Global Application Security Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast: 2019–2028

Global Application Security Market: Overview

“The Application Security Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”

The Application Security Market report has been segmented on the basis of component, solution, deployment, end-use industry, and region.

Application security is a process of monitoring, identifying, correcting, and securing applications from threats or precluding malicious attacks.

Application security means utilization of set of hardware, software and other components in order to protect applications from hacks, external threats, or attacks. Application security helps to bridge the loopholes within system of enterprise applications.

Global Application Security Market: Dynamics

High adoption of smartphones is resulting in there is high permeation of applications that are compatible with those smartphones. The increasing need to protect these applications for smooth functioning in the process is a major factor expected to drive the growth of the global application security market.

In addition, features of application security such as the ability to reduce the risks related to operations and data theft are some of the other factors expected to drive the growth of the global application security market.

Moreover, rising issues related to the security of mobile-based and web-based applications have resulted in increased demand for application security, and are projected to drive the growth of the global application security market.

Furthermore, the increasing trend of digitalization, coupled with increasing risks of theft of confidential data related to financial transactions such as Internet banking login details, account details, etc. of the consumers are expected to fuel the growth of the global application security market to a significant extent.

Application security has become intrinsic in the banking sector to protect vital credentials of bank information, as well as rising concerns about security breaks and ransoms are factors expected to drive the growth of the global application security market.

However, rising competition among various IT enterprisers is a major factor expected to hinder the growth of the global application security market.

Integration of application security in the applications already developed is also one of the major challenges due to which the adoption of the products is low, thereby hampering revenue growth of the market to a certain extent.

Global Application Security Market: Segment Analysis

Among the solution segments, the mobile application security segment is expected to dominate in the global application security market with the highest share in terms of revenue.

Increasing usage of smartphones and implementation of applications that are compatible with these smartphones has resulted in increased demand for application security and is among the major factors expected to drive the adoption of mobile application security and revenue growth of the global application security market.

Among the end-use industry segments, the banking and insurance services segment is expected to dominate in the global application security market with a major revenue share. The rising need to secure confidential data that are stored by banks is expected to drive the growth of this segment in the global application security market.

Global Application Security Market: Region Analysis

The North American market is estimated to account for the highest revenue share in the global application security market. Increasing financial crimes and card frauds have resulted in an increasing need for application security and are among the major factors expected to drive growth in the global application security in North America.

In addition, the presence of various financial institutions, high adoption of Internet of things-based devices, and an increasing number of Internet users are other factors expected to drive the growth of the global application security market in North America.

Global Application Security Market Segmentation:

Segmentation by Component:

• Services
• Managed Services
• Professional Services
• Solutions

Segmentation by Solution:

• Mobile Application Security
• Web Application Security

Segmentation by Deployment:

• On-premise
• Cloud-Based

Segmentation by End-use Industry:

• Education
• Banking and Insurance Services
• Retail
• Government
• Energy
• Hospitality
• Media and Entertainment

Segmentation by Region:

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa