrate advanced functions like machine learning (ML) based total security, safety against numerous assaults DDoS (Distributed Denial-of-Service), bots, and Zero Trust ideas. Zero trust protection to help prevent today's most advanced threats when customers need a solution that provides web application and API protection (WAAP) for applications where wherever they live., including on-premises, hybrid, and multi-cloud deployments. Barracuda's plans also are customizable, letting you pick the precise protection capabilities you want and the number of programs you want to secure.
Web Application Firewall Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 6.35 Bn |
| Market Size by 2032 | US$ 28.6 Bn |
| CAGR | CAGR of 18.2% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | • Technological development and rising IoT use. • Strict industry standards and regulations, as well as an expanding market for cloud-based solutions |
Recent Developments within the WAF Market
April 2023, Akamai Technologies Inc. Launched its Prolexic Network Cloud Firewall, improving client manipulation over getting admission to manipulate lists (ACLs) and supplying more flexibility in securing network edges.
April 2023, Barracuda Networks Inc. Announced a distribution partnership with Ingram Micro for the Gulf area, expanding the reach of its protection solutions across the Middle East.
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Market Segmentation Analysis
The web application firewall marketplace can be segmented into deployment model, organization size, and end-use.
By Deployment Model, Cloud-based WAF solutions are expected to dominate the market with the Highest CAGR of 19.2% due to their scalability, ease of deployment, and price effectiveness.
By Enterprise Size, Large enterprises held the largest market share of more than 68%, pushed through their want to shield essential IT property and follow stringent protection regulations. However, the small and medium-sized organizations (SMEs) segment is projected to witness the highest growth charge because of the increasing affordability and accessibility of WAF solutions.
By End-Use, The Banking, Financial Services, and Insurance (BFSI) segment led the web application firewall market with a revenue share of more than 28% in 2023, because of stringent guidelines and the sensitivity of economic statistics. However, the healthcare segment is anticipated to develop at the fastest pace as the industry grapples with the developing need for stable digital health statistics (EHRs) and different patient statistics.
Web Application Firewall Market Segmentation:
By Deployment Model
- On-Premise
- Cloud
By Organization Size
- Large Enterprises
- Small and Medium Enterprises
By Component
- Solution
- Services
By End User
- BFSI
- Healthcare
- IT and Telecom
- Manufacturing
- Government and Public Sector
- Retail and E-Commerce
- Others
Regional Developments
The North American region held the largest revenue share of more than 42% in 2023, driven by the presence of technologically superior nations Such as the United States and Canada. The vicinity boasts a well-developed cybersecurity infrastructure and a sturdy culture of cyber hygiene. However, the Asia Pacific region is predicted to exhibit a sizeable increase within the forecast years due to elements including rapid digital transformation, developing net penetration, and growing consciousness of cyber threats.
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Key Takeaways for the Web Application Firewall Market
This report provides valuable insights into the web application firewall market including,
- Market growth projections and key driving factors.
- Analysis of various market segments and their growth potential.
- Recent advancements and trends are shaping the WAF landscape.
- Identification of key regional markets and their growth drivers.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Web Application Firewall Market Segmentation, By Deployment Model
8. Web Application Firewall Market Segmentation, By Organizational Size
9. Web Application Firewall Market Segmentation, By Component
10. Web Application Firewall Market Segmentation, By End User
11. Regional Analysis
12. Company Profile
13. Competitive Landscape
14. USE Cases and Best Practices
15. Conclusion
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