Web Application Firewall Market to Reach Valuation of USD 9.57 Billion by 2028 - Increasing Demand for Web Application Firewall Market for electric vehicle charging to Drive the Market Growth

Vantage Market Research

May 17, 2022

From the period of 2022 to 2028, the Global Web Application Firewall Market is expected to reach USD 9.57 Billion in terms of revenue, growing at a Compound Annual Growth Rate (CAGR) of 16.5%.

The Web Application Firewall (WAF) is intended to improve the security of HTTP or online interactions. To identify and block threats to a system, it generally follows a set of rules. In today's corporate, government, and educational sectors, web-based applications and services have revolutionized the landscape of information delivery and interchange. Because of the cheap availability of information and the variety of web services, web-based services, and the firewall market is being more relied upon for greater integration of internal information systems. Web application firewalls face two major challenges: cost and performance. Because these tools monitor all incoming and outgoing information at the application layer, performance is frequently a concern. Each protocol, such as HTTP, SMTP, and others, has its own proxy program, and new network applications and protocols can take a long time to gain support.

Key Highlights from the Report

  • On the basis of Organisation Size, the market is segmented into Small and Medium-sized Enterprises (SMEs) and Large Enterprises. The large organizations category has dominated the global market, and the Web Application Firewall Market size is expected to remain stable in the next years. Furthermore, integrating total security for IT assets necessitates network and WAF security. The necessity to protect data and increased awareness of security events are driving market expansion among large businesses. The use of WAF firewalls among major companies is boosted by reasons such as ease of implementation, the inclusion of sandboxing technologies, and sophisticated detection capabilities. Furthermore, the advantages of WAF firewalls over next-generation network firewalls (NGFW) and intrusion prevention systems (IPS) in terms of providing advanced protection capabilities for internal business-critical applications, internet-facing websites, and web services are expected to propel the market growth during the forecast period.

  • On the basis of Solution, the market is segmented into Hardware appliances, Virtual appliances, and Cloud-based. Due to capabilities such as bot detection and enforcement, caching, Application Program Interface (API) security, Distributed Denial of Service (DDoS) mitigation, access control, threat intelligence, and malware detection, cloud-based solutions are expected to grow at the fastest rate during the forecast period.

  • Asia Pacific is the fastest regional segment in terms of growth. Due to the occurrence of untapped demands, the Web Application Firewall industry is expected to have significant expansion in this region. Furthermore, the rising demand for better application security solutions is expected to drive the Web Application Firewall Market in the area to new heights in the coming years.

Market Dynamics:

Stringent industry standards and regulations

Cyber security policies and standards are universally relevant to all businesses, regardless of size or industry. As cyber-attacks have become more prevalent, all firms must meet regulatory requirements for robust and comprehensive security management. In addition, banks and other institutions are routinely audited for compliance. During the Web Application Firewall Market projection period, this aspect is projected to fuel market expansion.

Increase in the market for cloud-based solutions

Web Application Firewall Market growth is fueled by increased use of cloud-based technology and increased use of social media platforms. Cloud technology is now widely used across many industries, providing businesses with cost-effective security solutions. The model may now work from anywhere and at any time thanks to cloud computing. Furthermore, cloud deployment allows enterprises to incorporate additional infrastructure technologies like software-defined perimeters to develop stable and secure platforms. As a result, the market for web application firewalls is growing due to the increased adoption of cloud-based solutions.

Over the projection period, North America is expected to have tremendous growth. It has a well-equipped infrastructure and the financial means to invest in web application firewalls. Additionally, increased defence sector spending, as well as technical advances in the telecommunications industry, are likely to boost market growth over the forecast period. The Web Application Firewall (WAF) market is driven by government rules on data security. The market is projected to be driven by services such as security information and cloud applications. Furthermore, the market players are likely to benefit from the increase related to artificial intelligence and web application usage. Furthermore, the introduction of new industry players will aid market expansion throughout the projection period.