Application Security Market was valued at USD 7.1 billion in 2021, and estimated to reach USD 24.1 billion in 2029, growing at a significant CAGR of 16.5% from 2022-2029.
The factors driving growth of Application Security Market includes growing concerns related to security breaches and cyber-attacks, increased deployment of application security solutions to safeguard the web and mobile applications, rising penetration of connected devices around the world and improvements in the living standards. Moreover, growing demand for Software-as-a-Service (SaaS) based security solutions, rising use of mobile and cloud-based technologies, increasing adoption of advanced technologies such as Artificial Intelligence (AI) and Machine Learning (ML) and rapid urbanization, are some of the additional factors supplementing the Application Security Market size. In addition, the increasing investments by major companies on research and development, strategic collaborations between key players and growing population growth rates, are further contributing towards the market growth.
However, growth of the Application Security Market is hindered attributed to budget constraints for businesses to deploy application security solutions.
The leading players operating in the market are Micro Focus, VERACODE, Whitehat Security, Inc., IBM Corporation, HCL Technologies, Cisco Systems, Capgemini SE, Synopsys, Inc., Checkmarx Ltd, and Rapid7 among others.
Based on Component, the Software segment is predicted to dominate the market during the forecast period
Rising deployment of software by businesses to protect applications and simplify provision of services, is the major factor pushing Global Application Security Market.
Based on End User, the BSFI segment is projected to lead the market over the forecast period
Application security solutions helps banks and financial institutions to manage and store huge amounts of critical customer data, such as money transaction details, payment information and account numbers, is propelling Global Application Security Market.
Based on Region, the North American region is anticipated to hold the highest market share during the forecast period
Presence of the leading players such as Synopsys, Inc., IBM Corporation and Cisco Systems, growing adoption of advanced technologies by major companies, rapid industrialization, rising population growth rates and high per capita incomes, are some of the important factors augmenting the market growth in the North American region.
- In 2020, MicroFocus launched Fortify on Demand application security testing services for the AWS GovCloud. The service offers advanced testing and vulnerability management capabilities that support the critical federal agencies.
Segmentation by Type
- Web Application Security
- Mobile Application Security
Segmentation by Component
Segmentation by End User
- Retail E-commerce
- IT Telecom
Segmentation by Region
- Asia Pacific
- Rest of APAC
- North America
- United States of America
- United Kingdom
- Rest of Europe
- South Africa
- Saudi Arabia
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