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Application Security market Size
WILMINGTON, NEW CASTLE, DE, UNITED STATES, October 18, 2024 /EINPresswire / -- Allied Market Research published a report, titled, "Application Security Market by Component (Solution and Services), Deployment Mode (Cloud and On-Premise), Organization Size (Large Enterprises and SMEs), Type (Web Application Security and Mobile Application Security), Testing type (Static Application Security Testing (SAST), Dynamic Application Security Testing (DAST), Interactive Application Security Testing (IAST), and Runtime Application Self-Protection (RASP)) Industry Vertical (BFSI, Healthcare, IT and Telecom, Manufacturing, Government and Public Sector, Retail & E-commerce, and Others) and Region: Global Opportunity Analysis and Industry Forecast, 2021–2030."According to the report, the global application security market size generated $5.97 billion in 2020, and is expected to reach $33.94 billion by 2030, growing at a CAGR of 18.7% from 2021 to 2030.
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Drivers, restrain, and opportunities
Increasing security breaches targeting business applications, surge in demand for application security in the retail and e-commerce organizations, and strict compliance as well as regulatory requirements for application security fuel the growth of the global application security market. In addition, rise in adoption of smart phone and surge in shift towards cloud accessed applications further fuel the growth. On the other hand, budget constraints for deploying application security restrain the market growth. However, integration of AI and ML in application security is projected to offer lucrative opportunities in the future.
In 2020, the solution segment exhibited the highest application security market share in and is expected to maintain its dominance in the upcoming years. The rise in demand for mobile application security as well as web application security drives the growth of this segment. For instance, surge in internet penetration as well as adoption of BYOD policies across the organizations has led to the surge in use of a personal devices including smartphones, smart wearable, laptops, and tablets to access organization information. Hence, there is surge in demand for application security solutions to avoid data breaches regarding mobile application.
The solution segment dominated the market
Based on component, the solution segment dominated the market in 2020, accounting for more than three-fifths of the application security market. The rise in demand for mobile application security as well as web application security drives the growth of this segment. On the other hand, the services segment is expected to register the highest CAGR of 20.1% during the forecast period, as it ensures effective functioning of application security software throughout the process.
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The deployment model segment held the highest market share
Based on on-premise, the deployment segment held the lion's share in 2020, accounting for nearly three-fifths of the application security market. On-premise-based solutions are known for better maintenance of servers, and continuous system facilitates the implementation of these application security solutions. This factor drives the growth of the segment. Furthermore, the cloud segment would cite the fastest CAGR of 21.3% during the forecast period. Rising number of organizations around the globe are moving their application workloads to the cloud to become more agile, lower costs, and reduce time to market. This in turn boosts the demand for cloud segment.
North America to lead the trail throughout the forecast period
Based on region, the market across North America dominated with lion's share in 2020, holding nearly two-fifths of the application security market. This is attributed to the proliferation of mobile devices and increase in cloud based networking along with the presence of major key players. On the other hand, the market across Asia-Pacific is projected to exhibit the highest CAGR of 21.3% from 2021 to 2030. This is due to the growth in occurrence of security breaches that targets business applications. In addition, the region is experiencing growth in number of SMEs, which further fuels the growth of the market in this province.
Key market players
Synopsys
Veracode
Whitehat Security
RAPID7
Qualys
HCL Technologies
IBM Corporation
Capegemini
MicroFocus
Cisco Systems Inc.
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KEY FINDINGS OF THE STUDY
By component, in 2020 the solution dominated the application security market size. However, the services segment is expected to exhibit significant growth during the forecast period.
By deployment mode, the on-premise generated the highest revenue in 2020. However, the cloud segment is expected to exhibit significant growth during the forecast period.
By organization size, the large enterprises segment accounted for the highest revenue in 2020. However, the SMEs segment is expected to witness highest growth rate in the forecasted period.
By region, the application security market was dominated by North America region. However, Asia-Pacific is expected to witness significant growth in the upcoming years.
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David Correa
Allied Market Research
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MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.