Application Security Market worth USD 5.5 Billion, growing at a 7.6% CAGR by 2028 - Report by Market Research Future (MRFR)

Market Overview
As per the recent report, the global application security market size is predicted to reach $5.5 billion with a significant CAGR of 7.6% during the forecast period 2021-2028.

The application security system can increase the application's security and can prevent, fix, and detect vulnerabilities. This software provides strict security at different levels and operates new security developments, designing, and maintaining. At present, organizations have a huge number of repositories that need security. Every enterprise requires a robust security plan as hackers are using highly advanced hacking tools and techniques. Hence, it is very essential to secure the organization's data and find the loopholes for breaches. This software uses both software and hardware sets to reduce security issues.

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Key Players: -

• Veracode (U.S.)
• HPE (U.S.)
• Synopsys (U.S.)
• IBM (U.S.)
• WhiteHat Security (U.S.)
• Qualys (U.S.)
• Checkmarx (Israel)
• Acunetix (Malta)
• Rapid7 (U.S.)
• Trustwave (U.S.)
• High-Tech Bridge (Switzerland)
• Contrast Security (U.S.)

Several web applications are present in the application security system which can effectively protect data and passwords. Growing demand for mobile application security and web application security is propelling the market growth. Moreover, the rise in internet penetration and adoption of BYOD policies in organizations results in enhancing the use of personal devices like smartphones, smart wearables, laptops, and tablets for accessing the organization's information. The surging rate of data breaches is fostering the market growth.

The application security market opportunities are the adoption of artificial intelligence and machine learning. Furthermore, the Internet of things (IoT) is boosting market growth. Growing investments in market research & developments will enhance the advanced technologies in application security.
Market Segmentation
The application security market is classified into five segments such as component, deployment mode, organization size, type, and testing type.
Component Segmentation: The application security components are bifurcated into solution and service.
Deployment Mode Segmentation: Based on the deployment mode, the application security market is classified into cloud and on-premises.
Organization Size Segmentation: The application security market based on the organization size is split into small scale enterprise and large-scale enterprise.
Type Segmentation: By type, the application security market is bifurcated into mobile application security and web application security.
Testing Type Segmentation: The application security by testing type is sectioned into four segments such as runtime application security, static application security, interactive application security, and dynamics application security.

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Regional Analysis
By the latest survey, the global application security market based on the region is partitioned into four major regions such as North America, Europe, Asia-Pacific, and the Rest of the World. Among them, Asia-Pacific is accounting for the highest market share due to the presence of various business that requires application security. This system should prevent data theft, breach, and monetary losses for the organizations. Moreover, the presence of various application security market companies is boosting the market growth in this region. North America is holding the second-largest market share due to the early adoption of advanced technologies like application security solutions.

The application security market industry players are Synopsys, Capgemini, Cisco Systems Inc, HCL Technologies, and others.
Industry News
According to the latest updates, the application security market forecast states that this sector is going to reach immense growth in the forthcoming years due to the introduction of a hybrid model of this solution. This hybrid multi-cloud solution results are escalating the market growth. Moreover, developing unique application security for federal organizations is expanding the growth of the market.

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