New York, USA, May 16, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global application security market is anticipated to surpass a revenue of $9,779.8 million by 2027 and grow at a stable CAGR of 16.1% over the forecast period from 2020-2027. The extensive report provides a concise layout of the application security market’s current framework including prime aspects of the market such as growth elements, challenges, restraints and various opportunities during the predicted timeframe of 2020-2027. The report also provides all the market figures to help new participants analyze the market easily.
Dynamics of the Application Security Market
Drivers: The growing demand for advanced application security services due to increasing cyberattacks along with strategic alliances among key market players are some factors estimated to drive the growth of the global application security market during the forecast years. In addition, innovative security software launches by organizations to identify and remediate application vulnerabilities is also expected to boost the market growth by 2027.
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Opportunities: The increasing adoption of advanced technologies like machine learning and artificial intelligence for web and mobile applications is predicted to create abundant growth opportunities for the global application security market. Furthermore, the rising need of such security services by government and defense sector to protect sensitive information from attackers is also projected to bolster the market growth.
Restraints: High cost of application security tools is the chief factor predicted to impede the market growth.
Covid-19 Impact on the Market
The impact of the devastating Covid-19 catastrophe has been progressive on the global application security market, unlike most industries. Due to strict lockdowns and social distancing norms, people across the world switched to the work from home schedules and even healthcare professionals stayed available for the patients via chats, emails, and calls. This led to a spike in the adoption of digital platforms and video conferencing applications, thus boosting the need for robust application security software and services. Moreover, several market players came forward and announced innovative product launches and alliance to further augment the market growth amid the pandemic chaos.
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Segments of the Application Security Market
The report has divided the market into multiple segments based on type, component, deployment, organization size, vertical, and regional analysis.
Type: Mobile Sub-segment to be Highly Dominant
By type, the mobile sub-segment is anticipated to have a dominating market share and gather a revenue of $5,367.6 million during the forecast years. This immense growth is attributed to the benefits the mobile application security services offer like protection of data from unauthorized password or pin cracking, prevention from geo-location and configuration data leakage, and other vulnerabilities. In addition, several significant market players are initiating strategic alliances and product launches to offer enhanced mobile application security to organizations. These factors are estimated to propel the sub-segment’s growth by 2027.
Component: Services Sub-segment to be Highly Progressive
By component, the services sub-segment of the global application security market is expected to have a noteworthy growth rate and surpass $4,115.7 million during the analysis timeframe. This growth is attributed to the increasing demand for application security solutions for software-as-a-service (SaaS) cloud-based modules that are extensively used by organizations worldwide.
Deployment: Cloud Sub-segment to be Highly Lucrative
By deployment, the cloud sub-segment is predicted to have a rapid growth rate and generate a revenue of $4,412.6 million during the analysis period due to its beneficial characteristics like cost-effectiveness and integrated safety for both SMEs and large enterprises. Moreover, leading cloud technologies players are initiating strategic partnerships and product launches like cloud-based container application security testing (CAST) to help organizations maintain the security of containerized code in real-time. These factors are projected to augment the sub-segment’s growth by 2027.
Organization Size: Large Enterprises Sub-segment to be Highly Beneficial
By organization size, the large enterprises sub-segment of the global application security market is estimated to have the largest market share and surpass $5,377.8 million by 2027 due to the increasing focus on advanced application security services that offer authorization and tractability of data, availability, confidentiality, and integrity to large businesses.
Vertical: IT and Telecommunication Sub-segment to be Highly Profitable
By vertical, the IT and telecommunication sub-segment is anticipated to have the fastest growth rate and garner a revenue of $1,538.5 million by 2027 due to the growing adoption of application security services by IT and telecommunication industries to prevent potential security breaches and malicious threats. Moreover, the growing demand for cloud security, internet security, and network security by IT and telecommunication businesses is also expected to bolster the sub-segment’s growth.
Region: Market in the North America Region to Witness Better Growth Opportunities
By regional analysis, the application security market in the North America region is predicted to have a significant market share and surpass $2976.0 million during the forecast period due to the extensive utilization of mobile devices and cloud-based networking around the world. In addition, the growing number of internet users, increasing adoption of IoT devices and advanced technologies, and strict government regulations to provide security for business processes are also some factors projected to uplift the market growth. Moreover, the presence of some leading application security services providers in the region is estimated to further boost the market growth opportunities in North America.
Region: North America has an outstanding Market Share in Application Security market
Key Market Players
Some key market players include
- IBM
- Cisco Systems
- Data Theorem
- Hewlett Packard Enterprise Development LP
- WhiteHat Security, Inc.
- NowSecure
- Acunetix
- LOOKOUT
- Zimperium
- Kryptowire, among others.
These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships and collaborations to sustain the market growth. – Inquire Here@ https://www.researchdive.com/purchase-enquiry/5735
For example, in February 2020, HCL Technologies Ltd., an Indian multinational IT services and consulting company, announced to launch its brand-new HCL Appscan which is a set of application security tools used to maintain business security from cyberattacks and data thefts.
The report also summarizes many important facets including financial performance of the key market players, SWOT analysis, product portfolio, and the latest strategic developments.
Some Related Article Links:
- Global Application Security Market to Experience Accelerated Growth by 2027, Due to Increase in Cyber-Threats across the Globe
- How Application Security Plays a Vital Role for All Businesses Worldwide?
