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Web application firewall (WAF) market is set to grow at a CAGR of 17% during the forecast period 2020-2025 and projected to reach $8.05 billion in market size by 2025. The increase in demand to protect web applications from a wide variety of attacks such as cross-site scripting (XSS), SQL injection, and cookie poisoning, especially by the end-users and also to secure application programming interface (API) platforms are contributing to the expansion of the global web application firewall market size. WAFs are an ideal choice reverse-proxy server to protect a specific web application from attacks such as remote file inclusion (RFI) as it targets the vulnerabilities in web applications. The rise in the instances of web attacks, such as cyber theft, vandalism, fraud, and espionage are driving the growth of the global web application firewall market.
North America held a larger share in the web application firewall market owing to the strict regulatory policies by the national governments especially on IT security to improve data security across both governments and private organizations.
The growing penetration of IoT applications across varied industry verticals is likely to aid in the market growth of the web application firewall.
An increase in the adoption of innovative technologies due to technological proliferation is set to increase the necessity for web application firewall solutions to eliminate the threats within the enterprises and contribute to increasing the demand for the WAF solutions during the forecast period.
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Deployment – Segment Analysis
Presently, the On-Premise held the largest share in the web application firewall market size in 2019. However, the cloud-based deployment provides optimized scalability and flexibility in the case of security protection. Thus, these benefits are increasing the popularity of cloud-based WAF solutions during the forecast period. Furthermore, this deployment enables bot detection, threat intelligence abilities, and access control allied with a web application. Additionally, these cloud-based solutions offer protections to virtual private networks against malware, new cyber-threats, phishing, and ransomware. Moreover, these are designed to provide application programming interface security along with the distributed denial of Service (DDoS) mitigation.
End-Use Industry – Segment Analysis
Currently, BFSI occupied a major share in the global web application firewall market and is projected to grow at a notable CAGR during the forecast period as well. Moreover, the stringent rules regarding the cybersecurity laws in eminent countries in order to provide security in multifarious sectors including healthcare, BFSI, and government institutions is projected to create a significant number of opportunities in the WAF market. For example, rise in the need for regulatory compliance requirements which include Payment Card Industry Data Security Standard (PCI DSS), is also attributing for the growth of the WAF market.
Geography – Segment Analysis
North America’s web application firewall market share dominated the global web application firewall market, accounting for more than 40%, followed by Europe and APAC. It is majorly due to the increase in the number of investments by the well-established economies in Research and Development (R&D) activities, thereby boosting the developments related to security technologies. The phenomenal adoption of WAF solutions in the U.S. and Canada is witnessing the growth of the North America WAF market. On the other hand, the growing IoT trend and increasing internal and external threats are attracting the enterprises to adopt WAF solutions and acting as the primary growth factors of the WAF market.
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Drivers – Web Application Firewall Industry Outlook
Advantageous features afford by the WAF is attributing the growth of the web application firewall market
The low noise levels and improved efficiency provided by the absorption chillers when compared to conventional chillers, and district cooling infrastructure is accelerating the adoption of absorption chillers across different industrial end-users. This has become an appealing option for the industrial users and helping to achieve the environmental and regulatory targets in the industrial sector. In addition to this, the ease of availability of information and greater integration of internal information systems is boosting the growth of the WAF market
The prevalence of web application firewall among end-use verticals
Presently, the integration of the ability of network vulnerability scanners with the toolkits for the web application security space is in trend. The rise in the deployment of some web application firewall solutions due to the modifications in the industry and government regulations either explicitly or implicitly. For instance, the Payment Card Industry Data Security Standard (PCI-DSS) is the popular regulation that upsurges the WAF adoption in software or hardware, in a typical server running a common operating system and running in an appliance device.
Challenges – Web Application Firewall Industry
Cost and performance are primarily hindering the growth of the web application firewall market
Performance is the primary restraining factor, as these tools inspect all incoming and outgoing traffic frequently at the application layer. In this case, each protocol including HTTP and SMTP needs its proxy application, and support for new network applications and led to the slow emergence of protocols.
Acquisitions, product launches, and R&D activities are key strategies adopted by players in the web application firewall market. In 2018, the market of the web application firewall has been consolidated by the top ten players accounting for 40% of the share. Akamai Technologies, Inc., Applicure Technology Ltd., Barracuda Networks, Inc., Citrix Systems, Inc., Cloudflare, Inc., F5 Networks, Inc., Fortinet, Inc., Imperva, Inc., Qualys, Inc., and Radware Ltd. are the web application firewall top 10 companies.
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