NEW YORK, May 23, 2016 /PRNewswire/ -- "Rise in security breaches targeting business applications will drive the application security market"
The application security market size is estimated to grow from USD 2.24 billion in 2016 to USD 6.77 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 24.8% from 2016 to 2021. The application security market is driven by factors, such as rise in security breaches targeting business applications, stringent regulations and compliance requirements, and rapid deployment of web- and mobile-based applications.
"The Interactive Application Security Testing (IAST) segment to play a key role in application security market and would grow at a highest growth rate from 2016 to 2021"
The SAST segment is expected to contribute the largest share in the application security market during the forecast period. The IAST segment is expected to grow at the highest rate from 2016 to 2021, in the application security market, as it combines both Static Application Security Testing (SAST) and Dynamic Application Security Testing (DAST) capabilities to scan the source code while the application is in the operating state.
"BFSI vertical to gain the maximum traction in application security market during the forecast period"
The Banking, Financial Services, and Insurance (BFSI) vertical is expected to grow at the highest rate from 2016 to 2021, in the application security market. One of the major factors responsible for such a high growth rate is the increasing government regulations like Payment Card Industry Data Security Standard (PCI DSS), which has prompted the BFSI vertical to rapidly adopt application security solutions. The application security market is also projected to witness growth in the healthcare, retail, and IT & telecom verticals, during the forecast period.
"North America to contribute the largest market share in the application security market during the forecast period"
North America is expected to hold the largest market share and dominate the application security market from 2016 to 2021, due to the presence of a large number of application security vendors. Asia-Pacific (APAC) offers potential growth opportunities, due to rise in the Internet of Things (IoT) and Bring Your Own Device (BYOD) trend in organizations, which has given rise to the usage of web and mobile based applications.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key people. Break-up of the profiles of primary participants is as follows:
- By Company Type: Tier 1 – 55 %, Tier 2 – 20% and Tier 3 – 25%
- By Designation: C level – 60%, Director level – 25%, Others – 15%
- By Region: North America – 10%, Europe – 20%, APAC – 40%, RoW – 30%
Due to rise in demand for SaaS-based security solutions and increasing adoption of application security across SMEs, the application security market is expected to find huge opportunity to proliferate in the next five years.
The various key application security vendors profiled in the report are as follows:
1. IBM Corporation
2. Hewlett Packard Enterprise
3. WhiteHat Security
The report will help the market leaders/new entrants in this market in the following ways:
1. This report segments the application security market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the subsegments across different verticals and regions.
2. The report helps stakeholders to understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders to better understand the competitors and gain more insights to better their position in the business. The competitive landscape section includes information on key strategies such as new product developments, partnerships, agreements, mergers and acquisitions
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