Portland, OR, Nov. 19, 2019 (GLOBE NEWSWIRE) -- According to the report, the global web application firewall market was estimated at $427 million in 2016 and is expected to reach $1.43 billion by 2023, growing at a CAGR of 19.3% from 2017 to 2023. The report offers a detailed analysis of the drivers & opportunities, top investment pockets, top winning strategies, market size & estimations, competitive scenario, and changing market trends.
Increased market for cloud-based solutions and stringent industry standards & regulations fuel the growth of the global web application firewall market. On the other hand, lack of trained professionals restrains the growth to some extent. However, the rise in spending on security programs is expected to create an array of lucrative opportunities in the near future.
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The on-premise segment to rule the roost till 2023-
Based on the deployment type, the on-premise segment accounted for nearly three-fourths of the total market share in 2016 and is expected to dominate during the estimated period. The cloud segment, on the other hand, is projected to grow at the fastest CAGR of 21.4% throughout 2017–2023.
The large enterprises segment to be lucrative during the estimated period-
Based on organization size, the large enterprises segment contributed to nearly two-thirds of the total market revenue in 2016 and is anticipated to lead the trail during the study period. The same segment would also register the fastest CAGR of 20.0% by 2023.
North America to maintain its lion’s share throughout the forecast period-
Based on geography, the North-America region generated the major share in 2016, holding more than two-fifths of the total market. Simultaneously, the Asia-Pacific region would showcase the fastest CAGR of 23.1% through 2017–2023.
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Frontrunners in the industry-
The key players analyzed in the report include Barracuda Networks, Inc., Citrix Systems, Inc., F5 Networks, Inc., Imperva, Inc., Radware Ltd, Cloudflare, Inc., Qualys, Inc., Fortinet, Inc., Akamai Technologies, Inc., Applicure Technologies Ltd., and others. These players have incorporated different strategies including expansions, mergers & acquisitions, partnerships, joint ventures, collaborations, and others to retain their stand in the market.
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