LONDON--(BUSINESS WIRE)--According to the latest research study released by Technavio, the global web application firewall (WAF) market is expected to grow at a CAGR of over 17% until 2019.
This research report titled ‘Global Web Application Firewall Market 2015-2019’, provides an in-depth analysis of market growth in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all leading regions.
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“IT infrastructure of many companies require frequent upgrades in order to cater to current market demands. This drives the evolution and rapid adoption of consistent and secured IT security solutions such as web application firewalls (WAFs). Organizations find it difficult to manage standalone or integrated WAF solutions because of issues such as lack of resources, budget constraints and lack of expertise to address security problems,” said Amrita Choudhury, one of Technavio’s lead analysts for IT security.
“To address these issues, organizations are expected to opt for cloud-based WAF solutions that are cost-effective, compatible with payment card industry data security standard (PCI DSS) regulations, and offer round-the-clock system monitoring. Advantages such as the availability of pay-per-use models and instant access further adds to the attractiveness of web application firewall solutions,” added Amrita.
Top three segments of the global web application firewall market:
- BFSI
- Ecommerce
- Government
BFSI segment: largest revenue contributor for the global web application firewall market
The BFSI sector has consistently faced web-based attacks in the past as hackers have attempted to crash computer systems and harmed capital markets. Hacking, phishing, and other methods of cyberwarfare are likely to increase instances of bank frauds and thefts in the future.
The BFSI sector is therefore likely to adopt WAF solutions to protect critical business information from cyber-attacks and data breaches. Cybercriminals have illegally accessed more than half of the global top 50 banking websites over the past decade, and it is anticipated to result in about USD 1 billion worth of losses per year for the BFSI sector. Being the most targeted sector for web application layer attacks, BFSI will continue to be the biggest adopter of web application firewall solutions over the next four years.
Ecommerce: second largest revenue contributor for the global web application firewall market
The global web application firewall market in the e-commerce sector was valued at close to USD 109.1 million in 2014. The e-commerce sector is highly sensitive towards the protection of online payments and transaction information of customers. Activities such as sharing business information, maintaining business relationships, and conducting business transactions through telecommunications networks are prevalent in this sector. Therefore, a secured web application firewall is required to reduce risks caused on account of increased sophistication of web-based threats.
The market has witnessed a significant rise in point-of-sale attacks over the past few years. The majority of these incidents that occurred in the e-commerce sector were high-profile incidents that affected the reputation of the retailers. Such developments are therefore likely to increase the adoption of web application firewall solutions over the next four years.
Global web application firewall market in the government sector
Governments worldwide are developing and expanding communication networks for enabling faster and easier networking and exchange of information. These advances have led to a rising number of web application attacks in the government sector, thus increasing the demand for web application firewall solutions.
Higher dependence on digital technologies, web applications, and internet results in higher vulnerability to web application attacks. The government sector has been the target of such attacks in the past. Accessing sensitive personal and business information had disrupted critical operations, adversely affecting the economy in this sector. These factors are likely to help the global web application firewall market grow at a CAGR of close to 19% until 2019.
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