Web Application Firewall Market Size Expected to Fly High with Increased Demand | Akamai Technologies, Barracuda Networks, Citrix Systems

The global web application firewall market was valued at $426 million in 2016, and is projected to reach $1,425 million by 2023, growing at a CAGR of 19.2% from 2017 to 2023. Web application firewall (WAF) is a type of firewall designed to enhance the security level for HTTP conversations or web conversations. It generally follows a set of rules to identify and block threats that may harm the system. It is also used to control and monitor network traffic on web-enabled applications.

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Governmental organizations are boosting their maintenance budgets for system infrastructure while simultaneously funding initiatives for project development, modernization, and enhancement. As a result of the investments' success, ICT vendors now annually set aside funding for the growth of the online market.Global ICT exports are anticipated to increase 3.9% on average year fromUS$ 784.3 billion in 2021 to US$ 955.19 billion in 2030. Global supply has increased by 9.5% yearly since 2009. In terms of global ICT exports in 2021, Ireland came in first place with US$ 169. 32 billion. The rankings placed China at number 4, the United States at number 2, and India at number 3. Since 2009, Brunei has increased by228.2%year over year, while Sierra Leone has decreased by 61.7% year over year.

By 2026, European ICT Revenue is likely to increase by 1.5% annually, from US$ 1,802,413 Million in 2021 to US$ 1,933,429 Million. The European market has increased by 3.1% annually since 2016. In terms of ICT Revenue in Europe in 2021, Germany came in first place with US$ 339,074 million. Positions 2, 3, and 4 in this ranking were held by the United Kingdom, France, and Ireland, respectively. Since 2016, Malta has increased by 16.5% year over year, while Italy has decreased by 0.2%.

This firewall establishes a relatively secure barrier between the system and external environment. It provides web protection at the application layer of the open system interconnection model from many attacks types, such as XSS, SQL injection, cross-site scripting, DT, and RFI. WAF identifies and blocks attempts to exploit known web application vulnerabilities by shortening the window of exposure while patches are thoroughly tested and deployed.

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The web application firewall market is expected to experience significant growth during the forecast period, owing to technological innovation in product offerings, rise in adoption for cloud-based solutions, increase in application areas among end-use industries, and heavy venture capital investments in R&D activities to develop solutions with enhanced capabilities. Moreover, constant development of the e-commerce industry fuels the demand for web application firewall solutions. In addition, increase in adoption of cloud-based web application firewall system is expected to boost the market growth in the coming years. However, high initial costs of implementation and lack of awareness to implement the right solution for the specific needs among SMEs hinder the web application firewall market growth.

The global web application firewall market is segmented based on deployment, organization size, end-use industry, and geography. The deployment segment is bifurcated into cloud-based and on-premise. Based on organization size, it is divided into large enterprises and small & medium enterprises. On the basis of end-use industry, it is classified into aerospace & defense, BFSI, public sector, retail, healthcare, IT & telecom, energy & utilities, manufacturing, and others. By geography, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

KEY BENEFITS FOR STAKEHOLDERS

This report provides an overview of the trends, structure, drivers, challenges, and opportunities in the global web application firewall system market.
Porter's Five Forces analysis highlights the potential of buyers & suppliers, and provides insights on the competitive structure of the market to determine the investment pockets.
Current and future trends adopted by the key market players are highlighted to determine overall competitiveness.
The quantitative analysis of the market growth from 2017 to 2023 is provided to elaborate the market potential.

Key Players Profiled in the Report

Akamai Technologies, Inc.
Barracuda Networks, Inc.
Citrix Systems, Inc.
F5 Networks, Inc.
Imperva, Inc.
Fortinet, Inc.
Applicure Technologies Ltd.
Qualys, Inc.
Cloudflare, Inc.
Radware Ltd.

Key Market Segments

By Deployment

Cloud
On-premise

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By Organization Size

Large Enterprises
Small & Medium Enterprises

By End-Use Industry

Aerospace & Defense
BFSI
Public sector
Retail
Healthcare
IT & Telecom
Energy & Utilities
Manufacturing
Others

By Region

North America
U.S.
Canada
Mexico
Europe
UK
France
Germany
Rest of Europe
Asia-Pacific
China
Japan
India
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Arica

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