NEW YORK, Nov. 5, 2023 /PRNewswire/ — According to Technavio, the global application security market size is estimated to grow by USD 16.68 billion from 2021 to 2026. The market is estimated to grow at a CAGR of 25.55% during the forecast period. The market is driven by the growing number of data leaks. Globally, the number of cybercrimes is growing at an alarming rate. For instance, the number of data breaches jumped to 68% in 2021 compared to the previous year. In March and April 2020, hackers leaked the login credentials of staff at the World Health Organization (WHO). Similarly, in April 2020, about 500,000 passwords of Zoom users, a virtual meeting app, were stolen and were made available for sale in the black market. The increasing incidences of cyber attacks is compelling enterprises to invest in security solutions to safeguard critical areas of concern, which is driving the growth of the market. Gain deeper insights into the market study. Buy the report!
Application security market – Five Forces
The global cloud data warehouse market is fragmented, and the five forces analysis covers–
- Bargaining Power of Buyers
- The threat of New Entrants
- Threat of Rivalry
- Bargaining Power of Suppliers
- Threat of Substitutes
- Interpretation of porter’s five models helps to strategize the business. For highlights – Download Sample Report
Application security market – Customer Landscape
The report includes the market’s adoption lifecycle, from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Application Security Market – Segmentation Assessment
Segment Overview
Technavio has segmented the market based on end-user (web application security and mobile application security) and geography (North America, Europe, APAC, Middle East and Africa, and South America).
- The market growth in the web application security segment will be significant during the forecast period. Many enterprises are using web applications to carry out their businesses and to connect with their customers in real time. As these applications are available to customers 24/7, it is easy for hackers to hack the confidential data of users. Hence, enterprises opt for web application security solutions, which, in turn, is driving the segment’s growth.
Geography Overview
By geography, the global application security market is segmented into North America, Europe, APAC, Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global application security market.
- North America will account for 46% of the market growth during the forecast period. The regional market is driven by factors such as the proliferation of mobile devices, the rise in cloud-based networking, and the presence of major key players such as IBM, Cisco, Veracode, Contrast Security, Synopsis, and WhiteHat Security.
Application security market – Market Dynamics
Leading trends influencing the market
- The prevalence of shadow IT is identified as the key trend in the market.
- The adoption of IoT and cloud computing has increased the use of shadow IT tools such as Slack, Google Docs, and Evernote applications. Many enterprises use them as communication and collaboration tools to minimize workloads.
- The adoption of such tools increases the possibilities of data loss and sensitive data can be easily transmitted to persons outside of the enterprise.
- By deploying application security solutions, enterprises can block employees from transferring certain types of files containing sensitive information.
- Application security solutions help enterprises in addressing some of the weaknesses of shadow IT by securing their data, irrespective of the services and applications that the employees choose to use with or without the consent of the enterprise.
Major challenges hindering the market growth
- Threats from open-source application security solutions are identified as major challenges impeding the growth of the market.
- Many small-scale enterprises opt for open-source application security solutions as they prefer not to invest in expensive on-premises and cloud-based application security solutions owing to budget constraints.
- There are several open-source solutions that help enterprises in exposing vulnerabilities such as cross-site scripting, denial of service (DoS) attacks, and SQL injection.
- They require less capital investment and are very economical for organizations with limited resources and expertise.
- The increasing adoption of these solutions will reduce the growth potential in the market.
What are the key data covered in this application security market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the application security market between 2022 and 2026
- Precise estimation of the size of the application security market size and its contribution to the market in focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the application security market industry across North America, Europe, APAC, Middle East and Africa, and South America
- A thorough analysis of the market’s competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of application security market vendors
Related Reports:
- The mobile security software market size is expected to increase by USD 2.75 billion from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 9.68%. The increasing incidence of cyberattacks is notably driving the mobile security software market growth, although factors such as availability of free mobile security software may impede the market growth.
- The internet security market‘s growth momentum will accelerate at a CAGR of 10.29% and the market share will increase to USD 23.34 billion from 2021 to 2026. he rapid adoption of the BYOD policy is notably driving the market growth, although factors such as the high cost of deployment may impede the market growth.
Table of contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by End-User
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
