Global Application Security Market to Thrive at $12106.32 Million in Revenue by 2028

According to Triton’s report, the global application security market, which garnered $4523.60 million in 2021, is estimated to grow at 14.89% of CAGR by 2028.

A recent study by Triton Market Research titled ‘Global Application Security Market’ entails the Global Analysis and Forecasts by Offering (Solution [On-Premise, Cloud], Service [Professional Services, Managed Services]), Organization Size (Large Enterprise, Small and Medium Enterprise), End-user (Retail, BFSI, Healthcare, Government, Education, Other End-users), Security Testing Type (Dynamic Application Security Testing, Static Application Security Testing, Interactive Application Security Testing, Runtime Application Self Protection), Application (Mobile Application Security, Web Application Security), and by Geography (Asia-Pacific, North America, Europe, Middle East and Africa, Latin America).

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Based on Triton’s estimates, the global market for application security is set to display a growth rate of 14.89% during 2022-2028, attaining revenue valued at $1206.32 million by 2028.

The deployment of solutions or software to protect web and mobile applications is known as application security technologies. They are used across government, healthcare, and other end-user sectors.

With the growing digitalization trends, cybersecurity threats have also surged. The vulnerabilities in the web and mobile applications have led to an increase in data breaches. In such a scenario, application security solutions have become imperative to secure confidential information. The most common cyber threats come from non-malware risky application behavior, such as aggressive data collection and data sharing. As a result, several governments have banned data collection without user permission. Therefore, the rise in cyberattacks drives the growth of the application security market.

However, the market faces restraints such as a lack of field expertise and budget constraints.
The market is broadly divided into offering, organization size, end-user, security testing type, and application. The offering is bifurcated into solution and service, with the solution section consisting of on-premise and cloud. The service segment comprises professional services and managed services. The organization size is divided into large enterprises and small and medium enterprises. Additionally, the end-user segment contains retail, BFSI, healthcare, government, education, and other end-users. The security testing type is branched into dynamic application security testing, static application security testing, interactive application security testing, and runtime application self-protection. Lastly, the application section is categorized into mobile application security and web application security.

The Asia-Pacific holds the largest market for application security and is expected to maintain its stronghold till 2028. As per the IBM report, India ranked second on the list of APAC countries that faced the highest cyberattacks in 2020. Japan ranked at the top of the list. Most attacks on enterprises were observed during the initial month of the pandemic. Hence, these factors increase the application security demand across industries, thereby driving the market’s growth.

Pradeo, Acunetix, HCL Technologies, IBM Corporation, Contrast Security, Hewlett Packard Enterprise, Nsfocus, Veracode, WhiteHat Security, Trustwave, Checkmarx, Synopsys, Micro Focus, Qualys Inc, Data Theorem, SiteLock, and Rapid7 Inc are major firms in the application security market.

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Question & Answer: Application Security Market

Question 1: What factor drives the growth of the application security market?
Answer: With the growing digitalization trends, cybersecurity threats have also surged. The vulnerabilities in the web and mobile applications have led to an increase in data breaches. In such a scenario, application security solutions have become imperative to secure confidential information. The most common cyber threats come from non-malware risky application behavior, such as aggressive data collection and data sharing. As a result, several governments have banned data collection without user permission. Therefore, the rise in cyberattacks drives the growth of the application security market.

Question 2: What are the major restraints the application security market faces?
Answer: The market faces restraints such as a lack of field expertise and budget constraints, which will affect its growth over the forecast period.

Question 3: Which region holds the largest market for application security?
Answer: The Asia-Pacific holds the largest market for application security and is expected to maintain its stronghold till 2028. As per the IBM report, India ranked second on the list of APAC countries that faced the highest cyberattacks in 2020. Japan ranked at the top of the list. Most attacks on enterprises were observed during the initial month of the pandemic. Hence, these factors increase the application security demand across industries, thereby driving the market’s growth.

Question 4: Which are the major firms in the application security market?
Answer: Pradeo, Acunetix, HCL Technologies, IBM Corporation, Contrast Security, Hewlett Packard Enterprise, Nsfocus, Veracode, WhiteHat Security, Trustwave, Checkmarx, Synopsys, Micro Focus, Qualys Inc, Data Theorem, SiteLock, and Rapid7 Inc are major firms in the application security market.



Related Report:

Global Enterprise Application Market

The global enterprise application market is expected to showcase growth in its revenue during 2019-2027 at a CAGR of 7.71%. It is anticipated to gain revenue worth $333.28 billion by 2027.

An enterprise application refers to software used in business organizations to resolve operational issues. These applications assist companies in integrating resources with business functions, suppliers, and customers.

The market is driven by factors such as a rising focus on real-time decision-making and increasing IT budgets to remain competitive. Enterprise application software offers flexible, integrated, and real-time decision making support. Moreover, it enhanced the responsiveness across the departments.

Several industries are putting efforts into improving their operational efficiency and customer services. Further, the rapidly evolving business models have increased the demand for enterprise application software.

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