The global ‘web application firewall market’ is poised to rise at a CAGR of ~21% from 2023 to 2035. The sector is set to garner a value of about USD 73 billion by the end of 2035, up from a revenue of close to USD 7 billion in the year 2022. The major element to dominate the rise in the sector’s growth is a rise in the number of online applications. Globally, about 89 thousand applications were launched which is the highest that the month before through the google play store. A WAF, or web application firewall, assists in protecting online applications by testing and keeping track of HTTP traffic between a web application and the Internet.
Moreover, the prevalence of cyber-attack is also on the rise. In 2022 compared to 2021, approximately 37% of cyberattacks increased across the globe. Hence, in order to prevent this the demand for web application firewalls is increasing. Additionally, it defends against attacks including cross-site scripting (XSS), file inclusion, SQL injection, and cross-site forgery that target online applications. Additionally, a WAF reduces the administrative work needed to guarantee adequate ongoing web application security testing. Application security teams could maintain tabs on what is appropriate to let through a WAF by actively setting guidelines and requirements. In order to react to possible security events much more quickly, teams are able to get prompt information of an assault that is already underway.
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Growing Penetration of IoT to Boost the Growth of the Global Web Application Firewall Market
As the world becomes increasingly linked, technologies including IoT are being used in a wider range of end-user applications. Globally, there are approximately 14 Billion devices connected to IoT. In order to run their business as efficiently as possible, organizations are adopting such connected devices more frequently in their procedures. Different hacks and security flaws have been added to the threat landscape as there are more devices and related applications. A large number of IoT technology and developer businesses are deploying and advising cutting-edge security solutions, including WAFs, to handle such circumstances.
Web Application Firewall Market: Regional Overview
The global web application firewall market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Security Vendors to Boost the Growth of the Market in North America
The market in North America for web application firewall is set to grow at the highest share of 37% over the forecast period. This growth of the market in this region could be attributed to growing security vendors. As of 2023, there were about 11,045 security services companies in the US, a growth of approximately 0.3% from 2022. Moreover, government action has increased in this region in recent years due to the growing concern about ensuring the protection of financial and sensitive data. New types and variations of cyberattacks are joining the dangerous environment as there are more connected devices in use. As a result, over the forecast period, the web application firewall is being widely adopted in this region.
Rising Penetration of the Internet to Influence the Growth in Market in Asia Pacific
The Asia Pacific web application firewall market is also poised to have a significant rate of 28% over the forecast period. The major factor to boost the market growth in this region is the rising penetration of the internet. The number of internet users in Asia Pacific is projected to increase from about 2 billion (approximately 40% of the population) in 2017 to about 3 billion (approximately 61% of the population) in 2022. Additionally, the network infrastructure has grown in tandem with increased modernization and urbanization in this region. As a result, sophisticated and advanced threats are difficult to identify. Therefore, the demand for web application firewall is set to boost in this region.
The government sector segment is projected to have significant growth by the end of 2035. This growth of the segment could be attributed to the growing threat of cyberattacks to the government. In 2022, about 3% of the total ransomware attacks globally took place with governmental organizations. Hence, average overall expenditures increased from about USD 2 million to approximately USD 3 million as a result of the about 6% increase in data breach costs in the public and governmental sectors. This also increase potential risk to the general public since large data is saved in government application. Hence, the need for web application firewall is growing in this sector.
The large enterprises segment is set to grow at the highest rate over the forecast period. This growth of the segment could be attributed to growth in a number of large enterprises. In comparison to about 337,522 in 2020, there were approximately 351,519 large enterprises with 250 or more employees globally in 2021. Web application firewall (WAF) software is essential for protecting websites from numerous online attacks in large enterprises. Additionally, it has a high cost, which enables huge businesses to purchase it. Additionally, it offers defense against other types of assaults including SQL injection and cross-site scripting. Web-based and cloud-based WAF software are both accessible.
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