Web Application Firewall Market to Reach $25.6 Billion Globally by 2030 at a CAGR of 20.8%: Allied Market Research
Rising demand for cloud-based solutions, stringent industry standards and regulatory compliance, and increasing application domains are driving the growth of the global web application firewall market.
PORTLAND, Oregon., April 13, 2022 /PRNewswire/ — Allied Market Research has released a report titled “Web Application Firewall Market By Component (Solution, Services), By Deployment Model (On-Premise, Cloud), By Organization Size (Large Enterprise , Small & Medium Enterprises), By End User (BFSI, Healthcare, IT & Telecom, Manufacturing, Government & Public Sector, Retail & eCommerce, Others): Global Opportunity Analysis & Industry Forecast, 2020-2030 . According to the report, the global web application firewall industry generated $3.9 billion in 2020, and should reach $25.6 billion by 2030, with a CAGR of 20.8% from 2021 to 2030.
Drivers, constraints and opportunities
Rising demand for cloud-based solutions, increasing number of cyber attacks, stringent industry standards and regulatory compliance, and increasing application areas are driving the growth of the global firewall market. -fire web applications. However, the scarcity of qualified professionals is hampering the growth of the market. On the contrary, the advanced protection capabilities of web application firewalls on next-generation network firewalls (NGFW) and intrusion prevention systems (IPS) are creating new opportunities in the coming years.
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- Due to the adoption of work-from-home culture and remote work practices during the Covid-19 pandemic, the demand for web application firewalls has increased dramatically to provide endpoint security and protection. against data breaches.
- In addition, the resources of the security teams within the companies to solve the various security problems have been scarce. This, in turn, has increased the demand for web application firewall solutions.
- Data center services, cloud computing providers, and other online support providers have taken advantage of various Web Application Firewall benefits during the pandemic.
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The on-site segment will maintain its leading position throughout the forecast period
Based on deployment type, the on-premises segment accounted for the highest market share in 2020, contributing almost three-fifths of the global web application firewall market, and is expected to maintain its leading position in terms revenue throughout the forecast period. This is due to factors such as the lack of additional capital for the purchase of essential hardware and software. However, the cloud segment is expected to experience the highest CAGR of 23.0% from 2021 to 2030, owing to the reduction in deployment costs for enterprises.
The BFSI segment will maintain its leading status during the forecast period
Based on industry vertical, the BFSI segment held the highest market share in 2020, holding more than a quarter of the global web application firewall industry, and is expected to maintain its status leader over the forecast period. This is attributed to the increase in customer base and increased adoption of online banking services. However, the manufacturing segment is expected to show the fastest CAGR of 24.7% from 2021 to 2030.
North America maintain dominance by 2030
Based on the region, North America contributed the highest market share by revenue in 2020, holding nearly two-fifths of the global web application firewall market, and is expected to maintain its dominance by 2030. This is attributed to the increased investment in the defense sector and technological advancements in the telecommunications industry. However, Asia Pacific is expected to register the fastest CAGR of 22.3% during the forecast period, driven by increasing investments in Web Application Firewall solutions in countries such as China, Japan, Thailand, Indiaand Indonesia.
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Main market players
- Applications Technologies Ltd.
- Qualys, Inc.
- Akamai Technologies, Inc.
- Barracuda Networks, Inc.
- Citrix Systems, Inc.
- F5 Networks, Inc.
- Imperva, Inc.
- Fortinet, Inc.
- Cloud Flare, Inc.
- Radware Ltd.
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