As the world is becoming increasingly interconnected, the penetration of technologies like IoT across various end-user applications is also rising. Companies are increasingly using such connected devices in their processes to make their business operate optimally. Organizations are increasingly using such connected devices in their processes to make their business operate optimally. Also, with the rise in the number of association applications and devices, security vulnerability and cyberattacks are being added to the threat landscape. . To deal with such situations, the majority of IoT technology and developer companies are deploying and recommending advanced security solutions, such as WAFs, Next-Generation Firewall (NGFW), and Runtime Application Self-Protection (RASP), for securing their business infrastructure, thereby driving the demand for the WAF market.
Furthermore, the global WAF Market will grow from USD 5.8 billion in 2022 to USD 13.8 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 18.9% during the forecast period.
The global Web Application Firewall Market is segmented by type, application, and end user. By professional services, the consulting sub-segment is predicted to hold the largest market size; Highly qualified domain experts offer consulting services, industry experts, and security professionals who help organizations formulate cybersecurity strategies, prevent revenue losses, understand the maturity of cybersecurity solutions and enhance the security of the existing information systems. Depending on the component, the services segment is predicted to grow at a higher growth rate during the predicted period. Also, vendors offer a complete range of services that help enterprises to conduct different necessary activities for managing effective solutions. Further, they also offer a single point of contact for all the assistance and help required; the rising adoption of web application firewall market solutions drivers the need for proper pre and post-consulting, overall management, and deployment services; the services segment is further segmented into managed and professional services. Furthermore, the banking, financial services, and insurance (BFSI) segment are estimated to rise at the highest CAGR during the forecast period. To expand and improve business operations, organizations in the BFSI vertical are introducing enhanced financial services and products, making the industry a lucrative target for frauds. Also, with facilities like internet banking, innovative banking, and mobile banking, BFSA companies must prioritize WAF security solutions.
The breakup of the profiles of the primary participants is given below:
By Company: Tier 1 – 55%, Tier 2 – 20%, and Tier 3 – 25%
By Designation: C-Level Executives – 60%, Directors– 25%, Others–15%%
By Region: North America – 35%, Europe – 25%, Asia Pacific – 15%,Middle East & Africa– 15%, and Africa – 10%
Note 1: Others include sales managers, marketing managers, and product managers.
Note 2: Tier 1 companies’ revenue is more than USD 10 billion; tier 2 companies’ revenue ranges between USD 1 and 10 billion, and tier 3 companies’ revenue ranges between USD 500 million and USD 1 billion
The web application firewall market report also highlights the key players operating in the industry to understand the competitive edge of the market. Some of the top players operating in the market are Imperva (US), Akamai (US), Barracuda (US), Citrix (US), Cloudflare (US), Rohde & Schwarz (Germany), Ergon Informatik (Switzerland), F5 Networks (US), Fortinet (US), Radware (Israel), Penta Security Systems (South Korea)
Trustwave (US), NSFOCUS (US), Sophos (UK), Positive Technologies (Russia), Oracle (US), Qualys (US), AWS (US), Fastly (US), Microsoft (US), Alibaba Cloud (China)
Lumen (US), StackPath (US), Prophase (India), Indusface (India), Wallarm (US)
HAProxy (US), Reblaze (US), Cloudbric (South Korea), Analytics (Singapore)
Experiment (Singapore), ThreatX (US).
The Web Application Firewall Market report provides a detailed analysis of market size, regional and country-level market size, segmentation market growth, market share, competitive landscape, sales analysis, and impact of domestic and market players. Report also research on the value chain optimization, trade regulations, recent developments, opportunities analysis, strategic market growth analysis, product launches, area marketplace expansion, and technological innovations.
The market study conducts a detailed study of all previous reports and their estimates. The in-depth reports in this class attempt to give you a sense of the predominant consumer products in the market through extensive market information, data, and analysis. Our industry research reports give you a complete overview of economic scenarios and forecasts, independent of trends and product analysis. Company profiles, total market share, growth, sales statistics and forecasts, and industry overviews are also presented.