Web Application Firewall Market Growing at a CAGR 18.3% | Key Player Imperva, Akamai, Barracuda, Citrix, Fortinet

March 25 14:28 2020
Web Application Firewall Market Growing at a CAGR 18.3% | Key Player Imperva, Akamai, Barracuda, Citrix, Fortinet

Imperva, Akamai, Barracuda, Citrix, Cloudflare, DenyAll, Ergon Informatik, F5 Networks, Fortinet, Penta Security Systems, Radware, Trustwave, Sophos, Positive Technologies, StackPath, Zenedge, NSFOCUS, and Qualys.
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

The Web Application Firewall Market is expected to be gaining traction, due to the rising instances of web attacks, covering cyber thefts, espionage, vandalism, and fraudulent mechanism; government regulations and need for compliance; and the increasing penetration of Internet of Things (IoT) across various end-user applications. The technological proliferation and penetration of iOS and Android-based smartphones are some of the other factors, which are likely to contribute to the growth of the WAF market. MarketsandMarkets forecasts the WAF market size 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%.

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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.

There are several established players in the WAF market, such as Imperva Inc. (US), Akamai Technologies, Inc. (US), Barracuda Networks, Inc. (US), Citrix Systems, Inc. (US), Cloudflare, Inc. (US), DenyAll SA (France), Ergon Informatik AG (Switzerland), F5 Networks, Inc. (US), Fortinet, Inc. (US), Penta Security Systems Inc. (South Korea), Radware Ltd. (Israel), Trustwave Holdings Inc. (US), Sophos, Ltd. (UK), Positive Technologies (US), StackPath (US), Zenedge, Inc. (US), NSFOCUS (US), and Qualys, Inc. (US).  These leading players have adopted various strategies, such as partnerships, collaborations, agreements, mergers, acquisitions, and new product developments, to achieve growth in the WAF market.

Akamai Technologies is one of the leading players in the WAF market. The company adopts both organic and inorganic growth strategies to enhance its market presence. It has made various partnerships and strategic alliances with local as well as global players. In 2016, Akamai partnered with Singtel, an Asian cybersecurity service provider, to provide enhanced protection to enterprises from Distributed Denial of Service (DDoS) and web application attacks. Moreover, in 2017, Akamai Technologies launched the Enterprise Threat Protector to specifically address the intelligence gap in the Domain Name System (DNS) infrastructure. It offers quick-to-deploy and easy-to-manage cloud-based protection against the impact of complex targeted threats, such as malware, ransomware, phishing, and DNS-based data exfiltration.

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Barracuda Networks is another established vendor in the WAF market. The company has a strong geographic presence worldwide, including the regions of North America, Asia Pacific (APAC), Middle East and Africa (MEA), Europe, and Latin America. The company focuses more on inorganic growth strategies to tap the benefits of the WAF market. In 2017, Barracuda Networks partnered with Zscaler, a cloud-based information security company. The partnership enabled Barracuda Networks to extend its cloud security platform functionality by utilizing Zscaler’s highly scalable security service to protect users accessing the internet from anywhere, using any device. Moreover, in 2017, Barracuda Networks acquired Intronis, a leader in providing data protection solutions for Managed Service Providers (MSPs), to expand Barracuda’s channel reach in the fast-growing MSPs domain.

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