New York, USA, Sept. 07, 2022 (GLOBE NEWSWIRE) -- 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 $9779.8 million by 2027. This comprehensive report provides a brief outlook of the current framework of the application security market including its major characteristics like growth drivers, growth opportunities, restraints, and hindrances during the analysis period of 2020-2027. All the necessary and essential market figures are also provided in this report to help new entrants analyze the market easily.
Dynamics of the Application Security Market
Drivers: Strategic alliances among key market players of the industry are expected to boost the application security market in the forecast period. Additionally, rising demand for security solutions across different industries is anticipated to drive the market forward in the analysis timeframe.
To get access to the comprehensive PDF Sample of the Application Security Market Click Here!
Opportunities: Launch of advanced application security services is expected to offer numerous growth opportunities to the market in the forecast period. Growing prominence of advanced technologies such as Artificial Intelligence and machine learning is expected to propel the market in the analysis period.
Restraints: Expensive 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 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 type of conversational data and online transactions, thus leading to demand in these services, which helped the market grow despite the pandemic.
Segments of the Application Security Market
The report has divided the market into certain segments based on type, component type, deployment type, organization size, vertical type, and region.
Type: Mobile Sub-segment to be the Most Dominating
By type, the mobile sub-segment is expected to have the most dominating 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.
Component Type: Services Sub-segment to have the Highest CAGR
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 post a positive growth in the forecast period.
Deployment Type: Cloud Sub-segment to Have Rapid Growth
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.
Organization Size: Large Businesses Sub-segment to Have the Highest Market Share
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.
Vertical Type: BFSI Sub-segment to Generate the Maximum Revenue
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 $2019.3 million by 2027. 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.
Region: Market in Asia-Pacific Region to be the Most Lucrative
By regional analysis, the application security market in the Asia-Pacific region is anticipated to 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.
Get data on Application Security Market with your own Format and definition & get benefits of 10%OFF
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
- 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. – Buy the Full Report here starting at $2999 (Read-Only)
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.
Finally, 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.
More about Application Security Market:
- Global Application Security Market to Experience Accelerated Growth by 2027, Due to Increase in Cyber-Threats across the Globe
- How Application Security Plays a Vital Role for All Businesses Worldwide?
- What are the Five Finest Application Security Tools Trending in Today’s Time?
- Top 5 Fundamentals of Cloud-based Application Security Testing
