Web Application Firewall Market Size, Share, Growth Analysis, By Component(Solutions (Hardware appliances, Virtual appliances, Cloud-based), Services (Managed Services), By Organization Size (Large Enterprises, Small & Medium Sized Enterprises), By Vertical(Banking, Financial Services & Insurance, Retail, IT & Telecommunications), By Region - Industry Forecast 2024-2031

Global Web Application Firewall Market size was valued at USD 5.82 billion in 2022 and is poised to grow from USD 6.92 billion in 2023 to USD 27.68 billion by 2031, growing at a CAGR of 18.92% during the forecast period (2024-2031).

Web application firewall market is a speedily progressing sector of the cybersecurity industry, impacted by the rising cases of cyber threats aiming for diverse web applications. The web application firewall market is growing considerably owing to the growth of digital transformation, intensified awareness of cyberattacks, and heavy adoption of cloud services and solutions. The market is also being propelled by the incorporation of machine learning and AI for enhanced threat detection, deployment of zero trust security approaches, and emphasis on API security. Nevertheless, the global market is anticipated to be hampered by performance overheads like concerns for performance consequences, which may impede businesses from adopting these solutions. The market is also negatively impacted by compliance and regulatory challenges. Yet, a few opportunities seen in the market include expansion of digital service and e-commerce, heavy adoption of API security techniques, and incorporation with emerging technologies like IoT.