Web Application Firewall Market Trends

Growth Drivers

Rising Web Application Attacks in Healthcare Sector - DDoS attacks targeted the healthcare sector in 2021 due to COVID-19, school reopening, and vaccine availability. Among the 849 incidents Verizon identified in the healthcare sector in 2021, 571 were confirmed data breaches. Healthcare organizations are especially vulnerable because they store large amounts of sensitive patient data that can be used for identity theft and fraud. Additionally, hackers can use ransomware to hold the data hostage. WAF can help protect against these threats by blocking malicious traffic and alerting security teams of suspicious activity.
Enactment of Strict Government Regulations Governing Data Privacy - As organizations increasingly become aware of the risks posed by data breaches, they are increasingly turning to Web Application Firewalls to protect sensitive data. Increasing government regulations across the world will incentivize organizations to protect their data by using WAFs, such as PCI DSS (Payment Card Industry Data Security Standard), HIPAA (Health Insurance Portability and Accountability Act), GDPR (General Data Protection Regulation), and CCPA (California Consumer Privacy Act).
Rising Penetration Of IoT And Advanced Technology - By 2023, there will be 16 billion Internet of Things (IoT) devices, which is 56% more than in 2020. In addition, 78 zettabytes (ZB) of data are expected to be generated by these devices by 2025. With the increasing number of connected devices, the need for web application firewalls to protect against cyber-attacks is also increasing. These firewalls use advanced technology such as artificial intelligence to detect malicious traffic and protect against cyber-attacks.

Challenges

Complexity of the Technology - The complexity of the technology presents the biggest challenge for WAF users. It is difficult to develop a system that can detect and block malicious traffic without interfering with legitimate user interactions. The complexity of the technology requires a deep understanding of the underlying infrastructure and protocols that are used to communicate and exchange information over the web.
Cost concerns related to the implementation of web application firewalls
Shortage of qualified personnel who can manage and configure these systems effectively.

Web Application Firewall Market: Key Insights

Base Year	2022
Forecast Year	2023-2035
CAGR	~ 21%
Base Year Market Size (2022)	~ USD 7 Billion
Forecast Year Market Size (2035)	~ USD 73 Billion
Regional Scope	North America (U.S., and Canada) Latin America (Mexico, Argentina, Rest of Latin America) Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific) Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe) Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

Frequently Asked Questions (FAQ)

The increasing number of cyberattacks and data breaches, and the growing adoption of cloud-based services.

The market size of web application firewalls is anticipated to attain a CAGR of ~21% over the forecast period, i.e., 2023 â€“ 2035.

The major players in the market are Imperva, Datadog Inc., Akamai Technologies Inc., F5 Networks Inc., Barracuda Networks Inc., Cloudflare Inc., and others.

The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by component, deployment model, enterprise size, end user, and by region.

The on-premise segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

Cost concerns related to the implementation of WAF and the shortage of qualified personnel who can manage and configure these systems effectively.

The market in the North America region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.

Web Application Firewall Market Trends