Application Security Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI1798
Application Security Market size will witness a rapid growth owing to the increasing need for safety in enterprise level applications. It is the process of using hardware, software, and various procedures with additional features to protect enterprise applications from external threats such as cyber-attacks and other data thefts. Application security includes recognizing, correcting, and securing the data from malicious attacks throughout the life cycle of the application.
Combating the increasing security breaches in major industries, such as BFSI, is driving the application security market. The use of software in almost all industry verticals and the protection of these software applications will result in a rise in the industry demand. The rising e-commerce industries carrying a huge customer data and various transactions taking place over the internet need to be protected as they are viable to theft and data leakage, which can cause huge losses to the enterprise. The protection of this data over the web and mobile applications augments the application security market growth.
Many enterprises are facing cyber-attack issues owing to flaws in the development phase of the application security market. Hence, protecting the software and acute data at every stage of the system development life cycle is anticipated to spur the application security market growth. The government’s laws and stringent schemes, such as Cyber growth partnership in India, are also accountable for the industry growth. Major opportunities for the application security market are the increasing use of smartphones and high rate of adoption of IoT. Moreover, rapid digitization in emerging economies will aid the development of the application security market.
Developers reuse old codes, causing security bugs and letting hackers enter organizations through these vulnerable codes. In the case of limited resources, the industry may not be able to locate these potential paths of hackers, which may hamper the industry growth. Moreover, the limited awareness about the benefits of cyber security amongst the public also acts as an inhibiting factor in the application security market growth.
Application security market can be segmented on basis of component solutions, services, deployment methods, and applications. The use of smartphones and tablets has been increasing rapidly, which has resulted in an increase in the data breach; hence, mobile application security is of utmost importance to protect users’ critical information visible to public and private networks.
The application security market offers professional services, which include consulting services and various training and education services. Various enterprises are outsourcing their security services to various third-party service providers due to their dearth of experience and required skills, which are anticipated to boost the application security market over the forecast time span.
On-premise and cloud-based are the two deployment techniques adopted in the application security market. On-premise security tools offer a high level of security and control as compared to cloud techniques. It provides businesses a control of the overall data managed by their IT staff, enhancing the safety. The use of these techniques varies depending upon their application areas.
Banking and insurance services, education, government, media & entertainment, retail, IT, telecommunication, and hospitality are the end-use verticals of the application security market. Various government sites and links should be protected from hackers as they carry vital national data, enhancing the use of application security systems.
Banking, financial, and insurance services are anticipated to observe the highest adoption of these services. Monetary transactions involved in the banking sector have vast confidential information such as customer’s user ids, login details, and account numbers. This data is extremely vital and needs to be protected with the help of application security software.
Healthcare departments use= applications to save patients’ data, which needs to be protected from external threats. They contain vulnerable applications, which can create patient safety issues and uncover subtle patient information. Hence, the application security market is expected to grow in this field.
North America is anticipated to hold the largest share in the application security market over the forecast time span. This is due to the increasing adoption of smart and latest technologies and stringent government laws regarding the security of IT tools for business purposes. Moreover, the presence of many vendors located in this region augments the industry growth.
Asia Pacific will witness major industry growth owing to the increasing population and the rise in the number of smartphone users. Also, the increase in the use of Internet provides various opportunities for hackers. Hence, many companies in this region are investing in cyber security to protect their applications from various threats.
The industry players operating in the application security market include International Business Machine (IBM) Corporation, Veracode, Transport America, WhiteHat Security, Qualys, Fasoo, Checkmarx Ltd., Contrast Security, and Pradeo. These major players are using mergers and acquisitions and partnerships to develop new product lines and maintain their share in the smart transportation market.
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