Press release
Application Security Market Expected to Garner $9,779.8 Million and Grow at 16.1% CAGR in the 2020-2027 Timeframe
Application Security Market
As per the newly published report by Research Dive, the global application security market is anticipated to grow at a stunning CAGR of 16.1%, thereby garnering a revenue of $9,779.8 million by 2027.
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Dynamics of the Market
Drivers: The rising demand for security solutions across different industries and the increase in the number of cyber-threats are expected to drive the market forward in the analysis timeframe. Besides, strategic alliances among key market players of the industry are expected to boost the application security market.
Opportunities: Launch of advanced application security services is expected to offer numerous growth opportunities to the market in the forecast period. The growing prominence of advanced technologies such as Artificial Intelligence and machine learning is expected to propel the market in the analysis period.
Restraints: High costs of application security services, however, expected to become a restraint in the growth of the application security market.
Impact of COVID-19 on the Market
The COVID-19 pandemic and the subsequent lockdowns across the globe had severely impacted various industries. The application security market, however, has been an exception. Due to the lockdowns and travel restrictions put in place, many companies adopted work-from-home culture which led to an increase in usage of video conferencing applications. Also, many hospitals started using various types of communication applications to stay connected with their patients. Application security played an important role in securing all types of conversational data and online transactions, thus leading to demand for these services, which helped the market grow despite the pandemic.
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Segments of the Market
The report has divided the market into certain segments based on type, component, deployment type, organization size, vertical, and region.
By type, the mobile sub-segment is expected to have the most dominant market share and is expected to generate a revenue of $5,367.6 million by 2027. Mobile application security helps in securing data against vulnerabilities such as unauthorized password and pin cracking, unauthorized tethering, etc. which is expected to offer numerous growth opportunities to the sub-segment in the forecast period.
By component type, the services sub-segment of the application security market is expected to have the highest CAGR and register a revenue of $4,115.7 million by 2027. Rising demand for application security solutions for Software as a Service (SaaS) is expected to help the sub-segment grow positively in the forecast period.
By deployment type, the cloud sub-segment is expected to grow substantially and is expected to generate a revenue of $4,412.6 million by 2027. Characteristics of cloud services such as effectiveness in cost and its integrated safety in small and large industries is anticipated to propel the sub-segment in the forecast period.
By organization size, the large businesses sub-segment is expected to have the most dominating market share and is expected to generate a revenue of $5,377.8 million by 2027. The increasing focus on advanced application security platforms that cover confidentiality, availability, integrity, authorization and tractability of data is estimated to increase the demand for application security in large businesses and help the market register growth in the forecast period.
By vertical type, the BFSI sub-segment of the application security market is expected to have the highest market share and register a revenue of $2,019.3 million by 2027. The ability of application security services to detect hidden bugs and defects that can cause a breach in confidential data is predicted to offer numerous growth opportunities to the sub-segment in the analysis timeframe.
By region, the Asia-Pacific application security market is anticipated to be the most lucrative by growing at a fascinating CAGR of 16.9% during the 2020-2027 timeframe. Increasing adoption of application security solutions among SMEs and large businesses is expected to be the primary growth driver of the market in the forecast period.
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Prominent Market Players
Some of the key players in the application security market are IBM, WhiteHat Security, Inc., LOOKOUT, Cisco Systems, NowSecure, Zimperium, Data Theorem, Acunetix, Kryptowire, and Hewlett Packard Enterprise Development LP, among others. These key players are devising new technologies and smart innovations to gain a prominent position in the global market.
For instance, in April 2022, Synopsys, a leading software company, announced that it was acquiring WhiteHat Security, a leading application security platform. NTT Security, a digital tech company, had acquired WhiteHat Security in 2019 and rebranded it to NTT Application Security. Synopsys after acquiring the company from NTT Security will look to expand its SaaS capabilities which will eventually increase its foothold in the market.
The report also summarizes many crucial aspects of the global market including SWOT analysis, latest strategic developments, product portfolio, and financial performance of the key players.
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Research Dive
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Research Dive is a market research firm offering actionable insights and extensive analysis of various markets across different verticals. Maintaining the integrity and authenticity of the services, the firm provides services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With unprecedented access to several paid data resources, a team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive delivers the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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