Application Security Market, Trends, Analysis, Opportunities, Share and Forecast – 2019-2027:
Drivers of this application are advancements in technologies and the adoption of smart-phones at a higher rate in recent times. The application security market is stimulated by the increased amount of cyber attacks and government regulatory policies enforced. Advent in the internet of things, automation and software technologies across various industries. The market is boosted by rising in investments by the partners to increase the contribution of application security. The financial industry has increased the adoption of application security systems in the market. The utilization of hyper-connected business environments is increasing which requires sophisticated application security systems.
Breach of data is eliminated by the sophisticated security technologies that are in the phase of evolution. Global awareness for application security leading to stringent government regulations is expected to drive the market in the forecast period. Usage of software, hardware, and other measures to protect applications from external attacks or threats, improves the security system of enterprise applications in organizational operations. Government sites and links must be protected from hackers as they contain vital national data, enhancing the use of application security systems.
Robust regulatory compliance for cybersecurity among industry verticals to secure software and data via the cloud is expected to increase demand for cloud application security. The integration of cloud application security solutions with current security infrastructure of industries are opting for cloud services is a factor that stimulates the market growth of global cloud application security. Less acceptance of cloud access security broker (CASB) among organizations constraint for its market growth.
The Application Security Market was valued at USD 4.00 billion in 2019 and is expected to reach USD 20.9 billion by 2027, at a CAGR of 25% over the forecast period 2019 – 2027.
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BSFI segment is observed to boost this market growth:
Banking, financial, and insurance services are projected to have a good adoption rate for these services. Monetary transactions involved in the banking sector have huge confidential information concerning the customers. Thus, the information is crucial to protect with the help of application security software.
Smartphones have seen significant growth and adoption within a decade. With an increase in smartphones has been a rapid increase in a variety of applications that run on various platforms. The protection of this software are vital and cannot be ignored as they constitute confidential information. Risk factors have only increased and that has increased the demand for security for various purposes.
Asia-Pacific is a leading consumer of the application security market:
Asia-Pacific, the rising economy of countries are playing a vital role in increased market share. Various enterprises are establishing and evolving in the APAC region contributing to market demand substantially. A surge in the adoption of smart-phones and applications associated with them is driving the market growth of these nations. APAC is stated by holding more than 23% of the global application security market share in 2017. North America has accounted for the largest regional market for application security and had valued a substantial valuation of USD 1 billion in 2017. Canada accounted for the growth off at a faster CAGR of 24.51% during the forecast period.
The market for application security is growing at a rapid pace due to the demand increase in the market and it is being catered by various competitive organizations across the globe. Oracle Corporation is one of the vital players of the application security market. It has generated revenue of USD 39.83 billion and has a net income of USD 3.82 billion in the year 2018. It is headquartered in the U.S.
IBM Corporation, Oracle Corporation, Micro Focus International PLC., Checkmarx Ltd., Veracode (Thoma Bravo), Synopsys, Inc., WhiteHat Security, Inc.( NTT Security Corporation), Rapid7, Inc., Qualys, Inc., SiteLock, LLC., Contrast Security, Positive Technologies, Fasoo.com, Inc.,
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