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Web Application Firewall Market Size – USD 4.95 Billion in 2021, Market Growth – at a CAGR of 17.5%, Market Trends

VANCOUVER, BRITISH COLUMBIA, CANADA, January 4, 2023 /EINPresswire.com/ -- The global web application firewall market size was USD 4.95 Billion in 2021 and is expected to register a revenue CAGR of 17.5% during the forecast period, according to latest analysis by Emergen Research. Increasing adoption of web application firewall for secure website browsing is a major factor driving market revenue growth. Globally, a large number of internet users using several web applications for e-commerce, banking, content watching, sharing, and providing end to end security of data acquisition is a major challenge. Many third-party advertisements are scraping user data and making pattern to show recommended products or services. These data can be stolen and hacked from third party application servers. Large number of enterprise as well as individual users are using web application firewall protection to safeguard their privacy. Cyber security and information technology professionals are highly recommending web application firewall, which is positively driving growth of the market. According to a leading data security company, WannaCry ransomware attack hit around 230,000 computers globally. WannaCry ransomware assault has a significant financial impact around the world, which is accounted for around USD 4 billion loses. These instances are accelerating awareness of enterprise users, which in turn, is driving growth of the market. However, deployment cost is a major restraining factor of the web application firewall market. In addition, web application firewall deployment impacts direct costs of an organization owing to mitigate issues, repair, cleanse infected systems, loss of income due to system loss or degradation, and other expenses, as well as skilled resources are required to manage activities of the deployments.

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The report, additionally, offers a comprehensive SWOT analysis and Porter’s Five Forces analysis to offer a better understanding of the competitive landscape of the industry. It also covers strategies adopted by prominent players such as mergers and acquisitions, collaborations, joint ventures, product launches, and brand promotions, among others. The report aims to offer the readers a holistic understanding of the relevant features of the industry.

Some Major Companies Profiled in the Report are:

Cloudflare, Inc., Oracle Corporation, Microsoft Corporation, Amazon Web Services, Inc., Fortinet, Inc., Lumen Technologies, Inc., Array Networks, Inc., Penta Security Systems Inc., Wallarm Inc., and Reblaze Technologies Ltd., among others

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Some Key Highlights From This Report

The solution segment accounted for the largest market revenue share in 2021. Web application firewall solutions are used in various industries to enhance security of enterprise firewalls. Web application firewalls secures online website applications by filtering and monitoring Hypertext transfer Protocol (HTTP) traffic between web application and internet connection.

The on-premise segment accounted for largest revenue share in 2021. Web application firewalls helps in protection of applications based on geolocation data, Internet Protocol (IP) addresses, and HTTP headers. A large number of commercial and individual users are using on-premises deployment mode to operate and monitor firewall activities in-house. On-premise models are incredibly secure, run on organization's server, and can be rendered to meet their production targets.

The banking and financial services segment accounted for largest revenue share in 2021. Web application firewall for banking and financial services is designed to safeguard online banking data from attacks, Distributed Denial-of-Service (DDoS), and web scraping. Web application firewalls protect online banking and financial services passwords, Secure Shell (SSH) credentials, and other sensitive data from breaches and unauthorized access.

The North America market accounted for largest revenue share in 2021. Growing adoption of cybersecurity applications in government agencies is driving growth of the web application firewall market in this region. The U.S. Department of Defense estimates that the government would invest USD 11.2 billion in cyberspace programs in 2023. The U.S. Department of Defense is investing in cybersecurity to strengthen defense industrial base. These factors are expected to drive market revenue growth.

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Market Dynamics:

The report offers insightful information about the market dynamics of the Web Application Firewall market. It offers SWOT analysis, PESTEL analysis, and Porter’s Five Forces analysis to present a better understanding of the Web Application Firewall market, competitive landscape, factors affecting it, and to predict the growth of the industry. It also offers the impact of various market factors along with the effects of the regulatory framework on the growth of the Web Application Firewall market.

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Emergen Research has segmented the global web application firewall market based on component, deployment mode, organization size, end-use, and region:

Component Outlook (Revenue, USD Billion; 2019-2030)

Solution

Services

Deployment Mode Outlook (Revenue, USD Billion; 2019-2030)

On-premise

Cloud

Hybrid

Organization Size Outlook (Revenue, USD Billion; 2019-2030)

Large Enterprises

Small and Medium Enterprises

End-use Outlook (Revenue, USD Billion; 2019-2030)

Manufacturing

Logistic and Supply Chain

Petrochemicals

Mining

Steel and Metallurgy

Others

Analysis of the segments and their growth projection is carried out by extensive historical and current analysis of the market scenario. Further, the report offers details about the factors and features of the Web Application Firewall market expected to boost the growth of the industry in the coming years.

Highlights of the Web Application Firewall Market Report:

The solution segment accounted for the largest market revenue share in 2021. Web application firewall solutions are used in various industries to enhance security of enterprise firewalls. Web application firewalls secures online website applications by filtering and monitoring Hypertext transfer Protocol (HTTP) traffic between web application and internet connection.

The on-premise segment accounted for largest revenue share in 2021. Web application firewalls helps in protection of applications based on geolocation data, Internet Protocol (IP) addresses, and HTTP headers. A large number of commercial and individual users are using on-premises deployment mode to operate and monitor firewall activities in-house. On-premise models are incredibly secure, run on organization's server, and can be rendered to meet their production targets.

The banking and financial services segment accounted for largest revenue share in 2021. Web application firewall for banking and financial services is designed to safeguard online banking data from attacks, Distributed Denial-of-Service (DDoS), and web scraping. Web application firewalls protect online banking and financial services passwords, Secure Shell (SSH) credentials, and other sensitive data from breaches and unauthorized access.

The North America market accounted for largest revenue share in 2021. Growing adoption of cybersecurity applications in government agencies is driving growth of the web application firewall market in this region. The U.S. Department of Defense estimates that the government would invest USD 11.2 billion in cyberspace programs in 2023. The U.S. Department of Defense is investing in cybersecurity to strengthen defense industrial base. These factors are expected to drive market revenue growth.

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Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyse consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

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