Overview and Scope
Web application firewall is a type of application firewall that is used to prevent, monitor, and filter harmful HTTP traffic to and from an online service. The primary purpose of web application firewalls is to prevent attacks, protect customer data, and ensure proper compliance. It focuses on a set of policies that assist in determining which traffic is malicious and which traffic is safe.
Sizing and Forecast
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 devops processes, remote workforce security, advancements in waf technologies.
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Segmentation & Regional Insights
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
Asia-Pacific was the largest region in the web application firewall market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the web application firewall market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the web application firewall market report are Imperva Inc., Akamai Technologies Inc., Barracuda Networks Inc., Citrix System Inc., Cloudflare Inc., F5 Networks Inc., Fortinet Inc., Radware Ltd., Qualys Inc., Ergon Informatik AG, Amazon Web Services Inc., Nsfocus Information Technology Co. Ltd., Rohde & Schwarz GmbH & Co. KG, Microsoft Corporation, AppTrana by Indusface, Czar Securities Private Limited, Fastly Inc., Penta Security Systems Inc., PerimeterX, Signal Sciences Corporation, SiteGuard, SiteLock LLC, Sophos Group, Sucuri Inc., Trustwave Holdings Inc., Virsec Systems, Wallarm Inc.
The web application firewall market report table of contents includes:
1. Executive Summary
- Market Characteristics
- Market Trends And Strategies
- Impact Of COVID-19
- Market Size And Growth
- Segmentation
- Regional And Country Analysis
………
- Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
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