Enhancing Cybersecurity: Web Application Firewall Market Expected to Reach USD 25.6 Billion by 2030 at a CAGR of 20.88%
Surge in demand for cloud-based solutions, stringent industry standards & regulatory compliance, and rise in application areas drive the market growth.
WILMINGTON, DE -- Allied Market Research recently released a comprehensive report titled "Enhancing Cybersecurity: Web Application Firewall Market Expected to Reach USD 25.6 Billion by 2030 at a CAGR of 20.88%." This report provides an in-depth analysis of vital growth strategies, market drivers, opportunities, key segments, Porter’s Five Forces analysis, and the competitive landscape. It serves as an invaluable resource for market participants, investors, executives, stakeholders, and newcomers aiming to understand the industry better and strategize for competitive advantages.
The global web application firewall market was valued at $3.9 billion in 2020 and is anticipated to expand to $25.6 billion by 2030, achieving a compound annual growth rate (CAGR) of 20.88% from 2021 to 2030.
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The surge in demand for cloud-based solutions, the escalating number of cyber threats, stringent compliance and industry standards, and the broadening application areas are significant factors propelling the growth of the global web application firewall market. However, the market faces challenges due to the shortage of skilled professionals. On the upside, the superior protective capabilities of web application firewalls compared to next-generation network firewalls (NGFWs) and intrusion prevention systems (IPS) present new growth opportunities in the near future.
The market is segmented based on components, deployment models, organization size, end users, and regions. It divides components into solutions and services. The deployment model is stratified into on-premise and cloud. Organization sizes include large enterprises as well as small and medium enterprises (SMEs), while the end-user segment covers BFSI, healthcare, IT & telecom, manufacturing, government, retail & e-commerce, and more. Regionally, the WAF market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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From a deployment perspective, the on-premise segment captured the largest market share in 2020, comprising nearly three-fifths of the overall web application firewall market, and is expected to retain its leading revenue position throughout the forecast period. This trend is largely due to the limited capital available for essential hardware and software procurement. Conversely, the cloud segment is projected to grow at the fastest CAGR of 23.0% from 2021 to 2030, owing to reduced deployment costs for businesses.
By industry vertical, BFSI held the highest market share in 2020, accounting for over one-fourth of the total web application firewall market, and is expected to sustain its leading position during the forecast period due to increased online banking service adoption and a growing customer base. The manufacturing sector, however, is anticipated to exhibit the quickest CAGR of 24.7% from 2021 to 2030.
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Regionally, North America accounted for the highest revenue share in 2020, capturing nearly two-fifths of the global web application firewall market, and is expected to maintain its leadership by 2030, driven by increased defense sector investments and technological advancements in telecommunications. Meanwhile, the Asia-Pacific region is projected to achieve the highest CAGR of 22.3% during the forecast period due to rising investments in web application firewall solutions in countries like China, Japan, Thailand, India, and Indonesia.
Key players in the web application firewall industry highlighted in the report include Akamai Technologies, Inc., Barracuda Networks, Inc., Citrix Systems, Inc., F5 Networks, Inc., Imperva, Inc., Fortinet, Inc., Applicure Technologies Ltd., Qualys, Inc., Cloudflare, Inc., and Radware Ltd. The report includes insights into market share, trends, analyses, and future projections that help identify potential investment opportunities.
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COVID-19 Impact
The work-from-home trend and remote work practices during the COVID-19 pandemic significantly bolstered the demand for web application firewalls to ensure endpoint security and safeguard against data breaches.
The pandemic also resulted in a scarcity of resources within enterprise security teams to address various security challenges, further fueling the demand for web application firewall solutions.
Data center services, cloud computing providers, and various online support entities benefitted from web application firewalls
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