New York, July 31, 2023 (GLOBE NEWSWIRE) -- The global web application firewall market size is slated to expand at ~21% CAGR between 2023 and 2035. The market is poised to garner a revenue of USD 73 billion by the end of 2035, up from a revenue of ~USD 7 billion in the year 2022.The major element to dominate the rise in the sector’s growth is a rise in the number of online applications. Globally, about 89 thousand applications were launched which is the highest that the month before through the google play store. A WAF, or web application firewall, assists in protecting online applications by testing and keeping track of HTTP traffic between a web application and the Internet.
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Moreover, the prevalence of cyber-attack is also on the rise. In 2022 compared to 2021, approximately 37% of cyberattacks increased across the globe. Hence, in order to prevent this the demand for web application firewalls is increasing. Additionally, it defends against attacks including cross-site scripting (XSS), file inclusion, SQL injection, and cross-site forgery that target online applications. Additionally, a WAF reduces the administrative work needed to guarantee adequate ongoing web application security testing. Application security teams could maintain tabs on what is appropriate to let through a WAF by actively setting guidelines and requirements. In order to react to possible security events much more quickly, teams are able to get prompt information of an assault that is already underway.
Web Application Firewall Market: Key Takeaways
- Market in North America market to propel the highest growth
- The BFSI segment to garner the highest growth
- Market in Asia Pacific region to grow at a notable rate
Growing Penetration of IoT to Boost the Growth of the Web Application Firewall Market
As the world becomes increasingly linked, technologies including IoT are being used in a wider range of end-user applications. Globally, there are approximately 14 Billion devices connected to IoT. In order to run their business as efficiently as possible, organizations are adopting such connected devices more frequently in their procedures. Different hacks and security flaws have been added to the threat landscape as there are more devices and related applications. A large number of IoT technology and developer businesses are deploying and advising cutting-edge security solutions, including WAFs, to handle such circumstances.
Web Application Firewall Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Security Vendors to Boost the Growth of the Market in North America
The market in North America for web application firewall is set to grow at the highest share of 37% over the forecast period. This growth of the market in this region could be attributed to growing security vendors. As of 2023, there were about 11,045 security services companies in the US, a growth of approximately 0.3% from 2022. Moreover, government action has increased in this region in recent years due to the growing concern about ensuring the protection of financial and sensitive data. New types and variations of cyberattacks are joining the dangerous environment as there are more connected devices in use. As a result, over the forecast period, the web application firewall is being widely adopted in this region.
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Rising Penetration of the Internet to Influence the Growth in Market in Asia Pacific
The Asia Pacific web application firewall market is also poised to have a significant rate of 28% over the forecast period. The major factor to boost the market growth in this region is the rising penetration of the internet. The number of internet users in Asia Pacific is projected to increase from about 2 billion (approximately 40% of the population) in 2017 to about 3 billion (approximately 61% of the population) in 2022. Additionally, the network infrastructure has grown in tandem with increased modernization and urbanization in this region. As a result, sophisticated and advanced threats are difficult to identify. Therefore, the demand for web application firewall is set to boost in this region.
Web Application Firewall, Segmentation by End Users
- BFSI
- Healthcare
- Manufacturing
- Government Sector
- IT & Telecom
- Retail
- E-Commerce
The government sector segment in web application firewall market is projected to have significant growth by the end of 2035. This growth of the segment could be attributed to the growing threat of cyberattacks to the government. In 2022, about 3% of the total ransomware attacks globally took place with governmental organizations. Hence, average overall expenditures increased from about USD 2 million to approximately USD 3 million as a result of the about 6% increase in data breach costs in the public and governmental sectors. This also increase potential risk to the general public since large data is saved in government application. Hence, the need for web application firewall is growing in this sector.
Web Application Firewall, Segmentation by Enterprise Size
- Large Enterprises
- Small & Medium Enterprises
The large enterprises segment is set to grow at the highest rate over the forecast period. This growth of the segment could be attributed to growth in a number of large enterprises. In comparison to about 337,522 in 2020, there were approximately 351,519 large enterprises with 250 or more employees globally in 2021. Web application firewall (WAF) software is essential for protecting websites from numerous online attacks in large enterprises. Additionally, it has a high cost, which enables huge businesses to purchase it. Additionally, it offers defense against other types of assaults including SQL injection and cross-site scripting. Web-based and cloud-based WAF software are both accessible.
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Web Application Firewall, Segmentation by Deployment Model
- On-Premise
- Cloud
Web Application Firewall, Segmentation by Component
- Solution
- Services
A few of the well-known market leaders in the web application firewall market that are profiled by Research Nester are Imperva, Datadog lnc., Akamai Technologies Inc., F5 Networks Inc., Barracuda Networks Inc., Cloudfiare Inc., Ergon Informatik, F5 Networks, Fortinet, Radware, and others.
Recent Development in the Market
- Imperva, Inc. and CloudVector, a supplier of cutting-edge API security, have come to an agreement. The platform for discovering, monitoring, and protecting API traffic against attacks and breaches in any environment is called CloudVector. The company is advancing its concept for protecting web apps and APIs with this purchase.
- Based on the same agents that many DevOps teams use to monitor their apps, Datadog Inc.'s Application Security Monitoring (ASM) service was created. A runtime application self-protection engine and web application firewall (WAF) were acquired by Datadog from Sqreen in the acquisition of that company last year, allowing for the development of ASM.
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