The worldwide web application firewall industry earned $3.9 billion in 2020, according to Allied Market Research, and is predicted to reach $25.6 billion by 2030, with a CAGR of 20.8 percent from 2021 to 2030.
The worldwide web application firewall market is growing due to an increase in demand for cloud-based solutions, an increase in the number of cyber-attacks, strict industry standards and regulatory compliance, and an expansion in application areas.
However, the web application firewall market’s expansion is stifled by a shortage of qualified specialists. In contrast, web application firewalls’ increased security capabilities over next-generation network firewalls (NGFW) and intrusion prevention systems (IPS) will open up new prospects in the years to come.
During the Covid-19 epidemic, the need for web application firewalls surged significantly as a result of the introduction of a work-from-home culture and remote working methods to maintain endpoint security and guard against data breaches.
Furthermore, there has been a lack of resources for company security teams to solve various security challenges. As a result, the need for web application firewall solutions has increased.
The On-Premises Segment
According to deployment type, the on-premises segment had the biggest market share in 2020, accounting for about three-fifths of the worldwide web application firewall market. It is expected to maintain its revenue lead throughout the forecast period. This is due to a lack of extra funds for the acquisition of critical hardware and software.
However, due to lower implementation costs for businesses, the cloud category is predicted to grow at the fastest rate of 23.0% from 2021 to 2030.
BFSI Segment, Manufacturing
Based on industry vertical, the BFSI (banking, financial services, and insurance)
sector had the biggest market share in 2020, accounting for more than a quarter of the worldwide web application firewall market. It is expected to retain this position throughout the forecast period. This is due to an increase in the number of customers and the usage of online banking services.
The manufacturing sector, on the other hand, is predicted to grow at the quickest rate, with a CAGR of 24.7 percent from 2021 to 2030.
North America, Asia-Pacific
According to geography, North America had the biggest revenue share in 2020, accounting for about two-fifths of the worldwide web application firewall market, and it is predicted to retain its dominance by 2030. According to Allied Market Research, increased defense spending and technical developments in the telecommunications industry are to blame for this.
However, due to increased investments in web application firewall solutions in countries like as China, Japan, Thailand, India, and Indonesia, Asia-Pacific is expected to grow at the quickest rate of 22.3 percent throughout the projection period.