New York, USA, Nov. 30, 2021 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global application security market is expected to garner a revenue of $9779.8 million by 2027, growing exponentially at a CAGR of 16.1% during the forecast period. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
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Dynamics of the Application Security Market
Drivers: Increase in the number of cyber attacks like hacking, phishing attacks, ransomware, and others are expected to drive the growth of the market during the forecast period. In addition, application security solutions are capable of determining and targeting application susceptibilities in multiple phases of development cycle. These factors are further expected to bolster the growth of the application security market during the forecast period.
Restraints: Extortionate application security services is expected to hinder the growth of the market during the forecast period.
COVID-19 Impact on the Application Security Market
The outbreak of COVID-19 has had a significant impact on the global application security market, owing to the prevalence of lockdowns in various countries across the globe. People across the globe are increasingly relying on networking to stay in contact with each other. In addition, employees and healthcare workers were required to stay connected with their clients and patients respectively, via chats, emails, and calls. Thus, the pandemic has had a positive impact on the growth of the market.
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Segments of the Application Security Market
The report has divided the application security market into various segments based on type, component type, deployment type, organization size, vertical type and region.
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Type: Mobile Type Sub-segment to be Most Profitable
The mobile type sub-segment is expected to generate a revenue of $ 5,367.6 million during the forecast period. Mobile application security aids in protecting vital data from unauthorized tethering, geo-location data leakage, unauthorized password and pin cracking, and others. This factor is expected to drive the growth of the sub-segment during the forecast period.
Component Type: Software Sub-segment to be Most Beneficial
The software sub-segment is expected to generate a revenue of $5,664.2 million during the forecast period. Increasing security breaches in social media platforms will lead to the large-scale deployment of application security solutions that will protect mobile and web applications. This factor is expected bolster the growth of the application security market during the forecast period.
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Deployment Type: On-Premise Sub-segment to Generate Maximum Revenue
The on-premise sub-segment is expected to generate a revenue of $5,367.3 million during the forecast period. Its extensive adoption among organizations that demand complete control of data, systems, applications and platforms are expected to stimulate the growth of the sub-segment during the forecast period.
Organizations Size: Large Enterprise Sub-segment to be Most Lucrative
The large enterprise sub-segment is expected to generate a revenue of $5,377.8 million during the forecast period. Increasing attention towards advanced application security platforms among large enterprises that provide integrity, confidentiality, authorization and tractability of data is expected to drive the growth of the application security market sub-segment during the forecast period.
Vertical Type: BFSI Sub-segment to be Most Remunerative
The BFSI sub-segment is expected to generate a revenue of $2019.3 million during the forecast period. Application security under this segment effectively determines hidden defects and bugs that might lead to a breach in confidential data. This factor is expected to bolster the growth of the application security market sub-segment during the forecast period.
Region: North America Region Expected to Dominate the Market
The North America region is expected to generate a revenue of $2976.0 million during the forecast period. Increasing penetration of cloud-based networking and mobile devices in this region is expected to stimulate the growth of the market. In addition, rising adoption of IOT devices and stringent regulations imposed by the government for the security of business processes are further expected to bolster the growth of the regional application security market during the forecast period.
Key Players of the Application Security Market
1. IBM
2. Cisco Systems
3. Data Theorem
4. Hewlett Packard Enterprise Development LP
5. WhiteHat Security, Inc.
6. NowSecure
7. Acunetix
8. LOOKOUT
9. Zimperium
10. Kryptowire
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
For instance, in March 2021, Wipro, an Indian multinational corporation that provides information technology, consulting and business process services, acquired Ampion, an Australia-based provider of cybersecurity, DevOps and engineering services in order to maximize Wipro’s presence in the application security market.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report
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