Global Web Application Firewall Market - Segmented by Component (Solution, Services), Organization Size (Small and Medium-sized Enterprises, Large Enterprises), Industry Vertical (Banking, Financial Services, Insurance, Retail, IT and Telecommunications, Government and Defense, Healthcare, Energy and Utilities, Education), and Region - Growth, Trends, and Forecast (2018 - 2023)
The web application firewall market was valued at USD 2.37 billion in 2017, and is expected to reach USD 5.92 billion by 2023 at a CAGR of 16.48% during the forecast period 2018 - 2023.The web application firewall market has been segmented based on component (solution, services), organization size (small and medium-sized enterprises, large enterprises), end-user vertical (banking, financial services, insurance, retail, IT and telecommunications, government and defense, healthcare, energy and utilities, education). The regional landscape of the report includes North America, Europe, Asia-Pacific, and Rest of the World.
Increasing Instances of Sophisticated Cyber Attacks
Depending on the size and type of the organization, an attack can range from a small nuisance to something that can break a company's revenue stream and damage it permanently. Customers to the websites of these companies can also be in danger since attacks can result in malware infection of user computers and theft of credentials. Governmental organizations and e-commerce companies are found to be targets. These two sectors are subjected to the highest level of compromise attempts. E-commerce witnesses a mix of attempts designed to cause downtime and access internal files. By contrast, 65% of all attacks in the finance sector attempt to steal the login information of website visitors. Such cyber-attacks on the web applications are driving the market during the forecast period.
Banking, Financial Services, and Insurance Occupy the Highest Market Share
Data security industry professionals recognize that unprotected web applications have become targets for hacker’s accessible entry points into their networks. This is the major case for financial service firms who believe that their perimeter defenses fully protect them. Custom code is conventionally one of the weakest links for many firms, as internal application development teams are unable to stay aware or informed of all new types of attacks. As threats continue to evolve in number, organizations in the financial services industry are considering web application firewall as an approach, driving the market in the coming years.
North America Occupies the Highest Market Share
Owing to the security breach incidents and presence of cyber security vendors, North America is considered the most advanced region for technology adoption and infrastructure. Awareness about the threats is a critical economic and security challenge in the region. The growing concern to ensure the protection of sensitive data has increased corresponding government intervention in the recent years.
Key Recent Developments
February 2018: Brazil ranked fifth in the most targeted distributed denial of service (DDoS) attacks in 2017. Brazil has witnessed a total of 264,900 attacks, which is about 735 attacks per day and 30 events per hour last year, according to NETSCOUT Arbor. Around 34.9% have originated in the country, followed by attacks originating in the US (30.3%), Canada (17.8%), and the UK (17.8%).Major Players - IMPERVA, AKAMAI, BARRACUDA, CITRIX, CLOUDFLARE, DENYALL, ERGON INFORMATIK, F5 NETWORKS, FORTINET, PENTA SECURITY SYSTEMS, RADWARE, TRUSTWAVE, AND NSFOCUS, amongst others.
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