Application Security Market Forecasts to 2028 - Global Analysis By Component (Services, Solution), Type (Mobile, Web), End User (Education,Healthcare), and By Geography

According to Stratistics MRC, the Global Application Security Market is accounted for $7.21 billion in 2021 and is expected to reach $23.11 billion by 2028 growing at a CAGR of 18.1% during the forecast period. Application security is the method of securing applications by finding, fixing, and improving the security of apps. Various techniques are utilized to surface such security vulnerabilities at different stages of an application's lifecycle. Prevention, fixing, and detecting vulnerabilities are some of the tasks of application security.

Market Dynamics:

Driver:

Increasing security breaches

Security breaches keep on being a threat to consumers and enterprises. The foundation of digital infrastructure depends on communication between business-critical applications and data, which are shared across stages, devices, and users. Business applications hold basic organizational information and are the objective of cybercriminals. Common vulnerabilities and exposures database has more vulnerabilities in commonly utilized applications and the applications have no patches available. Even if patches are available then consumers and enterprises do not apply them, making cybercriminals more productive in breaking application codes. Attributable to the rise in this kind of security breach targeting business applications, organizations across the world are deploying application security solutions to safeguard web and mobile applications.

Restraint:

Budget constraints

Unused business-basic applications are harmful as they are not updated regularly. Many small and medium-sized enterprises accept that spending money on this kind of applications will cost the organization. The reason of which unused applications makes long-term security threats as it is not difficult to crack unused applications and get into the IT infrastructure regardless whether the application was business-critical or rarely used web application. Budget constraint and return on investment for small and medium-sized enterprises is restraining the growth of the application security market.

Opportunity:

Increasing adoption of technologies in web- and mobile-based security process

Application security covers web and mobile applications that pass through different phases of the security development life cycle; for instance, security design and security coding. Various artificial intelligence specific areas, such as machine learning and expert systems, can be utilized to further develop application security to derive, predict, or apply inferences to forecast security threats, and identify security vulnerabilities and the security coding remediation guidance. Security auditors with the assistance of these innovations can automate attack threat identification and the code review process. Several organizations have adopted artificial intelligence and machine learning for application development programs.

Threat:

Unused web and mobile applications

Unused applications are the biggest challenge. It is often seen that customers and enterprises carry applications, which will be rarely utilized or will remain unused for a long time. This type of applications presents greater threats. The unused apps can still start a connection, scan files and photos, and upload sensitive information to their mother ship unknowingly. Hence, it is important to eliminate those applications and use applications security solutions to limit threats.

The cloud segment is expected to be the largest during the forecast period

The cloud segment is estimated to have a lucrative growth owing to the adoption of cloud computing among small and medium-scale enterprises. Several organizations are steadily moving towards cloud infrastructure, and this trend is likely to grow in the coming years. The high growth rate of this segment is attributed to its ease of adoption, minimal requirement of in-house infrastructure, scalability, and easy installation of security solutions.

The banking, financial services and insurance (BFSI) segment is expected to have the highest CAGR during the forecast period

The banking, financial services and insurance (BFSI) segment is anticipated to witness the fastest CAGR growth during the forecast period as banks and financial institutions store and handle large amounts of sensitive customer financial data, such as payment information, money transaction details, credit card/debit card details, account numbers, and trading transactions.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period due to increasing adoption of technologies, such as AI and IoT. Additionally, the increasing significance of web security & privacy concerns, developing web & mobile infrastructure, and the growing threat of cyberattacks are likely to boost the market growth in the region. Because of the low budget for cybersecurity organizations in this region make more utilize of open source applications for security testing purposes, which have high potential infringement issues, operational risks, and malpractices.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period owing to the proliferation of mobile devices and rise in cloud based networking along with the presence of major key players. The government authorities in the region are also working to decrease cybercrimes in the region. The government influence also encourages the use of application security solutions.

Key players in the market

Some of the key players profiled in the High Voltage Cables Market include Sumitomo Electric Industries, Ltd., TELE-FONIKA Kable S.A. , NKT Cables, Southwire Company, LLC, HITACHI, LTD., Siemens AG , Prysmian group, Nexans, Dubai Cable Company Pvt. Ltd. and TBEA Co. Ltd.

Key Developments:

In Feb 2021, Qualys introduced Qualys SaaS Detection and Response (SaaSDR) to further its offerings in the application security platform for SaaS applications. Qualys SaaSDR helps ImagineX with our Microsoft Office 365 and Google Workspace deployments' security and compliance.

In September 2020, MicroFocus launched Hybrid Cloud Management X, designed to simplify the delivery of multi-cloud services. The offering is a cloud-native, multi-tenant management platform that can run in the public cloud or on-premises.

Deployment Modes Covered:

• On-Premise
• Cloud

Components Covered:

• Services
• Solution
• Software Tools

Organization Sizes Covered:

• Large Enterprises
• Small and Medium-Sized Enterprises

Types Covered:

• Mobile Application Security
• Web Application Security

End Users Covered:

• Transportation & Logistics
• Retail & E-commerce
• Media & Entertainment
• Education
• IT & Telecom
• Healthcare
• Government and Public Sector
• Energy & Utilities
• Defense
• Banking, Financial Services and Insurance (BFSI)
• Agriculture
• Manufacturing

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances