Portland, OR, Oct. 28, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global web application firewall market was estimated at $426 million in 2016 and is expected to hit $1.42 billion by 2023, registering a CAGR of 19.2% from 2017 to 2023. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Rise in demand for cloud based solutions and stringent industry standards & regulations fuel the growth of the global web application firewall market. On the other hand, lack of trained professionals restrains the growth to some extent. However, surge in expenditure on security programs is expected to pave the way for multiple opportunities in the industry.
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Covid-19 scenario-
- The outbreak of the pandemic has augmented the trend of remote working system.
- This has led to surge in adoption of cloud based solutions. Accordingly, the demand for web application firewall, to establish a relatively secure barrier, has also increased.
Get detailed COVID-19 impact analysis on the Web Application Firewall Market
The global web application firewall market is analyzed across deployment, organization size, end-users, and region. Based on end-users, the BFSI segment contributed to $93 million in 2016 and is expected to lead the trail by the end of 2023. The segment and is expected to register the CAGR of 17.6% throughout the forecast period. The aerospace & defense segment, on the other hand, is expected to showcase the highest CAGR of 21.9% from 2017 to 2023.
Based on deployment, the cloud segment generated the major share in 2016. Simultaneously, the on-premise segment would manifest the fastest CAGR of 21.2%.from 2017 to 2023.
Based on geography, North America held the highest share in 2016 and is projected to lead the trail by the end of 2023. At the same time, Asia-Pacific would cite the fastest CAGR till 2023. The other two regions discussed in the report include Europe and LAMEA.
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The key market players analyzed in the global web application firewall market report include Barracuda Networks, Inc., Radware Ltd, Citrix Systems, Inc., Akamai Technologies, Inc., F5 Networks, Inc., Imperva, Inc., Fortinet, Inc., Qualys, Inc., Applicure Technologies Ltd., and Cloudflare, Inc. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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