Application Security Market Size, COVID-19 Impact Analysis, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI1798
Application Security Market size is set to gain considerable traction over 2021-2027, considering the rapid digital revolution and the deployment of cloud computing technology worldwide. Due to the security limitations in the cloud, enterprises are increasingly employing endpoint protection to meet the highest application security standards and efficiently detect threats.
Application security refers to the process of adding, developing, and testing security features at the application level to prevent vulnerabilities against threats like modification and unauthorized access. It encompasses the security considerations during the development and design of the app, and involves approaches and systems to safeguard apps following their deployment.
Escalating adoption of innovative technologies like AI and ML in cybersecurity and the high penetration of e-Commerce sales channels are the key trends characterizing the application security market demand. Over 187.5 million U.S. citizens are expected to make at least 1 purchase through a mobile app or browser by 2024. Due to the rapid transition towards the online platforms, digital retail stores are witnessing challenges in tackling their security and privacy issues, which will further drive the demand for web application security. Walgreens, for instance, reported a major data breach in 2020, which exposed private information like store and prescription numbers and shipping addresses of the users.
In terms of segmentation by deployment, application security market share from cloud segment is set to depict a strong growth rate through 2027. This is attributable to the rising adoption of apps and services through cloud-native approaches. Furthermore, the introduction of cloud-native application security solutions to protect AWS environments will further boost the segment expansion. For example, Checkmarx Application Security Testing solutions enable organizations to perform open-source, static-code, Infrastructure-as-code, and third-party code analysis within the secure software development environment of AWS.
Regionally, Europe is expected to emerge as a lucrative revenue pocket for the application security industry by 2027. This is a result of the strong focus of the European Union on shaping the digital future. Digital technology has been gaining widespread adoption in the region, especially to transform the economy amid the prevailing COVID-19 crisis. Furthermore, the presence of strict regulatory policies to reduce the risks of data breaches will further augment the regional industry share. In 2021, Norwegian regulators fined Grindr more than $10 million, on grounds of sharing users’ personal information with advertising companies without their consent.
Prominent players functioning in the application security market include Pradeo, Contrast Security, Checkmarx, Fasoo, Qualys, WhiteHat Security, Transport America (TFI International), Veracode (Thoma Bravo), and IBM Corporation, and others. Innovative service launches, partnerships, and acquisitions are the key strategies being employed by these industry players to expand their business footprint across the global market. For instance, IBM Security launched a new suite of security services in March 2021, designed to help organizations safeguard data, applications, workloads, and user identities across on-premises and cloud systems.
Disruptions in Banking Businesses Amid COVID-19 May Impact Application Security Market Trends:
In the wake of the coronavirus pandemic, the banking and financial services sector has been witnessing challenges due to the sub-optimal growth in GDP and the liquidity crisis. The ongoing crisis is triggering an expected decline in credit growth caused by the economic slowdown, asset quality deterioration, lockdown impact, and increase in credit costs. But the adoption of digital banking and finance solutions across payments sector surge, driving application security solutions importance across the BFSI sector.
Increasing usage of digital mobile payment systems during the crisis could help the application security market regain momentum in the upcoming years. As per Synopsys’ Cybersecurity Research Center report on the state of mobile application security amid the pandemic, over 63% of the apps on the Google Play Store consist of open source components with known vulnerabilities. The center also uncovered various other concerning security issues, such as excessive mobile permissions and sensitive data exposure, highlighting the significance of robust AppSec solutions.
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