Web Application Firewall Market Research Report- Forecast till 2023
Since the COVID-19 outbreak, the increased vulnerability of web applications has turned out to be a blessing for cybercriminals that are constantly on the lookout for smooth entry points across networks. Unprotected web applications have resulted in a mounting number of data breaches, especially following the pandemic and the lockdown imposed across nations. As a result, enterprises across several industries are opting for web application firewalls/WAFs to safeguard their networks. The increased consumption rate of the internet as well as web related applications have also led to better growth of the market.
The global web application firewall market 2020, according to MRFR, is anticipated to reach approximately USD 5.5 billion by the end of 2023 at a CAGR of 15 % during the forecasted period 2017-2023.
The advent of the novel coronavirus has brought out the flaws in different videoconferencing tools, in terms of security. There have been a number of ransom ware attacks and threats on digital payment systems in light of the boost in digitization in recent months. Companies now understand that they cannot afford to be lax when it comes to cyber security, despite the growing need to ensure uninterrupted operations. Considering the COVID-19 impact, companies are focused on innovations for unexpected disruptions and also enhance their digital immunity, which increases the demand for wen application firewall solutions.
The emerging trend of artificial intelligence and machine learning cannot be ignored, as these help boost the efficiency of the web app firewall software. More and more companies are realizing this and are increasingly coming up with highly advanced products and services that cater to every demand of their end-users.
For instance, in June 2020, Fortinet launched a new version of its advanced FortiWeb Web Application Firewall software 6.0. This is the only software to utilize machine learning for detecting behavioral-based attacks and threats in web applications.
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The regional study of the web application firewall industry covers Europe, North America, APAC/Asia Pacific coupled with RoW/rest of the world.
North America’s presence in the global market is noteworthy, given the huge pool of security vendors present in Canada and the US/United States. North America is highly advanced, in terms of adoption of cyber security technologies as well as the IT infrastructure. The consistent surge in the number of security breaches along with the rise in government regulations pertaining to IT security is resulting in more desire for enhanced data security infrastructure among enterprises. This can be favorable for the web application firewall market and can boost its growth scope in the near future.
The growth prospects of the APAC market are quite significant, thanks to the escalating use of web applications for business operations across India and China. Web application firewall is increasingly being used in verticals such as agriculture, healthcare, IT & telecom, BFSI, energy, and more, mostly in Australia and Japan, which necessitates the use of web app firewall software and solutions to deal with the rising number of cyber threats and attacks.
The global firewall market for web applications is segmented by deployment, services, size of organization, security models, end users and region. The market is segmented into on appliance, cloud, and network based on deployment. Of others, the cloud-based web application firewall is the leading category due to advanced malware, phishing, and other cyber-attacks and threats mitigation technologies and solutions.
The segmentation is categorized according to technical services and managed services depending on the companies.
The market is divided into negative security model, positive safety model and hybrid security model.
The web application firewall attracts end users such as banking, insurance, e -commerce, government, telecom, education, healthcare, and others.
Renowned Industry Vendors
Some of the most renowned industry vendors profiled in the study include IBM Corporation (U.S.), Applicure Technologies Ltd (Israel), Imperva Inc (U.S.), Juniper Networks, Inc (U.S.), Fortinet, Inc. (U.S.), Barracuda Networks, Inc. (U.S.), Akamai Technologies (U.S.), DBAPP Security Co., Ltd (China), NS Focus Information Technology Co Ltd (China), Citrix Systems, Inc. (U.S.), F5 Networks, Inc (U.S.), and more.
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