Categories: IT & Communication Technology

Global Web Application Firewall Market Analysis 2024 – Estimated Market Size And Key Drivers

The Web Application Firewall Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Web Application Firewall Global Market Report 2024, The web application firewall market size has grown rapidly in recent years. It will grow from $5.04 billion in 2023 to $5.98 billion in 2024 at a compound annual growth rate (CAGR) of 18.5%. The growth in the historic period can be attributed to cybersecurity maturation, awareness and education, vendor competition and innovation, web application development, remote work trends.

The web application firewall market size is expected to see rapid growth in the next few years. It will grow to $11.64 billion in 2028 at a compound annual growth rate (CAGR) of 18.1%. The growth in the forecast period can be attributed to demand for scalable solutions, industry-specific application security needs, agile development practices, increasing application complexity. Major trends in the forecast period include customization and scalability, growing importance of application security, integration into devps processes, remote workforce security, advancements in waf technologies.

The increase in the number of cyberattacks and data breach activities is expected to propel the web application firewall market going forward. A cyberattack or data breach is a malicious and intentional attempt by an individual or a group to breach the information system of another person or organization. It is used to gain unauthorized access, corrupt, disrupt, disable, and control someone’s computer. A web application firewall prevents and protects the web application from cyberattacks and keeps the data safe. For instance, according to the cybersecurity threat landscape report by Positive Technologies, a Russia-based cybersecurity company, the number of cyberattacks increased by 17% in Q1 2021 as compared to Q1 2020, and it increased by 1.2% as compared to Q4 2020. Furthermore, according to the 2022 cost of a data breach report published by IBM (International Business Machines Corporation), the average cost of a data breach increased 2.6%, from USD 4.24 million in 2021 to USD 4.35 million in 2022. Therefore, the increase in the number of cyberattacks and data breaches is significantly contributing to the growth of the web application firewall market.

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The web application firewall market covered in this report is segmented –
1) By Component: Solutions, Services
2) By Deployment Model: On-Premise, Cloud
3) By Organization Size: Large Enterprises, Small and Medium Sized Enterprises
4) By Vertical or End User: Banking, Financial Services and Insurance, Retail, IT and Telecommunications, Government and Defense, Healthcare, Energy and Utilities, Education, Other Verticals

Top Major Players:

Imperva Inc.
Akamai Technologies Inc.
Barracuda Networks Inc.
Citrix System Inc.
Cloudflare Inc.

Asia-Pacific was the largest region in the web application firewall market in 2023.

Technological advancement is a key trend in the web application firewall market. Major players in operating web application firewalls are adopting cloud-based website firewalls and advanced WAF technology that employs behavioral analytics, proactive bot defense, and application-layer data encryption. For instance, in May 2022, StackPath, a US-based edge computing platform provider, launched StackPath Web Application Firewall (SP//WAF) by subscription. It offers monthly WAF usage and increased access to new and extra features such as specialized sanction screens, sophisticated rule extensions, professional services, and technical support. The powerful threat-detection capabilities that set SP/WAF are available to businesses of all sizes in a package that cost-effectively satisfies their specific security, use, and operations-management requirements.

The web application firewall market report table of contents includes:
1. Executive Summary
2. Web Application Firewall Market Characteristics
3. Web Application Firewall Market Trends And Strategies
4. Web Application Firewall Market – Macro Economic Scenario
5. Global Web Application Firewall Market Size and Growth
…….
26. Global Web Application Firewall Market Competitive Benchmarking
27. Global Web Application Firewall Market Competitive Dashboard
28. Key Mergers And Acquisitions In Web Application Firewall Market
29. Web Application Firewall Market Future Outlook and Potential Analysis
30. Appendix

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