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Escalation of Sophisticated Attacks on Web Applications Driving Market Growth
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The Greater China Region (GCR) WAF solutions market grew by 29.4% on a YoY basis, generating market revenue of $98.8 million in 2016. China remained the key contributor to the total revenue in the GCR market, followed by Hong Kong and Taiwan. The on-premise WAF solutions recorded for a steady growth of 18.3%, reaching market revenue of $84.4 million in 2016. Some traditional BFSI industries still prefer stand-alone WAF solutions due to the high concerns in securing mission-critical web applications and data privacy issues. Cloud-based WAF solutions continued to experience strong growth, generating $14.4 million in revenue in 2016 resulting from the rise of enterprises embracing cloud security. The cloud-based WAF solutions have been gaining traction with the delivery via a SaaS model to achieve A high level of flexibility, ease of opting in and opting out, as well as enhanced efficiency.In addition to the market growth analysis, the study highlights the key driving forces for the WAF market. Key drivers include the increasing number of organizations shifting toward the Web front and the rising Internet penetration rate; the evolved threat landscape that results in greater concerns over data breaches; stricter requirements for industry compliances, and local regulations that drive organizations to invest more in measures for data protection and to avoid potential liability issues; and increasing migration from web application into the cloud observed from organizations.The market trends are analyzed for a study period of 2015 to 2021, with the base year being 2016. WAF solution is the key focus area in this study. The vertical segmentation in this study includes the government, banking, financial services and Insurance (BFSI), service provider, e-Commerce retail, manufacturing, education, and other sectors.Companies mentioned in the WAF market's competitive landscape include Akamai, Alibaba Cloud, Barracuda Networks, Citrix Systems, DBApp Security, F5 Networks, Fortinet, Fujitsu, Imperva, JP Secure, KEMP Technology, MonitorApp, NEC, NSFOCUS, Penta Security Systems, Piolink, Qualys, Sangfor, Secure Sky Technologies, Trinity Soft, Venustech Zenedge, and other small vendors. The countries included in this study are China, Hong Kong and Taiwan.Key Questions This Study Will Answer• Is the WAF market growing? How long will it continue to grow, and at what rate? • Are the existing competitors structured correctly to meet customer needs?• Will WAF continue to exist, or will other solutions and services take its place? • How will the structure of the market change with time? • Will the services replace the product markets? • What are the most common Web application security threats in Greater China? • Are the vendors in the market ready to go it alone, or do they need partnerships to take their business to the next level?
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