Newark, April 18, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 6.8 billion web application firewall market will reach USD 31.8 billion by 2033. By monitoring and filtering HTTP traffic between web applications and the internet, a WAF (Web Application Firewall) helps to protect web applications. It protects web applications from various threats, including file inclusion, SQL injection, cross-site forgery, and cross-site scripting (XSS). The location of the application's deployment, required services, management protocols, and required architectural performance and flexibility can all influence the implementation of a WAF. The market will probably rise due to strict government regulations controlling data and cyber security and increased cyber theft and fraud. Additionally, web-based apps and services have altered how information is distributed and exchanged in today's commercial, government, and educational sectors.
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Because information is inexpensive and readily available online, the firewall market is becoming increasingly important for the deeper integration of internal information systems. Furthermore, WAFs are generally used by businesses with banking and e-commerce platforms to secure their operations and guard critical customer information. Once more, the industry is being driven by the growing usage of firewalls in healthcare. WAFs use Wi-Fi-enabled devices and other associated technologies to prevent unauthorised access to vital healthcare networks and electronic patient information.
North America will account for the largest market size during the forecast period.
The growing IoT trend and increasing internal and external dangers are luring organisations to use web application firewall solutions and driving the market forward in the North American region. It is projected that cloud apps and security data will rule the industry. Furthermore, introducing new industry participants is expected to quicken the pace of market expansion in this area during the projected period. Furthermore, companies and governmental institutions are enhancing their data security frameworks, which will bolster the growth of the region's market during the projected year. The increase in R&D spending by industrialised countries, which has fueled advancements in security systems, is another factor contributing to the expansion.
The solution segment dominated the market with the most significant revenue of USD 4.01 billion.
The solution segment dominated the market with the most significant revenue of USD 4.01 billion. Web application attacks can be prevented, deployment flexibility, virtual patching, protocol validation, active and passive authentication, content routing, URL rewriting, cookie signing and encryption, data leak mitigation, DDoS mitigation, and security for web servers and application signatures are just a few of the features that WAF solutions provide.
The large enterprise segment dominated the market with the most significant revenue of USD 3.74 billion.
The large enterprise segment dominated the market with the most significant revenue of USD 3.74 billion. Network and WAF security are required to provide complete protection for IT assets. The need to protect data and the growing public awareness of security risks drive market expansion for large businesses. The ease of setup, enhanced detection capabilities, and availability of sandboxing technologies are key reasons driving the adoption of WAF firewalls in large companies.
The government & defense segment dominated the market with the most significant revenue of USD 1.42 billion.
The government & defense segment dominated the market with the most significant revenue of USD 1.42 billion. Government agencies in several nations have implemented eGovernment, which has led to a surge in the usage of WAF solutions in the defence and government sectors. Government and defence entities handle departmental, agency, procedural, and personal data securely and privately. Thus, cybersecurity is one of the most crucial elements of the public sector.
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Market Dynamics:
Drivers: Increasing adoption of technologies
As the world gets increasingly connected, technologies like the Internet of Things (IoT) are being adopted more widely across various end-user applications. Organisations are incorporating these linked gadgets into their operations more regularly to operate the business as efficiently as feasible. With the proliferation of gadgets and related apps, the threat environment is expanding to include new hacks and security vulnerabilities. To deal with such situations, most IoT technology and development businesses are deploying and offering advice on advanced security solutions, such as web application firewalls (WAF), for securing their corporate infrastructure. This is driving the demand for the global market.
Restraint: Budget constraints
Despite the growing frequency of data breaches and cybercrimes, several studies indicate a troubling trend: information security, and particularly cybersecurity, needs more funding and attention in the workplace. Furthermore, companies sometimes maintain thousands of programmes for basic processes such as ordering and processing payments. These idle, vital business apps pose a risk because they aren't updated frequently. Some small businesses fear investing in these applications could result in financial loss. According to research from Shred-it, money is the largest barrier to implementing application security, which surveyed 62% of CIOs and cybersecurity specialists. Budgetary restrictions on SMBs, therefore, provide significant barriers to the growth of this industry.
Opportunity: Increasing frequency of cyberattacks
The main factors propelling market expansion include internet fraud and the rise in cyberattacks globally in the healthcare industry. For example, when Verizon looked at 849 cases from 2021—571 of which had data exposure that could be verified—they discovered that web applications were the most common vector. The accessibility, confidentiality, and integrity of healthcare applications, data, systems, and resources may be compromised by web application attacks directed towards healthcare organisations.
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Some of the major players operating in the web application firewall market are:
● Akamai
● Cloudflare
● Barracuda
● Radware
● Trustwave
● Sophos
● Fortinet
● Oracle
● AWS
● Microsoft
● Imperva
● Citrix
● Rohde & Schwarz
● Ergon Informatik
● Penta security systems
Key Segments cover in the market:
By Component:
● Services
● Solutions
By Organization Size:
● Small & Medium-Sized Enterprises
● Large Enterprises
By Vertical:
● Retail
● Government & Defense
● Energy & Utilities
● Banking, Financial Services & Insurance
● IT & Telecommunications
● Healthcare
● Education
● Others
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About the report:
The global web application firewall market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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