Surging Cyber Breaches augments the Global Application Security Market Growth at 14.81%

According to the estimations put forth by Inkwood Research, the Global Application Security Market is predicted to project a CAGR of 14.81% in terms of revenue during the forecasting years of 2021-2028.

"Browse 67 Market Data Tables and 56 Figures spread over 180 Pages, along with an in-depth TOC on the Global Application Security Market Forecast 2021-2028."

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Application security entails security measures at the application level, preventing data from being stolen or hijacked. It also includes security considerations of application development and design, along with systems and approaches to protect apps upon deployment.

Primary Driver: Rising Cyber Breaches

Cybercrimes are on the rise, incurring losses worth USD 400 billion worldwide, as per the Center for Strategic and International Studies. Governments and enterprises across the globe are looking for better cyber strategies. Businesses are expanding beyond on-site data centers and desktops to include remote and cloud networks. This results in potential opportunities for vital information theft. At present, more than 80% of security breaches target software applications. It thus becomes necessary to manage applications, systems, and security to detect vulnerabilities early.

According to a report by NBC News, almost 90% of healthcare organizations in the US suffered from data breaches between 2013 and 2015. There is a growing demand for application security services and solutions to address the rising number of cyberattacks, which propels the market growth.

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Fastest-growing Solution: Mobile Application Security

Mobile applications have surged in recent years. The growing penetration of smartphones has led to the rising deployment of mobile applications. Companies are shifting their services to mobile applications, offering convenience to consumers. Enterprises are also using mobile apps for an efficient workflow. They are aiming for better work productivity through work-centric mobile applications. Such developments have also led to increased security threats.

Data security is a major concern of application developers and organizations that deploy mobile applications. Security testing is an essential aspect of software deployment. With increasing smartphone usage in third-world countries and shifting preference to web-based systems, the mobile application security market is projected to record high growth.

Major Region: North America

Cyberspace is expanding in the North American region, given the innovative developments like IoT and big data. The presence of prominent IT hubs and a rising number of SMEs incorporating cloud solutions for increasing business efficiency contributes to the region's market prospects. Such aspects are also set to lead to new security challenges in terms of system and network security. Several forms of cybercrimes are rising in the region, leading to financial losses and business interruptions.

The market players are developing new security testing solutions, resulting in the intense competitive rivalry. New players are evaluated to sustain through new technologies and improvements in testing tools. Some of the market's main players are Synopsys, Rapid7 Inc, Checkmarx, IBM Corporation, Hewlett Packard Enterprise, etc.

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Related Reports:
GLOBAL MOBILE SECURITY MARKET (https://inkwoodresearch.com/reports/mobile-security-market/)

GLOBAL SECURITY TESTING MARKET (https://inkwoodresearch.com/reports/security-testing-market/)

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