Application Security Market to record a CAGR of 16.68% during the forecast period, Technological Advancements and Business Growth

Pune, Jan. 27, 2023 (GLOBE NEWSWIRE) -- Maximize Market research, a global Information Technology & Telecommunication market research firm, based out of India, has published a competitive intelligence and market research report on the "Application Security Market". The total market opportunity for Application Security was USD 7.15 Bn in 2021 and is expected to grow at 16.68 percent CAGR through the forecast period to reach USD 24.56 Bn by 2029. As per the report, the Asia Pacific region is expected to grow at a high rate during the forecast period.

Application Security Market Report Scope and Research Methodology

The Application Security Market report includes market forecast, analysis and trends to determine the imminent investment pockets. It provides a qualitative and quantitative analysis from 2022 to 2029 to present the financial competency of the market. The market outlook section in the report mainly covers the market dynamics like drivers, opportunities, restraints and challenges. For the research, the Application Security Market has been divided into four major segments: solution, deployment, testing type and end-users. The report provides a segment-wise analysis of the market including factors affecting the market positively and negatively. It also provides a region-wise analysis of the market, including market size, key companies and factors influencing the regional market growth. The in-depth regional analysis identifies key regions and their dominant countries, which account for a large portion of the market revenue. For the competitive analysis, key players including market leaders, followers and new entrants are listed by revenue, financial status, mergers and acquisitions, joint venture and strategic alliances. The report covers all the major aspects by providing in-depth insights into the Application Security Market for better business decisions and strategic planning.

The report is a combination of both secondary and primary data. The bottom-up approach was used to estimate the Application Security Market size by value and volume. In the report, Porter's Five Forces model provides a detailed analysis on the competitive landscape, new entrants in the market, supplier power, end-user power, and the threats of substitutes for services in the Application Security Market. The PESTLE analysis used in the report provides information on political, sociocultural, economic, technological, legal, and environmental factors affecting the market. SWOT analysis was employed to provide the strengths and weaknesses of the Application Security Market.

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Application Security Market Overview

Application Security is the process of developing, adding and testing security features within applications to avoid security vulnerabilities against threats like unauthorized modification and access. It is the process of making apps more secure by identifying, addressing, and strengthening app security. The key benefits of application security for businesses include preserving customer data security to increase consumer confidence and protecting important data from getting leaked.

Application Security Market Dynamics

The growth of the market is driven by increasing demand for mobile application security as well as web application security. To avoid data breaches regarding the mobile application, the demand for application security solutions is increasing. The increasing use of cloud-based technologies and rising security breaches targeting business applications are also the major factors driving the growth of the Application Security Market. The increasing demand for Software as a service (SaaS) based application security solutions and integration of artificial intelligence (AI) and Machine Learning (ML) in cybersecurity to enhance application security capabilities are expected to create lucrative opportunities for market growth during the forecast period.

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Application Security Market Regional Insights

In 2021, the North America region held the largest market share of more than 22 percent in the Application Security Market. The major factor driving the market growth in the region is the increasing number of security breaches that target business applications.

The Application Security Market in the Asia Pacific region is expected to grow at a high rate during the forecast period. This growth of the market is majorly due to the increasing adoption of technologies, such as IoT and AI.

Application Security Market Segmentation

By Solution

• Web Application Security
• Mobile Application Security

By Testing Type

• Static Application Security Testing (SAST)
• Dynamic Application Security Testing (DAST)
• Interactive Application Security Testing (IAST)
• Runtime Deployment Self-Protection (RASP)

By Deployment

• Cloud
• On-premise

By End-Users

• BFSI
• Government and defense
• Healthcare
• IT & Telecom
• Manufacturing
• Retail

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Application Security Market Key Competitors include:

• IBM(US)
• Hewlett Packard(US)
• Qualys, Inc(US)
• WhiteHat Security, Inc(US)
• Veracode(US)
• Oracle Corporation(US)
• Fortinet Inc.(US)
• Synopsys Inc(US)
• Lookout(US)
• Cisco Security Systems(US)
• Checkmarx(US)
• Rapid7(US)
• Onapsis(US)
• NowSecure(US)
• HCL(India)
• MicroFocus(UK)
• Capgemini(France)
• Pradeo( France)

Key questions answered in the Application Security Market are:

• What is Application Security?
• What was the Application Security Market size in 2021?
• What is the expected CAGR of the Application Security Market during the forecast period?
• What are the global trends in the Application Security Market?
• How are the Application Security Market segments expected to grow during the forecast period?
• How is the intervention from regulatory authority is shaping the Application Security Market?
• What growth strategies are the competitors considering to increase their presence in Application Security Market?
• Who are the leading companies and what are their portfolios in Application Security Market?
• What are the major challenges that the Application Security Market could face in the future?
• Who held the largest market share in Application Security Market?

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Key Offerings:

• Market Share, Size & Forecast by Revenue | 2022−2029
• Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
• Market Segmentation – A detailed analysis by Solution, Testing Type, Deployment, End-User and Region
• Competitive Landscape – Top Key Vendors and Other Prominent Vendors

Maximize Market Research is leading Information Technology & Telecommunication research firm, has also published the following reports:

Cloud Application Security Market - The market size is expected to reach USD 101.3 billion by 2029 at a CAGR of 13.8 percent during the forecast period. The market is expected to be driven by the increasing number of internet of things-based applications and increasing adoption of BYOD policies within the enterprise.

Security Analytics Market - The market size is expected to reach USD 39.61 billion by 2029 at a CAGR of 16.1 percent during the forecast period. The market is expected to be driven by faster detection and remediation of cyber threats, real-time visibility, finding the root cause of cyber incidents, effective threat detection, better tracking and reduction of frauds.

IoT Security Market - The market size is expected to reach USD 73.60 billion by 2029 at a CAGR of 22.1 percent during the forecast period. The market is expected to be driven by the development of security solutions for IoT ransomware by IoT suppliers because of the increased severity and frequency of ransomware attacks.

Dynamic Application Security Testing Market - The market size is expected to reach USD 12.56 billion by 2029 at a CAGR of 26.70 percent during the forecast period. The market is expected to be driven by the increasing extent of business risks due to application vulnerabilities and the increasing sophistication level of cyber-attacks.

Cognitive Security Market - The market size is expected to reach USD 103.27 billion by 2029 at a CAGR of 36.03 percent during the forecast period. The market is expected to be driven by increasing cyber-attacks on the cloud.

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