Web Application Firewall Market Overview:
Web Application Firewall Market is expected to reach at $1,425 million by 2023 at a CAGR of 19.2%. Web application firewall (WAF) is a hardware or software solution developed to control and monitor network traffic on web-enabled applications. This firewall establishes a relatively secure barrier between the system and the external environment. It provides web protection at the application layer of the open system interconnection model from many attacks types, such as XSS, SQL injection, cross-site scripting, DT, and RFI. WAF identifies and blocks attempts to exploit known web application vulnerabilities by shortening the window of exposure, while patches are thoroughly tested and deployed.
The global web application firewall market is segmented based on deployment, organization size, industry vertical, and geography. The deployment segment is bifurcated into cloud-based and on-premise. Based on organization size, it is divided into large enterprises and small & medium enterprises. On the basis of industry vertical, it is classified into aerospace & defense, BFSI, public sector, retail, healthcare, IT & telecom, energy & utilities, manufacturing, and others. Based on geography, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The Global Web Application Firewall Market Segmentation
The global web application firewall market was valued at $426 million in 2016, and is projected to reach $1,425 million by 2023, growing at a CAGR of 19.2% from 2017 to 2023. The major factors that drive the web application firewall market growth are technological innovation in product offerings, rise in adoption for cloud-based solutions, increase in application areas among industry verticals, and heavy venture capital investments in R&D activities to develop solutions with enhanced capabilities.
The North America web application firewall market generated the highest revenue in 2016, attributed to rise in number of security breaches and government regulations related to IT security is expected to stimulate government organizations and companies to enhance their data security infrastructure, which is expected to support the security appliance market growth. The Asia-Pacific web application firewall market is expected to grow at the highest CAGR, owing to the presence of untapped demands and surge in need for better applicationn security solutions.
The key players operating in the global web application firewall industry 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, and others. These players have expanded their market presence by adopting various business strategies such as acquisition, geographical expansion, product development, strategic alliance, and collaboration.
Top Investment Pockets
The following graph signifies the growth potential of the global web application firewall market by region. It is evident from the figure that the Asia-Pacific is the top investment pocket for the market owing to the factors such as increase in adoption of web application firewall among industry verticals, and growth associated with end-use industries such as BFSI, agriculture, energy, IT & telecom, healthcare, and others in the countries such as China, Japan, and Australia. LAMEA is projected to be the second-most lucrative segment owing to the factors such as economic growth in Central America and Latin America.
Top Impacting Factors
The global web application firewall market is influenced by a number of factors including growth in demand for cloud-based solutions, increased number of cyber-attack activities, stringent industry standards and regulatory compliance, increased application areas, and dearth of trained professionals. These factors collectively provide opportunities for the market growth. However, each factor has its definite impact on the web application firewall market.
Following are the key factors affecting the global web application firewall market.
Top Impacting Factors
Source: Primary & Secondary Research and AMR Analysis
Key Benefits for Stakeholders
- In-depth analysis of the market and dynamics is provided to understand the market scenario.
- Quantitative analysis of the current trends and future estimations from 2017 to 2023 is provided to assist strategists and stakeholders to capitalize on prevailing opportunities.
- Porter’s Five Forces analysis examines the competitive structure of the market and provides a clear understanding of the factors that influence the market entry and expansion.
- A detailed analysis of the geographical segments enables identification of profitable segments for market players in the global web application firewall industry.
- Comprehensive analyses of the trends, sub-segments, and key revenue pockets are provided.
- Detailed analysis of the key players operating in the industry and their business strategies are anticipated to assist stakeholders to take informed business decisions.
Web Application Firewall Market Key Segments:
By Organization Size
- Large Enterprises
- Small & Medium Enterprises
- Aerospace and Defense
- Public Sector
- IT and Telecom
- Energy and Utilities
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Middle East
The Key Players Profiled in the Report are as follows:
- 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.