Newark, NJ, Oct. 27, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global application security market is expected to grow from USD 5.79 billion in 2020 to USD 20.84 billion by 2028, at a CAGR of 17.36% during the forecast period 2021-2028.
Certain factors are boosting the growth of the global application security market. Some of them include increasing use of smartphones & rapid growth of the e-commerce market, raised in security breaches targeting business applications, the proper government administrations related to the application security ID, and the rising cyber-attacks. Further, application security has been increasingly regarded as a necessity for online financial & e-commerce applications. It enforces consumer trust, data privacy, and the long-term growth of the organization. The finance applications include performing financial transactions like insurance, online payment, and online banking portals. Most e-commerce & retail applications deal with daily payment transactions & face many threats like financial data theft, identity theft, session hijacking, and password hacking. Moreover, other factors like the hyper-connected enterprise environment are promoting the rapid growth of digital solutions, devices, and related services, which positively impact the development of the market.
Application security is the process of testing security, adding, and developing features within applications to prevent security vulnerabilities against threats like modification & unauthorized access. Also, application security defines security measures at the application level to prevent code or data within the app from hijacking or being stolen. Application security is a method to decrease risks associated with developing, running business-critical software & providing practical and proactive risk management solutions. The different techniques are used to address security vulnerabilities for application lifecycle stages, including design, deployment, upgrade, development, and maintenance.
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The global application security market is anticipated to witness significant growth due to the rise in cyber-attacks like phishing & ransomware globally. Apart from this, comprehensive vulnerability coverage, zero process disruption, false-positive reduction, and complete code coverage that includes the frameworks & libraries are the major factors anticipated to promote the market's growth. Moreover, the absence of knowledge amongst people about cybersecurity & unawareness of application safety by several industries hinders the market's growth. The rise in complexity of frauds & the high cost of application security tools is anticipated to restrain the market's growth. Further, the usage of artificial intelligence & machine learning in mobile & web applications is expected to generate opportunities for the market in the future years. Moreover, the unused mobile & web applications are the biggest challenge for the market growth. It is often seen that consumers & businesses carry applications, which will be infrequently utilized or will remain unused for an extended period.
Key players operating in the application security market include Cisco Systems, HCL Software, IBM Corporation, Synopsys, Oracle, Checkmarx, CAST Software, Contrast Security, Capgemini, and Fortinet Inc. To gain a significant market share in the application security market, the key players are now focusing on adopting product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. Oracle Company is a vital manufacturer operating in the application security market.
The interactive application security testing (IAST) segment dominated the market and held the largest market share of 30.34% in 2020.
Based on testing type, the global application security market is segmented into dynamic application security testing (DAST), static application security testing (SAST), run-time application self protection (RASP), and interactive application security testing (IAST). The interactive application security testing (IAST) segment dominated the market and held the largest market share of 30.34% in 2020. This growth is attributed to aggressive advantages like the detection of false inputs & identifying breaches of security code.
The solutions segment dominated the market and held the largest market share of 56.15% in 2020.
Based on component, the global application security market is segmented into services and solutions. The solutions segment dominated the market and held the largest market share of 56.15% in 2020. This growth is attributed to the rising demand for web application security & mobile application security.
The small and medium enterprises segment dominated the market and held the largest market share of 58.27% in 2020.
Based on organization size, the global application security market is segmented into large enterprises & small and medium enterprises. The small and medium enterprises segment dominated the market and held the largest market share of 58.27% in 2020. This growth is attributed to an increasing frequency of security breaches that are targeting business applications.
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The cloud segment dominated the market and held the largest market share of 55.29% in 2020.
Based on deployment mode, the global application security market is segmented into on-premises and cloud. The cloud segment dominated the market and held the largest market share of 55.29% in 2020. This growth is attributed to the cost-effective & integrated safety in various industries, either large or small.
The mobile application security segment dominated the market and held the largest market share of 59.05% in 2020.
Based on application, the global application security market is segmented into mobile application security & web application security. The mobile application security segment dominated the market and held the largest market share of 59.05% in 2020. This growth is attributed to the multiple applications in the detection of cyber vulnerabilities.
Regional Segment Analysis of the Application Security Market
- North America (U.S, Canada, Mexico)
- Europe (Germany, France, U.K, Italy, Russia, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- Latin America (Brazil, Argentina)
- The Middle East and Africa (South Africa, UAE, Saudi Arabia and the Rest of MEA)
Based on geography, the application security market has been classified into North America, Europe, Latin America, Asia Pacific, and the Middle East and Africa. North America region holds the largest market share of 28.39% in the year 2020. This growth is attributed to the high availability of adequate infrastructure and increasing penetration of cloud-based networks & mobile devices globally. Moreover, the rising adoption of IoT devices, increasing number of internet users, and strict industry & government regulations for the security of enterprise processes will stimulate the application security market. Furthermore, the strong appearance of leading application security providers & producers is fueling the market growth worldwide. On the other hand, the Asia Pacific region is witnessing significant growth due to the increase in the occurrence of security breaches that target business applications. Additionally, the growing number of cyber-attacks at the application layer, stringent government bylaws, and increasing mobile & web applications are expected to thrust the market growth in the region.
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About the report
The global application security market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each piece. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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