The Global Application Security Market Calculated to Propel at $12106.32 Million by 2028

A recent study by Triton Market Research titled 'Global Application Security Market' entails the Global Analysis and Forecasts by Solution (Web Application Security, Mobile Application Security), End-user (IT & Telecom, Government and Defense, Healthcare, Retail, Manufacturing, BFSI, Others), Testing Type (RASP, IAST, DAST, SAST, Others), Service (Managed, Professional), Deployment (Cloud, On-Premise), Organization Size (Small and Medium Enterprise, Large Enterprise), and by Geography (Middle East and Africa, Europe, North America, Asia-Pacific, Latin America).

The growth in web services, along with the rise in cybercrimes, have increased the need for application security solutions across numerous industries. These solutions are offered based on web and mobile application security.

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Triton's research report insinuates that the global application security market is forecasted to grow at a CAGR of 15.10% in revenue during 2021-2028. Besides, it is likely to attain a value worth $12106.32 million by 2028.

The surge in cyber breaches, the introduction of strict by-laws, and outsourcing of IT services are key factors motivating the progression of the application security market worldwide. In recent years, threats pertaining to cybersecurity have been a matter of concern for governments and businesses. Moreover, the growth in e-commerce platforms has boosted cyberattacks, resulting in substantial financial loss. This has compelled governments to formulate IT security regulations across different verticals. For instance, the Health Insurance Portability and Accounting Act in the US provides data security and privacy provision to protect medical information. However, lack of expertise in the field, along with budget constraints for deploying these solutions, negatively impact the overall growth of the application security market.

The application security market is segmented into solution, end-user, testing type, service, and organization size. Based on solution, it is bifurcated into web application security and mobile application security. In terms of end-user, it is sectioned into it & telecom, government and defense, healthcare, retail, manufacturing, BFSI, and others. Similarly, testing type is subdivided into RASP, IAST, DAST, SAST, and others. The service segment is branched into managed and professional. Further, deployment-wise the division is as per cloud and on-premise. Lastly, organization size is categorized into small and medium enterprise and large enterprise.

Presently, North America holds the largest market share in the application security market. In the region, the US government is heavily concentrating on developing its cybersecurity infrastructure, especially for financial institutions. For example, authorities in New York implemented a new cybersecurity regulation, which requires banks to have a robust cybersecurity plan and deploy CISO to regulate maintenance. Hence, these government initiatives are likely to boost the application security market on a growth path across the country.

Contrast Security, Whitehat Security, Acunetix, Checkmarx, Veracode Inc, Nsfocus, Sitelock, Hewlett Packard Enterprise, Rapid7 Inc, Trustwave, Synopsys, IBM Corporation, Pradeo, and Qualys Inc are well-known companies in the application security market.

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Question & Answer: Application Security Market

Question 1: What key factors are motivating the progression of the application security market worldwide?
Answer: The surge in cyber breaches, the introduction of strict by-laws, and outsourcing of IT services are key factors motivating the progression of the application security market worldwide.

In recent years, threats pertaining to cybersecurity have been a matter of concern for governments and businesses. Moreover, the growth in e-commerce platforms has boosted cyberattacks, resulting in substantial financial loss. This has compelled governments to formulate IT security regulations across different verticals. For instance, the Health Insurance Portability and Accounting Act in the US provides data security and privacy provision to protect medical information.

Question 2: What factors negatively impact the overall growth of the application security market?
Answer: The lack of expertise in the field, along with budget constraints for deploying these solutions, negatively impact the overall growth of the application security market.

Question 3: Which region holds the largest market share in the application security market?
Answer: Presently, North America holds the largest market share in the application security market. In the region, the US government is heavily concentrating on developing its cybersecurity infrastructure, especially for financial institutions.

For example, authorities in New York implemented a new cybersecurity regulation, which requires banks to have a robust cybersecurity plan and deploy CISO to regulate maintenance. Hence, these government initiatives are likely to boost the application security market on a growth path across the country.

Question 4: Which are the well-known companies in the application security market?
Answer: Contrast Security, Whitehat Security, Acunetix, Checkmarx, Veracode Inc, Nsfocus, Sitelock, Hewlett Packard Enterprise, Rapid7 Inc, Trustwave, Synopsys, IBM Corporation, Pradeo, and Qualys Inc are well-known companies in the application security market.

Related Report:
Global Mobile Security Market - https://www.tritonmarketresearch.com/reports/mobile-security-market#report-overview

The global mobile security market is envisioned to progress at a CAGR of 14.35% during the period of 2021-2028, while reaping $8444.99 million in revenue by 2028.

Mobile security includes protecting smart devices from data theft, virus, online identity theft, hacker attacks, and accidental loss, among others. The mobile security solutions also help block unwanted texts while removing malicious applications that threaten the user's data.

The rising number of mobile payments, surge in need to provide security to video streaming content, and growing demand for protection due to BYOD adoption at workplaces are significant factors supporting the expansion of the studied market globally.

However, the high cost of mobile security solutions and lack of awareness have hindered the growth of the mobile security market.

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