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Global Application Security Market to Reach US$ 17.67 Billion by 2027, Propelled by Rising Incidences of Online Fraudulent Activities

Published on Nov 25, 2022

According to the latest report by IMARC Group, titled “Application Security Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global application security market reached US$ 6.48 Billion in 2021. Application security refers to the process of enhancing, developing, and analyzing the features within an application in order to protect it from security vulnerabilities. A security framework prevents vulnerabilities in applications from being exploited through the discovery, repair, and enhancement of security features and capabilities within applications, which are often used to prevent unauthorized modification and access. The process also involves several proactive steps, such as authentication, authorization, encryption, and logging to find and patch vulnerabilities before hackers can exploit them. In turn, this improves the security of client data, optimizes workflow, and maintains application lifecycles for enterprises. Applications security solutions are beneficial for various enterprises as they secure sensitive customer data to build customer confidence, protect sensitive data from leaks, and enhance investor and lender trust.

Global Application Security Market Trends:

The global market is majorly driven by the rising incidences of fraudulent online activities, data breaches and cyber-attacks. This can be attributed to a paradigm shift toward cloud accessed applications across numerous end-use sectors. In line with this, the rising trend of work from home (WFH) and bring your own device (BYOD) policy in the corporate sector resulting in a higher possibility of data vulnerability is providing an impetus to the market. Moreover, the growing adoption of smart devices, such as smartphones, tablets, smart wearables and laptops, for accessing online applications is also acting as a significant growth-inducing factor for the market. The integration of artificial intelligence (AI), machine learning (ML), and user and event behavior analytics (UEBA) to predict, derive, or apply implications to forecast and identify security vulnerabilities is creating a positive market outlook. The market is further propelled by favorable initiatives undertaken by the governments of several countries to enhance cybersecurity via incorporating security identifiers (IDs). Some of the other factors contributing to the market include the escalating demand for outsourcing security models in numerous organizations, the growing requirement for improved software development lifecycle (SDLC), improving internet penetration and the emergence of 5G, and the augmenting demand for SaaS-based mobile application security. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 17.67 Billion by 2027, exhibiting a CAGR of 17.60% during 2022-2027.

Market Summary:

  • Based on the component, the market has been segmented into solution and services.
  • On the basis of the type, the market has been divided into web application security and mobile application security.
  • Based on the testing type, the market has been categorized into Static Application Security Testing (SAST), Dynamic Application Security Testing (DAST), Interactive Application Security Testing (IAST), and Runtime Application Self-Protection (RASP).
  • On the basis of the deployment mode, the market has been classified into on-premises and cloud-based.
  • Based on the organization size, the market has been segmented into large enterprises and small and medium-sized enterprises.
  • On the basis of the industry vertical, the market has been divided into BFSI, healthcare, IT and telecom, manufacturing, government and public sector, retail and e-commerce, and others.
  • On the geographical front, the market has been segregated into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
  • The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Capgemini SE, Checkmarx Ltd., Cisco Systems Inc., Contrast Security Inc., International Business Machines Corporation, Micro Focus International plc, Ntt Security Appsec Solutions Inc. (NTT Ltd.), Oracle Corporation,    Qualys Inc., Rapid7, Synopsys Inc., and Veracode.
     

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