Application Security Market Worth $5.5 Billion by 2028 – | #cloudsecurity


Redding, California, Nov. 16, 2021 (GLOBE NEWSWIRE) — According to a new market research report titled, Application Security Market by Component (Software Tools, Services), Type (Web Application Security, Mobile Application Security), Deployment Mode, Organization Size, End User (Retail, Healthcare, Manufacturing, and Others)Global Forecast to 2028, published by Meticulous Research®, the application security market is expected to grow at a CAGR of 7.6% from 2021 to 2028 to reach $5.5 billion by 2028.

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Application security is the process of developing, adding, and testing security features within applications to prevent security vulnerabilities against threats such as unauthorized access and modification. Application security solutions help companies secure their software applications, including legacy, mobile, third-party, and open-source applications. Several industries and organizations, including retail, BFSI telecom, and healthcare, are deploying this technology worldwide on a considerable scale.

The growing need for application security in the banking sector, rising security breaches in business applications, and growing demand for mobile app security services are the key factors driving the growth of the application security market.

However, the high dependency on vulnerable open source applications and the COVID-19-induced global economic downturn are expected to pose serious challenges to the growth of the application security market.

Impact of COVID-19 on the Application Security Market

The COVID-19 pandemic caused a widespread economic downturn as several countries imposed strict lockdowns to contain the infection, resulting in the closure of manufacturing industries and disruptions in supply chains and production schedules. There has been a significant impact on technology supply chains globally. The uncertainty regarding the possible length of lockdowns and supply chain disruptions has made it an arduous task for industry players to anticipate the resurgence in the application security industry. Thus, the crisis is expected to cause structural shifts that would have significant implications for this industry.

The lockdown has negatively impacted the manufacturing, transportation, retail, IT & telecom, and energy & utility industries. However, the adoption of application security is on the rise in the healthcare sector. The rapid spread of the COVID-19 pandemic has strained the global healthcare networks and systems, affecting critical, life-saving operations and processes. Therefore, healthcare facilities are increasingly adopting application security technology to control health data and patient data security fraud.

In addition, application security solutions play a significant role in handling uncertainties in the banking and financial services sector. These solutions facilitate serverless protection, software composition analysis, correlation tools, and test coverage analysis. Such applications have helped the application security market sustain during the COVID-19 crisis.

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The global application security market is segmented by component (software tools, services), type (web application security, mobile application security), deployment mode (on-premises, cloud), organization size (SMEs, large enterprises), end user (BFSI, manufacturing, healthcare, retail, government, education, media & entertainment, IT & telecom, energy & utilities, other end users), and geography. The study also evaluates industry competitors and analyses the market at the country level.

Based on component, the software tools segment is expected to emerge as the largest segment in the overall application security market in 2021. The large market share of this segment is mainly attributed to rising data and security breaches, growing demand for mobile app security services, increasing focus on software solution-centric security capabilities, and adoption of AI in web and mobile-based security processes. In addition, the benefits of application security software tools, such as high performance, reliability, comprehensive vulnerability coverage, false-positive reduction, zero process disruption, and secure real-time applications, further augment the growth of this segment. However, the service segment is expected to record the fastest growth over the forecast period due to the wide adoption of application security services across all industry verticals.

Based on type, the web application security segment is expected to command the largest share of the overall application security market in 2021. The large market share of this segment is mainly attributed to the rising demand for filtering and monitoring HTTP traffic between web applications, growing adoption of AI for web applications, and rising demand for SaaS-based web application security solutions. However, the mobile application security segment is expected to record the fastest growth during the forecast period.

Based on the end user, the application security market is segmented into retail, government, BFSI, healthcare, IT & telecom, education, energy & utilities, media & entertainment, manufacturing, and other end users. In 2021, the retail segment is expected to command the largest share of the overall application security market. The large market share of this segment is mainly attributed to the constant evolving threats in the retail sector, the rise of e-commerce platforms, the rising need to handle massive web traffic, and the growing demand for securing online payments.

However, the healthcare segment is projected to grow at the highest CAGR during the forecast period owing to the increasing demand for controlling fraud related to health data and increasing research & development activities in the healthcare sector.

Based on geography, North America is expected to command the largest share of the global application security market in 2021. The large market share is mainly attributed to the presence of prominent players offering advanced application security solutions and services to various sectors in the region.

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Additionally, the high market growth rate is attributed to the integration of AI for web and mobile applications, the proliferation of digital services, and technological advancements in the region. Also, favorable government initiatives across the region and investments by major application security companies are further accelerating the growth of this market in North America.

However, Asia-Pacific region is expected to witness a significant growth rate during the forecast period. The region is transforming dynamically with respect to the adoption of new technologies across various sectors. The infrastructural growth in APAC, especially in China, South Korea, Australia, Singapore, Japan, and India; and the increasing importance of web and mobile application security present huge opportunities for the growth of the application security market.

This report also includes an extensive assessment of the key strategic developments adopted by the leading market participants in the industry over the past four years. The application security market has witnessed a number of product launches in recent years. For instance, in February 2021, Checkmarx launched its KICS (Keeping Infrastructure as Code Secure) solution to secure cloud-native applications.

The global application security market is consolidated and dominated by a few major players, namely Synopsys, Inc. (U.S.), Acunetix (Malta), Micro Focus International plc. (U.K.), F5 Networks, Inc. (U.S.), Veracode, Inc. (U.S.), IBM Corporation (U.S.), Snyk Limited (U.K.), Rapid7, Inc. (U.S.), NowSecure (U.S.), Qualys, Inc. (U.S.), Fortinet, Inc. (U.S.), Checkmarx Ltd. (Israel), Imperva, Inc. (U.S.), Data Theorem, Inc. (U.S.), NTT Security AppSec Solutions Inc. (U.S.), Lookout, Inc. (U.S.), VMware, Inc. (U.S.), and Pradeo (France) among others.

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/application-security-market-5224

Scope of the Report:

Application Security Market, by Component                                

  • Software Tools
    • Static Application Security Testing (SAST)                                   
    • Dynamic Application Security Testing (DAST)                              
    • Interactive Application Security Testing (IAST)                                           
    • Software Composition Analysis (SCA)                                          
    • Other Software Tools (Runtime Application Self Protection, Serverless Protection)
  • Services
    • Professional Services
      • Consulting services
      • System Integration Services
      • Training and Maintenance Services
    • Managed Services              

Application Security Market, by Type

  • Web Application Security
  • Mobile Application Security

Application Security Market, by Deployment Mode

Application Security Market, by Organization Size

Application Security Market, by End User                     

  • BFSI
  • Retail
  • Government
  • Healthcare
  • IT & Telecom
  • Education
  • Energy & Utilities
  • Media & Entertainment
  • Manufacturing
  • Others (Agriculture, Defense, Transportation & Logistics, etc.)

Application Security Market, by Geography

  • North America
  • Europe
      • UK
      • Germany
      • France
      • Italy
      • Spain
      • Sweden
      • Rest of Europe
  • Asia-Pacific
      • China
      • Japan
      • India
      • South Korea
      • Australia and New Zealand
      • Rest of Asia-Pacific
  • Latin America
      • Brazil
      • Mexico
      • Rest of Latin America
  • The Middle East and Africa
      • Saudi Arabia
      • UAE
      • Israel
      • Rest of MEA

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     Amidst this crisis, Meticulous Research® is continuously assessing the impact of COVID-19 pandemic on various sub-markets and enables global organizations to strategize for the post-COVID-19 world and sustain their growth. Let us know if you would like to assess the impact of COVID-19 on any industry here- https://www.meticulousresearch.com/custom-research
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About Meticulous Research®

Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.

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