Web Application Firewall

The report includes an analysis of the regional & global web application firewall market trends, key players, segments, application areas, & growth strategies.

PORTLAND, PORTLAND, OR, UNITED STATES, January 23, 2024 /EINPresswire.com/ -- The global web application firewall market, as reported by Allied Market Research, witnessed an estimated value of $426 million in 2016, with projections to reach $1.42 billion by 2023, reflecting a notable CAGR of 19.2% from 2017 to 2023. The comprehensive report delves into crucial aspects such as top investment pockets, successful strategies, drivers, opportunities, market size estimations, competitive landscape, and evolving market trends.

The Web Application Firewall (WAF) is specifically designed to elevate the security of HTTP or web communications. Its primary function involves adhering to a predefined set of rules to detect and thwart potential threats that could pose risks to a system. Additionally, WAF is employed for the supervision and regulation of network traffic within web-enabled applications. By establishing a robust and secure barrier between a system and its external environment, WAF operates effectively at the application layer of the Open Systems Interconnection (OSI) model, safeguarding against various types of attacks like XSS, SQL injection, cross-site scripting, DT, and RFI. The market for WAF is experiencing significant growth, driven by factors such as the rising demand for cloud-based solutions and the enforcement of stringent industry standards and regulations.

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The market's growth is propelled by an increasing demand for cloud-based solutions and the adherence to stringent industry standards and regulations. Conversely, a limitation in the availability of trained professionals hampers growth to some degree. Nevertheless, a surge in expenditure on security programs is anticipated to open up diverse opportunities within the industry.

The Asia-Pacific region is anticipated to experience the most substantial growth rate in the upcoming forecast period. The market is propelled by increased investments in web application firewall solutions in countries such as China, Japan, Thailand, India, and Indonesia. Additionally, Asia-Pacific is projected to be the fastest-growing regional segment, displaying the highest Compound Annual Growth Rate (CAGR). The government has implemented supportive strategies to boost security, contributing to this growth. Major industry players are strategically focusing on the Asia-Pacific market, capitalizing on the anticipated surge in the deployment of web application security solutions, particularly within the Banking, Financial Services, and Insurance (BFSI) sector.

Based on geography, North America held the highest share in 2016 and is projected to lead the trail by the end of 2023. At the same time, Asia-Pacific would cite the fastest CAGR till 2023. The other two regions discussed in the report include Europe and LAMEA.

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The dominance of the on-premise segment in the web application firewall market is expected to persist due to factors such as limited capital for acquiring essential hardware and software, and the higher cost associated with on-premises security deployment compared to the cloud-based model. Challenges in growth arise from increased threats like Ransomware. Large enterprises favor on-premises deployment due to significant investments required for interconnected hardware, servers, and software. This model is suitable for critical data applications, such as financial and health records, involving extensive data transfers.

Despite the prevalence of on-premises deployment, the advent of cloud computing has alleviated cost constraints for many enterprises, making it the preferred deployment choice. In terms of organization size, the large enterprises segment is the fastest-growing in the WAF market and is expected to maintain its dominance. The incorporation of overall security for IT assets, encompassing network and application security, along with the need to safeguard data and increased awareness of security events, drives growth in large enterprises.

Factors like ease of deployment, the presence of sandboxing technologies, and advanced detection capabilities contribute to the adoption of WAF Firewalls among large enterprises. Additionally, the advantages of WAF Firewalls, offering superior protection for internal business-critical applications, internet-facing websites, and web services compared to next-generation network firewalls (NGFW) and intrusion prevention systems (IPS), are anticipated to drive market growth during the forecast period for the web application firewall market.

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Based on geography, North America held the highest share in 2016 and is projected to lead the trail by the end of 2023. At the same time, Asia-Pacific would cite the fastest CAGR till 2023. The other two regions discussed in the report include Europe and LAMEA.

The current estimation of 2030 is projected to be higher than pre-COVID-19 estimates. Over the last two years, the global semiconductors and electronics industry has seen a variety of changes, with manufacturing and other heavy industries encountering operational issues as a result of the restricted cash flow in the pandemic. Data center services, cloud computing, and other online support sectors, on the other hand, benefited greatly from market changes. Hence, the market for web application firewall solutions is expected to witness a major increase in end-user spending in the future.

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. The aforementioned factors boosted the growth of the web application firewall market.

The key market players analyzed in the global web application firewall market report include Barracuda Networks, Inc., Radware Ltd, Citrix Systems, Inc., Akamai Technologies, Inc., F5 Networks, Inc., Imperva, Inc., Fortinet, Inc., Qualys, Inc., Applicure Technologies Ltd., and Cloudflare, Inc. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.

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