The South Korean WAF market experienced steady growth of 12.9% on a YoY basis and generated $43.1 million in revenue in 2016. The increased adoption from enterprises, especially the BFSI vertical, was seen in the market. With increased cyber-attacks on BFSI, the security awareness, especially on web security, is growing. This is because the BFSI vertical provides services primarily through web or financial services applications. Hence, BFSIs have upgraded their IT equipment to the newest and most high-end solutions. WAF security solutions have seen good adoption from the BFSI vertical. The adoption from BFSI is not only focused on on-premises solution, but also includes cloud and hybrid solutions that include some advanced technologies, be it SSL or intelligent attack prevention. SMBs also increased their adoption of these services after the government’s announcement of security guidelines increased their awareness on web security.
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.
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 South Korea?
• Are the vendors in the market ready to go it alone, or do they need partnerships to take their business to the next level?