Web application firewall market size to grow by USD 6.89 billion from 2022 to 2027 | The increasing adoption of the BYOD concept among enterprises is the key trend in the market. - Technavio

NEW YORK, Nov. 21, 2023 /PRNewswire/ -- According to Technavio, the global web application firewall market size is estimated to grow by USD 6.89  billion from 2022 to 2027. The market is estimated to grow at a CAGR of 18.76% during the forecast period. The report includes historic market data from 2017 to 2021. In 2017, the market was valued at USD 2,225.94 million. The increasing adoption of the BYOD concept among enterprises is the key trend in the market. Many companies are adopting BYOD policies to provide ease and convenience to their employees. The adoption of BYOD policy is increasing the risk of data loss as the lack of security in mobile devices makes it easy for hackers to gain unauthorized access to corporate networks. With many companies adopting BYOD policies, the demand for web application firewall solutions will increase during the forecast period. For more Insights on market size Request a sample report

Web application firewall market - Five Forces
The global cloud data warehouse market is fragmented, and the five forces analysis covers– 

• Bargaining Power of Buyers 
• The threat of New Entrants
• Threat of Rivalry
• Bargaining Power of Suppliers
• Threat of Substitutes
• Interpretation of porter's five models helps to strategize the business, for entire details – buy the report!

Web application firewall market – Customer Landscape 

The report includes the market's adoption lifecycle, from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Web application firewall market - Segmentation and Geographical Assessment

Segment Overview
Technavio has segmented the market based on Deployment (On-premise and Cloud), End-user (E-Commemrce, BFSI, Government, and Others), and Geography (North America, Europe, APAC, Middle East and Africa, and South America). 

• The market growth in the on-premise segment will be significant during the forecast period. On-premise solutions offer enterprises complete control over the functioning of application software. Also, in the on-premises deployment model, resources are accessed only through the dedicated network, whereas in the cloud-based deployment model, resources are accessed by multiple users, which makes it more vulnerable to security breaches. Such benefits are increasing the deployment of on-premise solutions among end-users in the market.
• By geography, the global web application firewall market is segmented into North America, Europe, APAC, Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global web application firewall market. North America will account for 33% of the market growth during the forecast period. Factors such as the increasing demand for cybersecurity solutions and the rising adoption of the BYOD policy are driving the growth of the web application firewall market in North America.

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Web application firewall market – Market Dynamics

Key factor driving market growth

• The market is driven by the growing number of cyber threats.
• The number of cyber threats is increasing at an alarming rate globally.
• For instance, in August 2020, the usernames and passwords of about 9,000 government accounts in Canada were stolen.
• Similarly, in April 2020, about 500,000 passwords of Zoom users, a virtual meeting app, were stolen and made available for sale in the black market.
• Many such instances are compelling organizations across the world to invest in web application firewall solutions, which is driving the growth of the market.

Major challenges hindering market growth

• The threat from substitutes is a major challenge in the market.
• The market has several open-source web application firewall solutions that can be downloaded and run on all platforms.
• These solutions are becoming increasingly popular in developing economies such as India and China.
• Most SMEs that cannot afford to invest in expensive on-premises and cloud-based application security solutions look for open-source application firewall solutions.
• This will reduce the growth potential in the market.

Driver, trend, and challenges are the factor of market dynamics that state about consequences & sustainability of the businesses, find some insights from a sample report!

What are the key data covered in this web application firewall market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the web application firewall market between 2023 and 2027
• Precise estimation of the size of the web application firewall market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the web application firewall market industry across North America, Europe, APAC, Middle East and Africa, and South America
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of web application firewall market vendors

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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

About US
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio