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Mobile Application Security Market size valued at USD 4.4 billion in 2022 and is estimated to exhibit a CAGR of 21.9% from 2023 to 2032. The growing shift towards agile development methodologies for faster release cycles in mobile apps will boost the market growth. The rising usage of mobile devices and apps has led to the surging development of high-quality and user-friendly mobile applications. As a result, the growing popularity of agile methodologies over conventional approaches for mobile applications will drive the market growth.
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The growing adoption of mobile apps in IoT devices and the consequent rise in the number of cybercriminals will play a key role in the market expansion. The increasing emphasis on the security of the entire ecosystem, such as IoT devices, mobile apps, and cloud professional services has led to the rising need to prevent potential breaches, adding to the market growth.
Report Coverage | Details |
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Base Year: | 2022 |
Market Size in 2022: | USD 4.4 Billion |
Forecast Period: | 2023 to 2032 |
Forecast Period 2023 to 2032 CAGR: | 21.9% |
2032 Value Projection: | USD 30.9 Billion |
Historical Data for: | 2018 to 2022 |
No. of Pages: | 300 |
Tables, Charts & Figures: | 378 |
Segments covered: | Solution, Services, Enterprise Size, Deployment Model, Industry Vertical |
Growth Drivers: |
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Pitfalls & Challenges: |
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The constant exposure to new and sophisticated threats in the mobile application security industry, including phishing attacks, malware, and data breaches may limit the industry growth to some extent. The lack of awareness of the importance of keeping mobile devices and apps updated can also lead to poor security practices.
The COVID-19 pandemic had a positive impact on the mobile application security market on account of the rising consumer preference for mobile applications for communication, entertainment, and remote work. According to an AppAnnie study, the monthly time spent employing mobile apps increased 40% in comparison to Q2 2019 in Q2 2020. The growing limitations of in-person banking services along with the surging data privacy concerns from COVID-19 contact tracing apps also influenced the market expansion.
The burgeoning adoption of mobile payment platforms and FinTech apps coupled with the consequent rise in security challenges will drive mobile application security market growth. A recent Ponemon Institute Study estimates that capital market firms as well as banks spend nearly USD 18.5 million per year to combat cybercrime. With the growing popularity of QR codes as primary form of payment solutions, the need for protecting financial transactions while securing sensitive user data has significantly increased. The rising preference for mobile apps as opposed to credit or debit cards mainly amongst the younger generation will define the market growth.
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The SMEs segment held a considerable share of the mobile application security market in 2022 and will witness highest growth through 2032. As SMEs increasingly depend on mobile apps for conducting business operations and interacting with customers, the dearth of security measures makes way for financial losses, data breaches, and hindered reputation. The growing adoption of BYOD policies by SMEs for enabling employees to utilize their personal devices for work-related tasks will accelerate the market expansion.
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The retail & e-commerce segment captured 24% share of the mobile application security market in 2022 and may depict appreciable growth from 2023 to 2032. The sensitive data in the retail & e-commerce sector, including payment details, customer personal information, and transaction history has led to the rise in security breaches leading to financial losses and reputational damages. As per Verizon’s 2022 data breach report, the retail industry recorded 629 incidents in 2022, with 241 showing confirmed data disclosure. The rising obligation to limit the risk of security incidents while protecting customer sensitive information in retail and e-commerce businesses will contribute to the segment expansion.
Asia Pacific mobile application security market is expected to register 25% CAGR up to 2032, propelled by the rising smartphone penetration in the region. According to Ministry of Information and Broadcasting in 2022, India had around 600 million smart phone users. The surge in e-commerce platforms as well as mobile banking services is stimulating the adoption of secure mobile applications. The rapid advances in mobile technologies along with the growing government focus on introducing stringent data protection laws and regulations for safeguarding user data and privacy will add to the regional market growth.
Major players operating in the mobile application security market are Acunetix, Micro Focus, Broadcom, Inc., Veracode, Aeries Technology, Onapsis, Indusface, Cisco Systems, Data Theorem, Google, F5, Inc., Ivanti, NowSecure, Sophos, and VMware. These companies are focusing on strategic partnerships to increase their market share. For instance, In January 2023, Ivanti extended its partnership with Lookout Mobile Endpoint Security to offer Mobile Threat Defense in line with its unified endpoint management solution.
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By Solution
By Services
By Enterprise Size
By Deployment Model
By Industrial Vertical
The above information is provided for the following regions and countries: