New York, USA, July 26, 2021 (GLOBE NEWSWIRE) — According to a report published by Research Dive, the global application security market is anticipated to generate a revenue of $9,779.8 million at a CAGR of 16.1% during the analysis period, rising from $2,994.0 million in 2019.
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The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints, and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
Covid-19 Impact Analysis
Unlike many other industries, the application security market has experienced a significant growth during the coronavirus pandemic. During the pandemic, restrictions were imposed on all the companies and industries to keep everyone safe. Most of the companies started working from home culture. Since the works are being performed remotely, cyber threats have increased more than ever. This has resulted in high demand of application security tools for the organizations, enhancing the growth of the market.
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Dynamics of the Market
Drivers: The rising cyber threats such as ransomware, data breach, and phishing attacks across the world is enhancing the growth of the global application security market. Application security can safeguard companies from such threats by detecting and nullifying any vulnerability in the development cycle. These are the major factors progressively impacting growth of the market during the forecast period.
Restraint: The implementation of application security tools may be expensive which is expected to hinder the growth of the market in upcoming years.
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Opportunity: The adoption of advanced technologies such as artificial intelligence and machine learning in the development of application security tools is going to create many growth opportunities for the market in upcoming years.
Key Segments of the Market
The report has divided the market into different segments based on type, component, deployment, organization size, vertical, and regional analysis.
Type: Mobile Sub-segment to Hold the Largest Market Share
The mobile sub-segment is expected to hold a dominant share in the global market and register a revenue of $ 5,367.6 million by 2027. This is mainly because mobile application security helps in protecting data from various vulnerabilities such as pin cracking and unauthorized password, unauthorized tethering, configuration data leakage, and geo-location data leakage.
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Component Type: Software Sub-Segment Expected to be the Most Lucrative
Software sub-segment is expected to generate a revenue of $5,664.2 million during the analysis period. The reason behind this growth is the increasing cases of security and privacy breaches in social media networks targeting small and medium businesses. Implementation of application security software ensures safety of these online businesses. This is the main factor behind the growth of the market segment.
Deployment Type: On-premise Sub-Segment Expected to be the Most Profitable
On-premise sub-segment is anticipated to garner a revenue of $5,367.3 million during the forecast period. The application security tools are being installed by the on-premise organizations for high level of safety of their company and huge database from any kind of cyberattack. This is the factor fueling the growth of the market segment.
Organization Size: Large Business Sub-Segment Expected to be the Most Lucrative
Large business sub-segment is estimated to generate a revenue of $5,377.8 million during the forecast period. The large businesses are increasing their focus on adopting advanced application security platforms to ensure the proper safety of the organization. This is expected to be the main factor behind the growth of the market sector during the forecast period.
Vertical Type: BFSI Sub-Segment Expected to be the Most Profitable
The BFSI sub-category is expected to garner a revenue of $2019.3 million by the end of 2027. The main attributor of this growth is the rising number of data theft and ransomware threats in the sector.
Regional Analysis: North America to Lead the Market
The North America regional market recorded a revenue of $959.0 million in 2019 and is further predicted to generate a revenue of $2,976.0 million by the end of 2027.
The cloud-based networking has been propelled in the North American countries in recent years resulting in increased cyberattacks. This is one of the major factors enhancing the growth of the market in upcoming years.
Key Market Players and Strategies
2. Cisco Systems
3. Data Theorem
4. Hewlett Packard Enterprise Development LP
5. WhiteHat Security, Inc.
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
In March 2019, NTT Security Corporation (Tokyo), a global technology service provider signed a definitive agreement to acquire privately-owned WhiteHat Security, the leading application security provider. After the acquisition, NTT Security is providing the world’s most comprehensive end-to-end cybersecurity solutions.
The report offers many strategies and ideas of the top industry players functioning in the industry such as the current strategic plans & developments, financial performance, SWOT analysis, and product/service range. Click Here to Get Absolute Top Companies Development Strategies Summary Report
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