The Global Application Security Market to Advance at CAGR of 15.10% by 2028

Triton Market Research presents the Global Application Security Market segmented by Deployment (On-Premise, Cloud), Testing Type (IAST, SAST, RASP, DAST, Others), Solution (Mobile Application Security, Web Application Security), Organization Size (Large Enterprise, Small and Medium Enterprise), End-user (Healthcare, Manufacturing, BFSI, IT & Telecom, Retail, Government and Defense, Others), Service (Professional, Managed), and Geography (North America, Asia-Pacific, Middle East and Africa, Europe, North America). The report also discusses the Market Summary, Industry Outlook, Key Insights, Impact of COVID-19, Porter's Five Forces Analysis, Market Attractiveness Index, Vendor Scorecard, Key Market Strategies, Drivers, Challenges, Opportunities Competitive Landscape, Methodology & Scope, Global Market Size, Forecasts & Analysis (2021-2028).

As determined by Triton Market Research's report, the global application security market is probable to witness growth at a CAGR of 15.10% over the forecast period 2021-2028.

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Over the years, the growing adoption rate of web services has made application security solutions a necessity across several industrial verticals, including healthcare, retail, and government.

Data breaches can severely impact the inflow of foreign direct investments causing fluctuations in the economy. Moreover, such security breaches can impact public security. This has compelled government bodies across the world to develop security-testing frameworks, striving to encourage businesses and governmental organizations to implement security systems. Hence, favorable government regulations supporting security needs are generating new opportunities for the applications security market. However, lack of expertise and budget constraints in implementing application security systems majorly hinder the overall progression of the studied market.

The Asia-Pacific is likely to observe the fastest growth rate in the application security market over the estimated period 2021-2028. In Japan, businesses are beginning to recognize the threats posed by cyberattacks, leading them to increase investments to safeguard their business models. Moreover, the government established the National Centre of Incident Readiness and Strategy for Cybersecurity. Such measures are estimated to influence the growth of the application security market across Japan, in turn, adding to the region's growth.

The key players in the application security market comprise Whitehat Security, Veracode Inc, Trustwave, Sitelock, Contrast Security, Rapid7 Inc, Pradeo, IBM Corporation, Qualys Inc, Nsfocus, Synopsys, Hewlett Packard Enterprise, Acunetix, and Checkmarx.

Numerous factors, such as market penetration, market concentration, and profitability, determine the competition level among existing market players. Presently, the current market players are involved in developing new application security solutions, increasing the competition levels. For instance, IBM Corporation is focused on application security assessment, making constant enhancements to identify vulnerability and prevent security breaches. Further, the well-established players are engaged in vigorous advertising and marketing strategies, soaring the competition levels across the market while restricting new players to penetrate deeper into the market.

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