Chicago, Sept. 02, 2022 (GLOBE NEWSWIRE) — Web Application Firewall Market size is estimated to 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, according to a new report by MarketsandMarkets™. The WAF market is fuelled by the increasing importance of web applications. Moreover, the government regulations and need for compliance plays a key role in driving the growth of the WAF market.
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287 – Tables
52 – Figures
265 – Pages
Scope of the Report
With a renewed emphasis on web application security, organizations across various industry verticals are increasingly adopting cloud-based WAF as it offers various advantages, such as scalability, lower TCO, and managed WAF services that include significant risk reduction. Most organizations have significantly boosted their security spending budgets to protect their web applications against DDoS attacks, Cross-Site Scripting (XXS), and SQL injection flaws.
By Services, the professional services subsegment to hold a larger market share in 2022. Professional services include planning, designing, consulting, and upgrades. Organizations who do not have the required expertise to manage their security infrastructure effectively outsource it to third parties who have the expertise in maintaining the desired levels of safety. Professional services have been further classified into consulting, support & maintenance, training & education, and system integration.
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By Organization Size, the SMEs segment to grow at a higher CAGR during the forecast period. Businesses with less than 1,000 employees are referred to as SMEs. SMEs are smaller in terms of their size, but they cater to a large number of customers globally. Weak cybersecurity and budget constraints make SMEs more susceptible to advanced cyberattacks, such as ransomware, botnets, and zero-day attacks. Thus, the adoption of WAF solutions is rising among SMEs.
By Vertical, the government & defense segment to have the highest share in the market. Governments in the emerging economies are deploying web and mobile applications to efficiently cater to citizens. These applications are becoming prime targets for cybercriminals to access sensitive data. A large chunk of the content generated in this sector is undisclosed and highly classified. Therefore, government agencies are subject to stringent security policies and regulations, owing to the critical nature of the data.
The WAF market has promising growth potential due to increasing adoption of cloud and virtual appliance-based WAFs. Most organizations are moving their businesses to the cloud and virtual infrastructures, resulting in a high rate of security breaches and cyberattacks. Thus, organizations need WAF solutions to secure the cloud data from Advanced Persistent Threats (APTs) and cyber threats. The cloud-based WAFs offer ease of deployment and management. While the SMEs are looking for virtual WAFs to secure their on-premises as well as virtual data, which provides huge opportunities to the security vendors in the WAF market.
Key Market Players:
Major vendors in the Web Application Firewall Market include Imperva (US), Akamai (US), Barracuda (US), Citrix (US), Cloudflare (US), Rohde & Schwarz (Germany), Ergon Informatik (Switzerland), F5 Networks (US), Fortinet (US), and Radware (Israel).
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