Web Application Firewall Market Grows at a CAGR of 18.3%

Web Application Firewall Market Grows at a CAGR of 18.3% - Report by MarketsandMarkets

(IT-NEWSWIRE.COM, March 25, 2019 ) According to a new market research report "Web Application Firewall Market by Solution (Hardware Appliances, Virtual Appliances, Cloud-Based), Service (Professional and Managed), Organization Size (SMEs and Large Enterprises), Industry Vertical, and Region - Global Forecast to 2022", published by MarketsandMarkets™, the WAF market size is expected to grow from USD 2.37 Billion in 2017 to USD 5.48 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 18.3% during the forecast period.

The major forces driving the growth of the WAF market include the rising instances of web attacks, such as cyber theft, espionage, vandalism, and fraud; government regulations; and need for compliance. Moreover, technological proliferation and increasing penetration of IoT across various end-user applications are some of the factors that are driving the market growth.

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The Small and Medium-sized Enterprises (SMEs) segment is expected to be the fastest-growing organization size in the WAFmarket during the forecast period.

The WAF market for the SMEs segment is expected to grow at a higher CAGR, owing to the increasing incidences of cyber-attacks on these enterprises and the deployment of advanced security solutions after elimination of the traditional ones. SMEs are small in terms of their size, but they cater to large numbers of customers globally. Robust and comprehensive security solutions are not implemented in SMEs due to financial constraints. Weak cybersecurity and budget constraints make SMEs more susceptible to advanced cyber-attacks, such as ransomware, botnets, and zero-day attacks.

The hardware appliances segment is expected to hold the largest market share in the WAF market during the forecast period.

Physical WAF solutions are configured on the local network to protect against threats at the periphery of the network. These WAF solutions are easy to install and are suitable for high volume sites, which require high throughput. They work as a remote network component, and hence, can be managed better. They can be easily moved and reconfigured with minimal interference in the network infrastructure. The physical WAF solutions vary depending on the network infrastructure of the enterprise. The physical WAF solutions map the virtual cloud resources to physical ones and control the flow of data to and from the networks.

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North America is expected to have the largest market share in the WAF market during the forecast period.

North America is expected to hold the largest market share and dominate the WAF market during the forecast period. The region has the presence of major sustainable and well-established economies that invest substantially in Research and Development (R&D) activities, thereby contributing to the development of new security technologies. The region comprises countries, such as the US and Canada, which are witnessing phenomenal adoption of WAF solutions. The primary reasons behind this movement is the growing IoT trend, and increasing internal and external threats, due to which enterprises are adopting the WAF solutions.

There are several established players in the WAF market, such as Imperva, Akamai, Barracuda, Citrix, Cloudflare, DenyAll, Ergon Informatik, F5 Networks, Fortinet, Penta Security Systems , Radware, Trustwave, Sophos, Positive Technologies, StackPath, Zenedge, NSFOCUS, and Qualys.

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Web Application Firewall Market Grows at a CAGR of 18.3% - Report by MarketsandMarkets