Global Web Application Firewall Market (2022 to 2027) - Increasing Adoption of Cloud and Virtual Appliance-Based WAFs Present Opportunities - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Global Web Application Firewall Market by Component (Solutions (Hardware Appliances, Virtual Appliances, Cloud-Based) and Services (Professional and Managed)), Organization Size (SMEs and Large Enterprises), Vertical and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

The global WAF market size to grow from USD 5.8 billion in 2022 to USD 13.8 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 18.9% during the forecast period.

As the world is becoming progressively interconnected, the penetration of technologies, such as IoT, across various end-user applications is increasing. Organizations are increasingly using such connected devices in their processes to make their business operate optimally.

With an increase in the number of devices and associated applications, various cyberattacks and security vulnerabilities are being added to the threat landscape. To deal with such situations, the majority of IoT technology and developer companies are deploying and recommending advanced security solutions, such as WAFs, Next-Generation Firewall (NGFW), and Runtime Application Self-Protection (RASP), for securing their business infrastructure, thereby driving the demand for the WAF market.

By Component, the services segment to grow at a higher CAGR during the forecast period

The services segment is expected to grow at a higher growth rate during the forecast period. Vendors provide a complete range of services that help enterprises conduct different activities necessary for the effective management of such solutions. They also provide a single point of contact for all the help and assistance required. The growing adoption of WAF solutions drives the need for proper pre- and post-consulting, deployment services, and overall management of the solutions. The services segment is further segmented into professional services and managed services.

By Professional Services, the consulting subsegment to hold the largest market share

The consulting subsegment is expected to hold the largest market size. Consulting services are offered by highly qualified industry experts, domain experts, and security professionals, who help organizations formulate cybersecurity strategies, prevent revenue losses, minimize risks, understand the maturity of cybersecurity solutions, and enhance the security of the existing information systems. Consulting service providers guide companies in setting up new WAF security infrastructure to address specific security requirements.

By Vertical, the BFSI segment to grow at the highest CAGR during the forecast period

The Banking, Financial Services, and Insurance (BFSI) segment is projected to grow at the highest CAGR during the forecast period. To improve business operations and expand the customer base, organizations in the BFSI vertical are introducing new and enhanced financial products and services, making the industry a lucrative target for frauds. With facilities such as smart banking, internet banking, and mobile banking, BFSI companies need to prioritize WAF security solutions.

Market Dynamics

Drivers

• Increasing Importance of Web Applications
• Rising Instances of Web Attacks, Such as Cyber Theft, Espionage, Vandalism, and Fraud
• Government Regulations and Need for Compliance to Drive Adoption of Waf Solutions
• Technological Proliferation and Increasing Penetration of Iot

Restraints

• Insufficient Protection, False Positives, and High Cost of Deployment
• Organizations Considering Runtime Application Self-Protection as Viable Alternative

Opportunities

• Increasing Adoption of Cloud and Virtual Appliance-Based Wafs
• Introduction of Ml/Ai-Powered Wafs

Challenges

• Lack of Technical Expertise
• Presence of Traditional Firewalls

Companies Mentioned

• Akamai
• Alibaba Cloud
• Aws
• Barracuda
• Citrix
• Cloudbric
• Cloudflare
• Ergon Informatik
• Expimont
• F5 Networks
• Fastly
• Fortinet
• Haproxy
• Imperva
• Indusface
• Lumen
• Microsoft
• Mlytics
• Nsfocus
• Oracle
• Penta Security Systems
• Positive Technologies
• Prophaze
• Qualys
• Radware
• Reblaze
• Rohde & Schwarz
• Sophos
• Stackpath
• Threatx
• Trustwave
• Wallarm

For more information about this report visit https://www.researchandmarkets.com/r/py5a28