According to a new report published by Allied Market Research, titled, “Web Application Firewall Market," The web application firewall market was valued at $3.9 billion in 2020, and is estimated to reach $25.6 billion by 2030, growing at a CAGR of 20.88% from 2021 to 2030.
The web application firewall market is impacted by factors such as growth in demand for cloud-based solutions, increase in number of cyber-attack activities, stringent industry standards and regulatory compliance, increase in application areas, and dearth of trained professionals. However, dearth of trained professionals hampers growth of the WAF market.
In 2020, on the basis of deployment, the on-premise segment dominated the web application firewall market, and is expected to maintain its dominance in the upcoming years. This is attributed to factors such as lack of additional capital for procurement of essential hardware and software and high cost of on-premises security deployment model compared to cloud-based model have created hurdles in growth of this model. In addition, impact of increased threat from advanced cyber-attack such as Ransomware have increased adoption of the market among large enterprises. On-premises deployment mode is most prevalent with large enterprises as it involves significant investments to implement and organizations need to purchase interconnected hardware, servers, and software to manage the system. This model is appropriate for specific applications such as financial and health records with critical data that entails large data transfers and operations. However, origination of cloud computing has reduced cost constraints for most enterprises, which makes latter the most preferred choice of deployment.
On the basis of organization size, the large enterprises segment is the fastest growing segment of WAF market, and is projected to keep its hold on the web application firewall market size in the next years. Moreover, incorporation of overall security for IT assets requires network as well as application security and WAF security. The need to safeguard data and rise in awareness regarding security events boost growth of the market across large enterprises. Key factors such as ease of deployment, presence of sandboxing technologies, and advanced detection capabilities increase the adoption of WAF Firewall among large enterprises. Further, advantages of WAF Firewall over next generation network firewall (NGFW) and intrusion prevention systems (IPS) to offer advanced protection capabilities for internal business-critical applications, internet facing websites, and web services is expected to drive the market growth during the web application firewall market forecast period.
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. Aforementioned factors boosted the growth of the web application firewall market.
KEY FINDINGS OF THE STUDY
- On the basis of deployment, in 2020 the on-premises segment dominated the web application firewall market size. However, the cloud segment is expected to exhibit significant growth during web application firewall forecast period.
- Depending on industry vertical, the BFSI generated the highest revenue in 2020 of web application firewall market share.
- On the basis of organization size segment, the large enterprises generated the highest revenue in 2020. However, the small & medium enterprises segment is expected to exhibit significant growth during the forecast period
- On the basis of region, the web application firewall industry was dominated by North America in 2020. However, Asia-Pacific is expected to witness significant growth in the upcoming years.
Some of the key data center automation industry players profiled in the report include Akamai Technologies, Inc., Barracuda Networks, Inc., Citrix Systems, Inc., F5 Networks, Inc., Imperva, Inc., Fortinet, Inc., Applicure Technologies Ltd., Qualys, Inc., Cloudflare, Inc., Radware Ltd. This study includes Web Application Firewall Market share, trends, Web Application Firewall Market analysis, and future estimations to determine the imminent investment pockets.