Westford, USA, Nov. 14, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that Web Application Firewall Market will attain a value of USD 27.68 Billion by 2031, with a CAGR of 18.92% during the forecast period (2024-2031). The market is expanding due to the growing use of web application firewalls that are automated and AI-powered. The next firewalls that will be developed are automated ones based on artificial intelligence that’s why companies are increasingly embracing them; they have ability to respond quickly to new risks as well as make decisions judiciously. For this reason, web application firewalls save businesses from advanced security threats targeting application-level systems using intelligent context-driven protection methods.
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Browse in-depth TOC on the "Web Application Firewall Market "
- Pages - 197
- Tables - 96
- Figures – 76
Web Application Firewall Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $6.92 Billion |
| Estimated Value by 2031 | $27.68 Billion |
| Growth Rate | Poised to grow at a CAGR of 18.92% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | End User, Component, Type and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Rising integration of advanced technologies particularly AI and ML |
| Key Market Opportunities | Increasing adoption of cloud and virtual appliance-based WAFs |
| Key Market Drivers | Increasing Escalating frequency of cyber threats |
BFSI End User to Dominate Due to its Stringent Data Security Needs
Due to increased hacking incidents against banks, WAF solutions have become essential requirements in financial institution security frameworks. Banks are also obliged to comply with regulations put up by different authorities for which they need protection systems such as WAF Therefore; BFSI sector remains driving force behind WAF global market due to its specific needs concerning data security.
WAF Systems is Largest Growing Sub-Segment Due to its Protection Web Applications from Diverse Cyber Threats
Since they are so important in defending online apps from various cyberthreats, WAF systems are the market leader in the global web application firewall industry. The need for WAF solutions is driven by the increase in cybersecurity awareness among organisations and the frequency of application-layer assaults. As such, to guarantee complete protection and compliance, WAF systems are being more and more integrated into security infrastructures.
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High Adoption of Cybersecurity Technologies Helped North America to Dominate the Market
Since it has a sophisticated IT architecture and experiences high rates of cyber-attacks, North America takes the highest percentage of the global web application firewall (WAF) market. The existence of stringent regulations regarding internet security and heavy investments in cyber-security technologies also support the adoption of WAF solutions within the region. As such, these factors bolster North America’s dominance in this sector through an improved overall security posture.
Web Application Firewall Market Insight
Drivers:
- WAF Systems to Protect Sensitive Data
- Proliferation of Web Applications across Various Sectors
- Growing E-Commerce Sector
Restraints:
- Increasing Frequency and Sophistication of Cyberattacks
- WAF Systems can sometimes Generate False Positives
- Blocking Legitimate Traffic and Operational Disruptions
Prominent Players in Web Application Firewall Market
- Imperva (US)
- Akamai (US)
- Barracuda (US)
- Citrix (US)
- Cloudflare (US)
- Rohde & Schwarz (Germany)
- Ergon Informatik (Switzerland)
- F5 Networks (US)
- Fortinet (US)
- Radware (Israel)
Segments covered in Web Application Firewall Market are as follows:
Component
Solutions (Hardware appliances, Virtual appliances, Cloud-based), Services (Managed Services, Professional Services (Consulting, Support & Maintenance, Training & Education, System Integration))
Organization Size
Large Enterprises, Small & Medium Sized Enterprises
Vertical
Banking, Financial Services & Insurance, Retail, IT & Telecommunications, Government & Defense, Healthcare, Energy & Utilities, Education, Others
Key Questions Answered in Global Web Application Firewall Market Report
- By 2031, how much is the global web application firewall market expected to be worth?
- Why does the global web application firewall market have a strong driving force in the BFSI sector?
- What factors lead to the dominance of North America’s greatest share of the global web application firewall market?
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This report provides the following insights:
- Analysis of key drivers (WAF systems incorporating improved threat detection, bring your own device (BYOD) trend, increased awareness of data breaches and importance of securing web applications), restraints (Managing & operating WAF systems, complicated deployment and maintaining performance & security) opportunities (Rise of managed security service providers, WAF vendors to offer WAF as a managed service and WAF expansion in emerging markets), and challenges (Continuous evolution of cyber threats and challenge for vendors to keep pace) influencing the growth of web application firewall market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the web application firewall market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the web application firewall market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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