Application Security Market is expected to USD 9.0 billion by 2022
LONDON, June 5, 2017 /PRNewswire/ -- Highlights
· Increased sophistication of cyber-attack techniques is driving the growth of the application security market.
· Markets expects the global application security market to grow from USD 2.79 billion in 2017 to USD 9.0 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 26.4%.
· As attackers have shifted their focus from traditional network layer attacks to application layer attacks, the demand for application security solutions is expected to increase to cater to the growing challenges posed by these threats.
· Mobile application security is expected to have a higher growth rate than web application security during the forecast period.
· Mobile application security is expected to have a higher growth rate than web application security during the forecast period.
· Professional services segment is expected to have a larger market size than managed services during the forecast period.
· Asia Pacific (APAC) is expected to have the highest growth rate during the forecast period
· APAC includes emerging economies, such as India, China, Singapore, Australia, and South Korea, which are rapidly deploying application security solutions and services.
"Increased sophistication of cyber-attack techniques is driving the growth of the application security market."
MarketsandMarkets expects the global application security market to grow from USD 2.79 billion in 2017 to USD 9.0 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 26.4%. As attackers have shifted their focus from traditional network layer attacks to application layer attacks, the demand for application security solutions is expected to increase to cater to the growing challenges posed by these threats. Furthermore, the evolution of the Internet of Things (IoT) and increasing digitalization of industrial sectors in emerging economies, such as Asia Pacific (APAC) and Middle East and Africa (MEA), are expected to provide huge growth opportunities to application security solution vendors in the next 5 years. Lack of cybersecurity awareness and budget constraints are the restraining factors for the market.
"Mobile application security is expected to have a higher growth rate than web application security during the forecast period."
Mobile application security is expected to have a higher growth rate than web application security during the forecast period. Increasing number of smartphone users, the adoption of the Bring Your Own Device (BYOD) trend, and growing enterprise mobility needs are driving the growth of the mobile application security market. However, web application security is expected to have a larger market size than mobile application security during the forecast period, due to its increasing usage in business operations.
"Professional services segment is expected to have a larger market size than managed services during the forecast period."
In the application security market, services are broadly classified into professional and managed services. Professional services are further segmented into consulting, training and education, and support services. The professional services segment is expected to have the largest market size during the forecast period as these services help enterprises to remain robust against emerging cyber threats.
"Asia Pacific (APAC) is expected to have the highest growth rate during the forecast period"
APAC includes emerging economies, such as India, China, Singapore, Australia, and South Korea, which are rapidly deploying application security solutions and services. This is mainly due to the increasing digitalization of businesses and adoption of cloud services by small, medium, and large enterprises in the region.
The need to protect applications from vulnerabilities and the largest population of smartphone users are the factors driving the application security market in the APAC region.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, innovation and technology directors, and executives from various key organizations operating in the application security marketplace.
- By Company Type: Tier 1: 38%, Tier 2: 42%, Tier 3: 20%
- By Designation: C-Level: 55%, Director Level: 45%
- By Region: North America: 52%, Europe: 26%, APAC: 16%, ROW: 6%
The report includes the study of the key players offering application security solutions and services. Veracode (Massachusetts, US), HPE (California, US), Synopsys (California, US), IBM (New York, US), WhiteHat Security (California, US), Qualys (California, US), Checkmarx (Tel Aviv, Israel), Acunetix (St Julians, Malta), Rapid7 (Massachusetts, US), Trustwave (Illinois, US), High-Tech Bridge (Geneva, Switzerland), Contrast Security (California, US), SiteLock (Arizona, US), Pradeo (Paris, France), and Fasoo (New Jersey, US) are some of the companies profiled in the report. The report includes an in-depth competitive analysis of these key players in the application security market, along with their company profiles, product offerings, recent developments, and key market strategies.
Research Coverage
The application security market has been segmented into solutions, services, testing types, deployment modes, organization size, industry verticals, and regions. Application security solutions include web application security and mobile application security solutions. Services offered in the application security market are professional and managed services. The various testing types are Static Application Security Testing (SAST), Dynamic Application Security Testing (DAST), and Interactive Application Security Testing (IAST). Deployment modes are segmented into cloud and on-premises modes. Organization size is classified as large enterprises and Small and Medium Enterprises (SMEs). The various industry verticals are government and defense; Banking, Financial Services, and Insurance (BFSI); IT and telecom, healthcare, retail, education, and others (manufacturing, oil and gas, and media and entertainment). Finally, on the basis of regions, the application security market is segmented into North America, Europe, APAC, MEA and Latin America.
The report will help the market leaders and new entrants in the application security market in the following ways:
1. The report segments the market into various subsegments, hence, covering the market comprehensively. The report provides the closest approximations of the revenue numbers for the overall market and the subsegments. The market numbers are further split across different industry verticals and regions.
2. The report helps in understanding the overall growth of the market. It provides information on the key market drivers, restraints, challenges, and opportunities.
3. The report helps in understanding the competitors better and gaining more insights to strengthen one's position in the market. The study also presents the positioning of the key players based on their product offerings and business strategies.
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