Application Security Market: Meticulous Research® Reveals Why This Market is growing at a CAGR of 7.6% to Reach 5.5 Billion by 2028

Application security has recently received significant attention from the retail, BFSI, healthcare, IT & telecom sectors due to the considerable benefits offered by the technology, including high performance, reliability, scalability, comprehensive vulnerability coverage, reduced cost of risk, false-positive reduction, and secure real-time applications. Meticulous Research®, in its latest publication on the application security market, states that the global application security market will grow at a CAGR of 7.6% from 2021 to 2028 to reach $5.5 billion by 2028.

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This market's growth is supported by the need for application security in the banking sector, rising security breaches targeting business applications, favorable government regulations, and growing demand for mobile app security services. However, the high dependency on vulnerable open source applications and global economic downturn due to the COVID-19 pandemic considerably obstructed the growth rate of the application security market.

To provide efficient analysis, Meticulous Research® has segmented this market based on 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 user), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa).

Based on geography, North America is expected to command the largest share of the application security market in 2021. The large market share is attributed to the presence of prominent players offering advanced application security solutions & services in the region. Numerous companies in the region are adopting application security technologies to enhance their IT infrastructure and leverage the benefits of new technologies, such as AI and IoT driving the growth rate of this market in the region.

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However, Asia-Pacific is projected to grow at the fastest CAGR during the forecast period. The high market growth rate in the region is attributed to the growing importance of web security & privacy concerns, developing internet & mobile infrastructure, and the growing threat of cyberattacks.

Based on end user, the retail sector is expected to command the largest share of the application security market in 2021. The large market share of this segment is mainly attributed to the rising adoption of application security solutions by the retail sector due to its various benefits such as reduced cost of risk from third party sources, streamlined operations, handling massive web traffic, and reliable application services.

Additionally, the constant evolving threats in the retail sector, the rise of e-commerce platforms, and the growing demand for securing online payments are expected to drive the demand for application security solutions in the retail sector. However, the healthcare sector is expected to grow with the fastest growth rate over the coming years.

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Based on type, the web application security segment is expected to command the largest share of the application security market in 2021. The large market share of this segment is mainly attributed to the rising data and security breaches and growing demand for filtering and monitoring HTTP traffic between web applications. However, the mobile application security segment is expected to witness the fastest growth rate over the coming years. The increasing demand for SaaS-based mobile application security is expected to support this segment's high growth rate.

Based on organization size, the large enterprise segment is expected to command the largest share of the application security market in 2021. The large market share of this segment is due to its strong infrastructure and the management of application security platforms by skilled IT personnel. Also, large enterprises focus on desired security channels against cyber threats to retain their customers, boost sales, and validate necessary steps to overcome market interruptions, such as the COVID-19 outbreak.

The report provides competitive intelligence in terms of financials, growth strategies, product portfolios, and geographical presence on some of the key players operating in this market, including 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).

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