Application Gateway Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Market Overview

The application gateway is expected to witness a growth at a CAGR of 9.7% over the forecast period (2021-2026). The application gateway is a web traffic load balancer that allows the user to manage traffic to its web applications. The gateways make the routing decision based on attributes such as HTTP requests to optimize the results.

• The increasing demand for protected networks and multi-layered protection against growing different layered cyber attacks is the key factor driving the demand for application gateway solutions. According to the latest published Cisco SMB Cybersecurity report, more than 53% of mid-market companies across 26 countries experienced a cyber breach in 2019. Additionally, the greater emphasis on the BYOD business trend has put more pressure on these companies to deploy application gateway solutions.
• According to the Center for Strategic and International Studies (CSIS) and McAfee, cybercrimes, which include damage and destruction of data, stolen money, lost property, intellectual property theft, and other areas, currently cost the world almost USD 600 billion each year, or 0.8% of global GDP.
• Due to the ongoing COVID-19 outbreak, the countries across the world have implemented precautionary measures. While schools are being closed, and communities are asked to stay at home, and many organizations are finding a wat to enable their employees to work from their homes. This has resulted in a rise in the adoption of video communication platforms. In the past four months, the new domain registration on these video communication platforms, including Zoom, has rapidly increased. According to the Checkpoint Security, since January 2020, more than 1700 new domains were registered and 25% of which registered in the first week of March 2020. Due to this, cybercriminals also have started targeting these platforms.

Scope of the Report

The study of the application gateway market has considered the varied offerings for both solutions and services by vendors in the market. Additionally, these vendors are focusing on offering end-user specific application gateway solutions for a wide range of end-user verticals, globally.

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Key Market Trends

Healthcare Segment to Show Significant Growth

• Healthcare has been positively impacted with the digitization and has evolved over the past two decades to help itself become a digitized sector. Healthcare records have been stored digitally and contain private data. The healthcare industry is currently experiencing a transformation in cybersecurity strategy from a compliance and Health Insurance Portability and Accountability Act (HIPAA)-focused approach to one that is the more comprehensive and security-centric approach.
• Singapore’s largest healthcare institution in September 2019, was targeted by state-sponsored hackers, leading to the leakage of personal information for 1.5 million patients, along with prescription details for 160,000 others. Going forward, the governments are expected to impose stricter regulations pertaining to the safety and security of IoT devices,; healthcare providers will have to step up the game on cyber resilience.
• According to Wipro’s State of Cybersecurity Report 2019, 485 significant data breaches reported in 2018 in the healthcare industry, making it one of the most popular targets for breach attempts. Accenture’s 2018 Healthcare Workforce Survey on Cybersecurity found that almost 18% of healthcare employees were willing to sell confidential data to unauthorized parties, for as little as USD 500 to USD 1,000. It has increased the need for internal cycybersecuritys a needed solution.

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