Application Security Market is expanding at a compound annual growth rate of 16.5% during the forecast period 2022-2029 | Size, Trends & Forecast Report

The Application Security Market is expected to reach USD 7.1 billion in 2021, growing at a CAGR of 16.5% over the forecast period (2022-2029).

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The factors driving growth of Application Security Market includes growing concerns related to security breaches and cyber-attacks, increased deployment of application security solutions to safeguard the web and mobile applications, rising penetration of connected devices around the world and improvements in the living standards. Moreover, growing demand for Software-as-a-Service (SaaS) based security solutions, rising use of mobile and cloud-based technologies, increasing adoption of advanced technologies such as Artificial Intelligence (AI) and Machine Learning (ML) and rapid urbanization, are some of the additional factors supplementing the Application Security Market size. In addition, the increasing investments by major companies on research and development, strategic collaborations between key players and growing population growth rates, are further contributing towards the market growth. 

However, growth of the Application Security Market is hindered attributed to budget constraints for businesses to deploy application security solutions.

The leading players operating in the market are Micro Focus, VERACODE, Whitehat Security, Inc., IBM Corporation, HCL Technologies, Cisco Systems, Capgemini SE, Synopsys, Inc., Checkmarx Ltd, and Rapid7 among others.

Based on Component, the Software segment is predicted to dominate the market during the forecast period

Rising deployment of software by businesses to protect applications and simplify provision of services, is the major factor pushing Global Application Security Market.

Based on End User, the BSFI segment is projected to lead the market over the forecast period

Application security solutions helps banks and financial institutions to manage and store huge amounts of critical customer data, such as money transaction details, payment information and account numbers, is propelling segment's growth.

Based on Region, the North American region is anticipated to hold the highest market share during the forecast period

Presence of the leading players such as Synopsys, Inc., IBM Corporation and Cisco Systems, growing adoption of advanced technologies by major companies, rapid industrialization, rising population growth rates and high per capita incomes, are some of the important factors augmenting the market growth in the North American region.

Key Development

In 2020, MicroFocus launched Fortify on Demand application security testing services for the AWS GovCloud. The service offers advanced testing and vulnerability management capabilities that support the critical federal agencies.

Market Segmentation

Segmentation by Type

Web Application Security
Mobile Application Security

Segmentation by Component

Software
Services

Segmentation by End User

BFSI
Retail & E-commerce
Government
Healthcare
Telecommunication
Education
IT & Telecom
Others

Segmentation by Region

Asia Pacific
China
Japan
India
Rest of APAC

North America
United States of America
Canada

Europe
United Kingdom
Germany
France
Spain
Rest of Europe

RoW
Brazil
South Africa
Saudi Arabia
UAE

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