The Application Security Market was worth US$ 3.94 billion in 2021 and is projected to reach the valuation of US$ 20.52 billion by 2027 and is predicted to register a CAGR of 28.9% from 2022-to 2027.
Application security refers to a set of procedures used to increase the security of an application. This is accomplished by preventing, detecting, and correcting security flaws. Antivirus applications, firewalls, and encryption tools are examples of application security that can ensure a system's security by preventing unauthorized access. Total system protection and the safety and security of confidential data are two advantages of application security.
With an increasing number of companies looking to develop their own apps, in addition to purchasing a record number of apps and incorporating open-source code into their apps, application security has become a necessity, as the vulnerabilities and risks associated with these apps have also increased exponentially.
Application security systems mitigate the security risks associated with various application processes, such as web and mobile applications. Web applications are expected to continue to be the most common source of confirmed breaches. Organizations are increasingly using the internet to connect to a variety of business-critical applications. The risk of a data breach has been steadily rising on the internet.
Due to the lockdown and social distancing measures imposed in the aftermath of the COVID-19 outbreak, practically all organizations have converted to a work-from-home paradigm, creating a considerable need for operating and monitoring the application remotely. For example, OpsRamp expanded its network, UC monitoring for the WFH world in January 2021 with new functionality in the OpsRamp platform that offers solutions providers a way to help customers manage hybrid and multi-cloud IT environments and meet the needs of work-from-home employees as demand for cloud applications, unified communications (UC) and collaboration tools, video conferencing, and other IT resources had increased significantly.
The increasing requirement for measures to safeguard software and associated important data at each stage of the software development lifecycle (SDLC) is projected to have an impact on market growth. During the forecasted period, the critical function of application security in determining, correcting, and preventing security flaws detected in software applications is expected to enhance industry demand.
Emerging economies are rapidly adopting digitization, resulting in increased smartphone adoption and internet penetration. The Internet of Things revolution has also been cited as a central element driving the Application Security Market forward. Furthermore, cloud-based solutions are being used by businesses all over the world to improve productivity, collaboration, and access to real-time data. At the same time, the implementation of privacy rules and the increasing demand for end-to-end security solutions are propelling the Application Security Market forward. The rising demand for application security in the banking sector, rising data and security breaches, IoT deployment, growing demand for mobile app security services, increasing demand for SaaS-based mobile application security, and the growing importance of web security and privacy concerns are all driving the application security market forward.
Furthermore, the strong propensity toward the internet and the requirement to be connected online can be attributed to the rise of the Application Security Market. Organizations have been advising application security to filter malware and viruses and avoid various mobile threats to prevent data leakages and preserve workers' privacy.
Despite all of the driving reasons, there are still restrictions and hurdles facing competitors in the Application Security Market. As the adoption rate of Bring Your Own Devices (BYOD) rises, so do security and privacy concerns. Data interception, location monitoring, spamming, browser phishing, keystroke logging, malware spoofing, and other mobile phone threats are among the most common. The number of people whose Android phones have been infected with malware has increased. Furthermore, the high deployment costs of these security systems are impeding the market's growth.
The Solution category has the most market share. The factors can be ascribed to the increasing relevance of data security and the desire for end-to-end solutions. Simultaneously, the service category is expected to develop at the fastest CAGR due to the rising demand for managed and professional services as a result of the widespread adoption of mobile app security solutions.
Because of the requirement to identify potential security vulnerabilities in online applications as well as architectural weaknesses, dynamic application security testing is expected to grow at the fastest rate during the projection period.
The greatest market share was held by Banking, Financial Services, and Insurance sector. The banking and insurance industries, which collect enormous amounts of data from a variety of sources, can be blamed for the issues. This data must be protected, and in order to avoid any type of mobile assault, the need for application security solutions is growing, contributing to the worldwide market's overall growth over the forecast period.
North America dominates the application security market due to the region's high accessibility to adequate infrastructure, the importance of multiple global financial institutions, the growing acceptance of IoT devices and Internet consumers, and the development of threat intelligence solutions, all of which are expected to positively influence the market's growth.
Due to a lack of funds, cybersecurity businesses in the Asia Pacific are more likely to rely on open-source functions for safety testing, which raises issues about infringement, operational hazards, and malpractices. Because of the lack of cybercrime legislation in these countries, as well as a lack of awareness and knowledge of fundamental safety, most online transactions are very vulnerable to digital thefts, which is one of the limiting factors for virus attacks like ransomware.
During the forecast period of 2022 to 2027, the Europe application security market is expected to grow at a CAGR of 14.55 per cent. The expanding number of cybersecurity initiatives, the increased usage of advanced technologies like as artificial intelligence (AI) and machine learning, and the growing requirement to handle both internal and external risks across enterprises are all driving the industry forward.
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Application Security Market , By Component
6.1.3 Market Size Estimations & Forecasts (2022-2027)
6.1.4 Y-o-Y Growth Rate Analysis
6.1.5 Market Attractiveness Index
6.2 Application Security Market , By Testing
6.2.1 Static Application Security Testing (SAST)
6.2.2 Dynamic Application Security Testing (DAST)
6.2.3 Interactive Application Security Testing
6.2.4 Market Size Estimations & Forecasts (2022-2027)
6.2.5 Y-o-Y Growth Rate Analysis
6.2.6 Market Attractiveness Index
6.3 Application Security Market , By Vertical
6.3.1 Government and Défense
6.3.2 IT and Telecom
6.3.8 Market Size Estimations & Forecasts (2022-2027)
6.3.9 Y-o-Y Growth Rate Analysis
6.3.10 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Application Security Market , by Region
7.2 North America - Market Analysis (2022-2027)
7.2.1 By Country
7.2.2 By Component
7.2.3 By Testing
7.2.4 By Vertical
7.3.1 By Country
184.108.40.206 Rest of Europe
7.3.2 By Component
7.3.3 By Testing
7.3.4 By Vertical
7.4 Asia Pacific
7.4.1 By Country
220.127.116.11 South Korea
18.104.22.168 South East Asia
22.214.171.124 Australia & NZ
126.96.36.199 Rest of Asia-Pacific
7.4.2 By Component
7.4.3 By Testing
7.4.4 By Vertical
7.5 Latin America
7.5.1 By Country
188.8.131.52 Rest of Latin America
7.5.2 By Component
7.5.3 By Testing
7.5.4 By Vertical
7.6 Middle East and Africa
7.6.1 By Country
184.108.40.206 Middle East
7.6.2 By Component
7.6.3 By Testing
7.6.4 By Vertical
8. Key Player Analysis
8.1 WhiteHat Security
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.3 IBM Corporation
8.5 Hewlett Packard Enterprises
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures
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