Meticulous Research®—leading global market research company published a research report titled “Application Security Market by Component (Software Tools, Services), Type (Web Application Security, Mobile Application Security), Deployment Mode, Organization Size, End-User (Retail, Healthcare, Manufacturing, and Others)- Global Forecast to 2028”.
According to this latest publication from Meticulous Research®, the application security market is expected to grow at a CAGR of 7.6% from 2021 to 2028 to reach $5.5 billion by 2028. This market is largely driven by factors such as the growing need for application security in the banking sector, rising security breaches in business applications, and increasing demand for mobile app security services. The growing demand for security solutions in developed regions and developing countries worldwide is expected to offer significant growth opportunities for the application security market.
However, the high dependency on vulnerable open source applications and the negative impacts of the COVID-19 pandemic on the global economy are notable restraints affecting the growth of this market. Additionally, the lack of centralized management tools and misconceptions and lack of awareness regarding application security solutions pose serious challenges to the adoption of application security solutions, thereby hampering this market’s growth.
The global application security market study presents historical market data in terms of value and volume (2019 and 2020), estimated current data (2021), and forecasts for 2028. The market is segmented by component (software tools, services), type (web application security, mobile application security), deployment mode (on-premises, cloud), organization size (SMEs, large enterprises), end-user (BFSI, manufacturing, healthcare, retail, government, education, media & entertainment, IT & telecom, energy & utilities, and other end users). The study also evaluates industry competitors and analyses the market at the country level.
Based on components, the application security market is segmented into software tools and services. In 2021, the software tools segment is expected to account for the larger share of the application security market. The large market share of this segment is mainly attributed to the growing demand for mobile app security services, increasing focus on software solution-centric security capabilities, rising data breaches, and growing adoption of AI in mobile-based security processes.
In addition, the benefits associated with application security, such as high performance, reliability, comprehensive vulnerability coverage, false-positive reduction, and zero process disruption, further augment the growth of this segment.
However, the services segment is expected to grow at a higher CAGR during the forecast period due to the wide adoption of application security services across retail, BFSI, and healthcare sectors, resulting in the increased demand for consulting, training & support, and integration services.
Based on the deployment mode, the application security market is segmented into on-premises and cloud. In 2021, the on-premises segment is expected to command a larger share of the application security market. The large market share of this segment is due to the greater control over application security infrastructure offered by on-premises solutions.
However, the cloud-based segment is expected to grow at a higher CAGR during the forecast period. Growing sophistication in cloud deployments, high scalability, increasing use of cloud, and superior flexibility offered by cloud deployments are the factors driving the growth of this segment.
Based on organization size, the application security market is segmented into small & medium and large enterprises. In 2021, the large enterprise segment is expected to command the largest share of the application security market due to its strong infrastructure and management of application security platforms by skilled IT personnel.
In addition, large enterprises focus on desired security channels against cyber threats to retain their customers, boost sales, and validate necessary steps to overcome market interruptions, such as the COVID-19 outbreak. However, the SMEs segment is expected to grow at the highest CAGR during the forecast period.
Based on type, the application security market is segmented into web application security and mobile application security. In 2021, the web application security segment is expected to command the larger share of the application security market. The large market share of this segment is mainly attributed to the growing demand for filtering and monitoring HTTP traffic between web applications, rising cyber-attacks, and growing adoption of technologies, such as AI for web applications.
However, the mobile application security segment is expected to witness a faster growth rate during the forecast period. The increasing demand for SaaS-based mobile application security is expected to support the growth rate of this segment.
Based on geography, the North American region is expected to command the largest share of the application security market in 2021. The large market share is attributed to the wide adoption of application security solutions throughout the region to enhance IT infrastructure and leverage the benefits of new technologies, such as AI and IoT. This region also comprises the majority of established application security players and start-ups.
However, Asia-Pacific is expected to witness the highest growth rate during the forecast period. The rapid growth rate of developing economies and high smartphone penetration are factors driving the demand for smartphone applications in the region. Thus, contributing to the high growth rate of this market in the region.
The key players operating in the global application security market are Synopsys, Inc. (U.S.), Acunetix (Malta), Micro Focus International plc. (U.K.), F5 Networks, Inc. (U.S.), Veracode, Inc. (U.S.), IBM Corporation (U.S.), Snyk Limited (U.K.), Rapid7, Inc. (U.S.), NowSecure (U.S.), Qualys, Inc. (U.S.), Fortinet, Inc. (U.S.), Checkmarx Ltd. (Israel), Imperva, Inc. (U.S.), Data Theorem, Inc. (U.S.), NTT Security AppSec Solutions Inc. (U.S.), Lookout, Inc. (U.S.), VMware, Inc. (U.S.), Pradeo (France).
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