The Web Application Firewall Market to grow at a CAGR of 18.76% from 2022 to 2027; The increasing adoption of the Bring your own Device (BYOD) market concept among enterprises is a major trend - Technavio

NEW YORK, Aug. 15, 2023 /PRNewswire/ -- The web application firewall market is to grow by USD 6,895.11 million from 2022 to 2027 and register a CAGR of 18.76%, according to Technavio's latest market research report estimates. With a focus on identifying dominant industry influencers, Technavio's reports present a detailed study by way of synthesis, and summation of data from multiple sources. This report offers an up-to-date analysis of the current market scenario, the latest trends and drivers, and the overall market environment. The report is segmented by Deployment, End-user, and Geography. North America is estimated to contribute 33% to the growth of the global market during the forecast period. The growth in the region is due to the increasing demand for cybersecurity solutions and the rising adoption of the BYOD policy. The region's market expansion is also driven by an increase in cyberattacks and enterprise data breaches. In addition, strict government regulations on data security and consumer privacy are enforced to prevent such attacks in the future. Hence, these factors are expected to drive segment growth during the forecast period. Technavio offers in-depth market insights that assist global businesses to obtain growth opportunities. Read Sample Report

The report also covers the following areas:

• Web Application Firewall Market size
• Web Application Firewall Market Trends
• Web Application Firewall Market industry analysis

Web Application Firewall Market 2023-2027: Segmentation

• Deployment 
• On-premises
• Cloud
• End-user 
• E-Commerce
• BFSI
• Government
• Others
• Geography 
• North America
• Europe
• APAC
• Middle East and Africa
• South America

The market share growth in the on-premises segment will be significant during the forecast period. Large enterprises globally adopt on-premises web application firewalls for enhanced security and control. This deployment model provides complete governance of application software functionality. Unlike a cloud-based approach, on-premises limits resource access to a dedicated network, which reduces security risks. Furthermore, governments are enforcing regulations globally, especially in the healthcare and BFSI sectors, with a focus on data security. Hence, these factors are expected to drive segment growth during the forecast period.

Web Application Firewall Market 2023-2027: Company Analysis and Scope

To help businesses improve their market position, the web application firewall market provides a detailed analysis of around 15+ companies operating in the market. Some of these companies include A10 Networks Inc., Akamai Technologies Inc., Barracuda Networks Inc., Citrix Systems Inc., Cloudflare Inc., F5 Networks Inc., Fortinet Inc., Imperva Inc., International Business Machines Corp., Juniper Networks Inc., NSFOCUS Inc., Penta Security Systems Inc., Positive Technologies, Qualys Inc., Radware Ltd., Sangfor Technologies Inc., Singapore Telecommunications Ltd., Sophos Ltd., UBIKA, and Venustech Group Inc.

Company Offering

• A10 Networks Inc.- The company offers web application firewall solutions such as A10 Thunder Application Delivery Controllers.
• Akamai Technologies Inc. - The company offers web application firewall solutions for DDoS protection solutions.
• Citrix Systems Inc. - The company offers web application firewalls such as ADC VPX for Cookies, HTTP Headers, and Forms.

Web Application Firewall Market 2023-2027: Market Dynamics

Key Driver

The growing number of cyber threats is a key factor driving market growth. The rapid increase in cyber theft by hackers and cybercriminals is cause for concern, with a global increase in stolen data and compromised files. For example, incidents such as the theft of 9,000 government account credentials in Canada and the leak of World Health Organization (WHO) employee credentials highlight the severity. As a result, companies use web application firewall solutions to assess vulnerable areas, better understand, and effectively defend against these attacks. Hence, these factors are expected to drive market growth during the forecast period.

Major Trends

The increasing adoption of the Bring your own Device (BYOD) market concept among enterprises is a major trend in the market. This is due to the convenience of employees using a single device to manage their personal and work tasks, which reinforces the need for data protection. In addition, insufficient mobile device security has allowed hackers to break into corporate networks through mobile web applications. Therefore, recognizing the importance of BYOD for data security, some companies offer enterprise application security solutions. Hence, such benefits are expected to drive market growth during the forecast period.

Significant challenges

The threat from substitutes is a significant challenge restricting the market growth. The market may face significant challenges related to open-source web application firewall solutions, which are accessible on a variety of platforms and are attracting attention, especially in emerging economies such as India and China. Additionally, due to budget constraints, many small businesses in these regions prefer open-source options over expensive on-premises and cloud-based security solutions. These open-source alternatives require lower capital costs, which proves cost-effective for organizations with limited resources and expertise. Hence, the threat from substitutes is expected to restrict the market growth during the forecast period.

Drivers, Trends, and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

Web Application Firewall Market 2023-2027: Key Highlights

• CAGR of the market during the forecast period 2023-2027
• Detailed information on factors that will assist web application firewall market growth during the next five years.
• Estimation of the web application firewall market size and its contribution to the parent market
• Predictions on upcoming trends and changes in consumer behavior
• The growth of the web application firewall market
• Analysis of the market's competitive landscape and detailed information on companies
• Comprehensive details of factors that will challenge the growth of web application firewall market companies.

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Table of Contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Deployment

7 Market Segmentation by End-user

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Company Landscape

12 Company Analysis

13 Appendix

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