- The global application security market is predicted to undergo a huge growth in the coming years. The services sub-segment is anticipated to witness the fastest growth. The North-America region is predicted to be the most lucrative.
NEW YORK, May 19, 2021 /PRNewswire/ -- Research Dive has published a report, titled, "Application securityMarket, byType(Web Application Security, Mobile Application Security), Component (Software, Services),Deployment (Cloud, On-premise), Organization Size (Small & Medium, Large), Vertical (BFSI,Retail and E-commerce, Government and Public sector, Healthcare, Telecommunication, Education, IT and ITES, Other verticals),Regional Analysis (North America, Europe, Asia Pacific, LAMEA): Global Opportunity Analysis and Industry Forecast, 2020–2027".
The Global Application Security Market is anticipated to garner a revenue of $9779.8 million by 2027, rising from $2994 million in 2019 at a CAGR of 16.1% during the forecast period, 2020-2027.
Regional Analysis: North America Application Security Market Growth Analysis
The North America application security market collected a revenue of $959.0 million in 2019 and is projected to garner a revenue of $2976.0 million by 2027. The extensive growth of the North America application security market is mainly attributed to the increasing penetration of mobile devices and cloud based networking across the globe during the analysis period. – Download FREE Sample of Application Security Market.
Key Segments of the Market
The report has divided the market into type, component, deployment, organization size, and vertical type.
- In the type segment, the web application security sub-segment is anticipated to witness the fastest market growth and garner a revenue of $4,412.2 million by 2027. The growth of this sub-segment is mainly attributed to its wide application in protecting websites or online services from breaches.
- In the component segment, the services sub-segment is anticipated to witness the fastest growth and surpass $4,115.7 million by 2027. The key market players across the globe are increasingly adopting services such as professional and managed services, which is expected to boost the growth of the services sub-segment across the globe.
- In the deployment segment, the cloud sub-segment is predicted to witness rapid growth and surpass $4,412.6 million by 2027. Cloud sub-segment is cost-effective and offers integrated safety in several industries either small or large. This is anticipated to boost the growth of the cloud sub-segment, in the analysis period, across the globe.
Dynamics of the Application Security Market
The global application security market is witnessing huge growth owing to the increasing cyber-threats such as phishing attacks, ransomware, and several others across the globe. Therefore, to overcome the above mentioned threats related to security, higher endpoint protection is needed. These factors are speculated to surge the growth of the application security market throughout the analysis period. However, the higher cost of application security tools is predicted to hamper the growth of the global application security market.
Impact of COVID-19 on the Application Security Market
Owing to COVID-19 crisis, all the organizations across the world are facing several challenges. Nearly all the people are totally dependent on the networking to stay connected with each other. When it comes to healthcare facilities, health care professionals are experiencing a lot of pressure in order to stay connected with patients through call, chats and emails. In order to secure all types of online transactions, conversational data, and information, application security plays a very crucial role. These factors are propelling the growth of the application security market amidst the COVID-19 pandemic.
Top 10 Application Security Services Provider in the Globe – Their Development Strategies
- Cisco Systems
- Data Theorem
- Hewlett Packard Enterprise Development LP
- WhiteHat Security, Inc.
These industry players are focusing on evolving several strategies such as mergers and acquisitions, partnerships, and product launches to promote to the expansion of the market.
For instance, in December 2020, Lookout, the leader in mobile security, announced the discovery of Goontact, a new spyware, often used for targeting Android and iOS users in several Asian countries.
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