The global web application firewall market size is slated to expand at ~21% CAGR between 2023 and 2035. The market is poised to garner a revenue of USD 73 billion by the end of 2035, up from a revenue of ~USD 7 billion in the year 2022 as per the latest report by Research Nester.
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.
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.
The government sector segment in web application firewall market 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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