Application Security Market Future Demand and Growth Analysis with forecast 2024

Organizations have enormous data repositories which need to be protected from threats. During the implementation of a robust security plan, businesses have to adopt rigorous security systems. Application security includes identifying, rectifying, and securing the security loopholes or stopping malicious attacks, throughout a particular code’s life cycle. In simple terms, application security is the use of a set of software, hardware, and other means to protect an application from external attacks or threats. Application security helps bridge the gaps within the security system of enterprise applications. The application security systems mitigate or reduce the security risks involved in the operation of various applications such as mobile and web applications.

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Usage of smartphones has increased rapidly in a span of a decade; with the increase in smartphones adoption there is a high penetration of smartphone-supported applications. Protection of these applications has become vital and application security solutions are used for the purpose. Growing risk factors for mobile-based applications have increased the security needs for applications. Applications which include monetary transactions have confidential information such as account details and all the banking and the login details of the application user. Due to the rapid growth of monetary-transactions-based applications, security has become vital.

Application security software enables the protection of sensitive data stored within various applications. Application security systems are essential in the banking sector to protect the crucial credentials of the bank’s data. Rapid growth in the number of Internet of Things (IoT) based applications has been a supporting factor for the growth of the application security market. Growing concerns related to the security breaches of business applications is also expected to give rise to application security systems. Hybrid analysis or interactive application security testing (IAST), which gives competitive advantages such as the detection of false inputs and identifying breaches of security code has also increased over a period of time. These prove to be some of the most influential driving forces to application security market. With increasing malicious attacks on consumer applications in various sectors, the demand for the application security market is anticipated to rise during the forecast period. Increasing security needs have forced the major software and services companies to invest in application security systems. One of the restraints on this market could be the growing competition among the information and technology companies, which makes the application security market highly competitive. The growth of mobile applications in the recent past is viewed as a trend in the application security market.

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Two major components of application security are services and solutions. Managed services and professional services are among the types of application security services. Mobile application security and web application security are two types of solutions of application security systems. Furthermore, on-premise and cloud-based are two types of deployment for application security software. Small, medium, and large enterprises are involved in the adoption of application security. Education, banking and insurance services, retail, government, energy, hospitality, and media and entertainment are some of the end-use industries of the application security market.

Some of the major players in the application security market are IBM Corporation, Hewlett Packard Enterprise, Veracode, Cigital, Inc., WhiteHat Security, Inc., Inc., Trustwave Holdings, Inc., Qualys, Inc., Acunetix Ltd., Checkmarx Ltd, and Rapid7, Inc.

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