Web Application Firewall Market Size, share, Future Outlook: Emerging Trends and Key Players Company | Emergen Research

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Web Application Firewall Market Trends –Rising demand for fintech and online banking applications

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

— Emergen Research

VANCOUVER, BRITISH COLUMBIA, CANADA, May 16, 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.

Protecting online applications from malicious assaults has become a top priority for individuals and organisations alike in an era where cybersecurity threats are getting increasingly sophisticated. This is where Web Application Firewalls (WAFs) come into play. A WAF protects web applications from cyber attacks by adding an extra layer of security and maintaining the integrity and availability of online services. This essay will look at the significance and usefulness of Web Application Firewalls.

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 section on the competitive landscape offers valuable and actionable insights related to the business sphere of the Web Application Firewall market, covering extensive profiling of the key market players. The report offers information about market share, product portfolio, pricing analysis, and strategic alliances such as mergers and acquisitions, joint ventures, collaborations, partnerships, product launches and brand promotions, among others.

Leading 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

Key Highlights presented in the 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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Web Application Firewalls' Functionality:

Application layer inspection: WAFs examine the content, structure, and behaviour of web application traffic by thoroughly analysing HTTP requests and answers. The firewall can detect and prohibit aberrant or malicious activity by analysing the application's normal behaviour.

Filtering and blocking malicious traffic: WAFs identify and prevent numerous attack vectors by combining predetermined security rules with real-time analysis. To stay ahead of developing risks, these guidelines are constantly revised. A WAF, for example, can identify and prevent SQL injection attempts by scanning request parameters for malicious code.

DDoS mitigation: WAFs frequently contain DDoS protection measures to ensure that web applications stay available during attacks. The firewall can identify and mitigate volumetric, protocol, and application-layer DDoS attacks by monitoring traffic patterns, preventing service outages.

WAFs create thorough logs and reports on security events, offering visibility into attempted attacks, prevented threats, and other pertinent information. This data assists organisations in assessing the efficiency of their security measures and responding to problems in a timely manner.

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.

Market Segmentation by product type:

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

Services

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

Cloud

Hybrid

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

Small and Medium Enterprises

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Major Regions Covered in the Web Application Firewall Market Report:

North America

Europe

Asia Pacific

Latin America

Middle East & Africa

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