Global Application Security Market Growth Sustained by Increasing Cyber Breaches Incidences

Inkwood Research estimates that the Global Application Security Market is evaluated to project a CAGR of 14.29% in terms of revenue during the forecasting years of 2022-2030.

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Application security is characterized as the process of adding, developing, as well as testing security features across applications, with the key objective of preventing security exposures against threats. These mainly include unauthorized modification and access, among others.

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Increasing Prevalence of Cyber Breaches to Augment Market Growth

As per the estimations put forth by the Center for Strategic and International Studies, cybercrime costs around USD 400 billion globally, every year. As a result, businesses and governments across the world are in pursuit of improved cyber defense strategies.

Cybercriminals target information systems in almost every sector or industry. For instance, healthcare organizations in America have recurrently been attacked by data thieves. A report by NBC News depicted that about 90% of the total healthcare organizations in the United States suffered from data breaches. As a result, businesses undertake several countermeasures against cyberattacks, such as conventional firewalls, encryption/decryption programs, anti-virus programs, spyware detection/removal programs, and biometric authentication systems.

Mobile Application Security is the Fastest-Growing Application

Mobile applications such as social media apps, shopping apps, and gaming apps have observed substantial growth over recent years. The surge in the adoption of mobile devices among end-users has altered the process of sales and marketing, in addition to the branding of a product. Therefore, organizations increasingly prefer introducing mobile applications to their customers. These developments in terms of downloading mobile apps, facilitated by the increasing utility of mobile devices, have augmented the risk of violating security policies, subsequently laying the foundation for security solutions for mobile applications.

Asia-Pacific to lead the Global Market by 2030

Some of the key factors contributing to the adoption of application security solutions in the Asia-Pacific include the growing usage of mobile data for various applications like social media and mobile banking. Furthermore, the rising penetration of smartphones and the internet in nations such as China and India propel the adoption of cyber security in this region. However, the lack of awareness associated with security, stemming from the fact that the majority of companies are inclined towards establishing a reactive approach instead of a proactive approach, may hamper the market's growth.

The global application security market is perforated with both major international vendors and smaller domestic vendors catering to several segments of the market studied. Hence, the industrial rivalry is anticipated to be high.

Some of the top players operating in the market are Trustwave, Acunetix, Sitelock LLC, IBM Corporation, etc.

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About Inkwood Research:
Inkwood Research specializes in syndicated & customized research reports and consulting services. Market intelligence studies with relevant fact-based research are customized across industry verticals such as technology, automotive, chemicals, materials, healthcare, and energy, with an objective comprehension that acknowledges the business environments. Our geographical analysis comprises North & South America, CEE, CIS, Middle East, Europe, Asia, and Africa.

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