The Web Application Firewall (WAF) market is expected to grow at a Compound Annual Growth Rate (CAGR) of 18.3% during the forecast period, due to the rise in instances of targeted attacks on web applications
The global WAF market size is expected to grow from USD 2.37 billion in 2017 to USD 5.48 billion by 2022, at a CAGR of 18.3%. Increasing competitiveness, in the current scenario of the business environment, has made it crucial for organizations to have web applications devoted to the cause of the organization. Furthermore, with the emergence and increasing penetration of iOS and Android-based smartphones, businesses are now using such devices to market their goods with a substantial competitive edge. However, high cost of deployment for appliance-based WAFs and competition with integrated Unified Threat Management (UTM) solutions are said to be the major restraining factors for the growth of this market.
The cloud-based segment is expected to grow at the highest CAGR during the forecast period
Cloud-based WAF solutions are available as software bundles with a full stack of threat prevention technologies that provide the best protection against vulnerabilities, such as malware, phishing, ransomware, and emerging cyber-threats. Cloud-based WAF solutions provide protection and safeguard the network even if users are off their Virtual Private Network (VPN). They offer capabilities, such as bot detection and enforcement, access control, caching, threat intelligence, Application Programming Interface (API) security, malware detection, and Distributed Denial of Service (DDoS) mitigation.
The professional services segment is expected to have a larger market size in the WAF market during the forecast period
The market for the professional services segment is growing, as individuals, Small and Medium-sized Enterprises (SMEs), and large enterprises are concerned about ensuring secure access to their networking devices. Companies offering professional services provide consulting to facilitate successful deployments of WAF solutions. Professional services are required during and after the implementation of WAF solutions. These services include planning, designing, consulting, and upgrades. Consultants, user behaviour analytics experts, and dedicated project management teams help in providing professional services.
North America is expected to have the largest market size, and Asia Pacific (APAC) is projected to grow at the highest rate during the forecast period
North America tops the globe in terms of the presence of security vendors and security breach incidents. Therefore, the WAF market is dominated by North America, which is considered to be the most advanced region with regard to cybersecurity technology adoption and infrastructure. The world is becoming more connected and the IoT trend is gaining prominence. Awareness about the need to protect the network infrastructure is being identified as the most critical economic and security challenge in the region. The growing concern to ensure the protection of financial and sensitive data has increased government intervention in the recent years.
The APAC region is expected to witness a significant growth in WAF due to the increasing adoption of web and mobile applications for business operations in the APAC region. The APAC WAF market covers Australia, New Zealand, Japan, China, India, and Singapore. Countries across this region have a large number of SMEs, which are using traditional defense mechanism. Therefore, advanced and sophisticated threats are hard to detect.
In the process of determining and verifying the market size of several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key people. The break-up of the profiles of the primary participants is as follows:
• By Company: Tier 1 – 30%, Tier 2 – 40%, and Tier 3 – 30%
• By Designation: C-Level – 72%, Director Level – 14%, and Others – 14%
• By Region: North America – 57%, Europe – 14%, and APAC – 29%
The WAF market includes various major vendors, such as Imperva, Akamai Technologies, Barracuda Networks, Citrix Systems, Cloudflare, DenyAll, Ergon Informatik, F5 Networks, Fortinet, Penta Security Systems, Radware, Trustwave, and NSFOCUS.
The report includes an in-depth competitive analysis of the key players in the WAF market along with their company profiles, recent developments, and key market strategies. The report segments the WAF market by component (solutions and services), organization size, industry vertical, and region.
Reasons to buy the Report:
The WAF market has been segmented on the basis of components (solutions and services), organization sizes, industry verticals, and regions.
The report will help the market leaders/new entrants in the WAF market in the following ways:
1. The overall WAF market revenue stream has been estimated based on the revenues generated by vendors, offering firewall solutions and services to IT operators, inclusive of consulting, support and maintenance, training and maintenance, and system integration services, offered by professional service providers, including Managed Service Providers (MSPs). The report provides the closest approximations of the revenue numbers for the overall market and the subsegments. The market numbers are further split into regions.
2. The report helps the stakeholders understand the pulse of the market and provides them with information on the key market drivers, restraints, challenges, and opportunities.
3. The report will help the stakeholders understand the competitors and gain more insights to better their market position. The competitive landscape section includes the competitor ecosystem, new product developments, partnerships, and mergers and acquisitions.