Application Security Market Growing at 18.7% CAGR to Hit $ 33,941 Billion by 2030 | Synopsys, Veracode, MicroFocus
North America dominates the application security market share in 2020 and is expected to maintain its dominance in the upcoming years.
PORTLAND, PORTLAND, OR, UNITED STATE, October 26, 2023 /EINPresswire.com/ — According to a recent report published by Allied Market Research, The global application security market size was valued at $5,973.00 million in 2020, and is projected to reach $33,941.00 million by 2030, registering a CAGR of 18.7%.
Asia-Pacific is expected to observe highest growth rate during the forecast period, owing to the growth in occurrence of security breaches that targets business applications. In addition, the region is experiencing growth in number of SMEs. These enterprises are increasingly investing in cybersecurity, due to issues of security breaches. This factor is further boosting the growth of the market in Asia-Pacific. Furthermore, rise in trend of digital transformation among enterprises across Asia-Pacific creates lucrative growth opportunities for the market. For instance, as per the 2020 study by Ernst and Young, a multinational professional services network found that in the next two years, 87% of companies in the Asia-Pacific region will be well advanced on their digital transformation journeys.
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Increasing security breaches targeting business applications, surge in demand for application security in the retail and e-commerce organizations, and strict compliance as well as regulatory requirements for application security fuel the growth of the global application security market. In addition, rise in adoption of smart phone and surge in shift towards cloud-accessed applications further fuel the growth. On the other hand, budget constraints for deploying application security restrain the market growth. However, integration of AI and ML in application security is projected to offer lucrative opportunities in the future.
The global application security market growth is mainly driven by factors such as rise in security breaches targeting business applications and strict compliance as well as regulatory requirements for application security. In addition, surge in demand for application security in retail and e-commerce organizations along with the upsurge in smartphone adoption fuel the demand for application security. Moreover, increase in sift towards cloud accessed applications has propelled the demand for application security solutions. However, budget constraints for deploying application security is anticipated to hamper the market growth to some extent. On the other hand, integration of AI and ML in application security is expected to provide lucrative opportunities for the application security industry growth during the forecast period.
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Covid-19 scenario:
• The COVID-19 outbreak has increased the demand for application security solutions. Surge in adoption of work from home trend has boosted the demand for security efforts toward endpoint security.
• In addition, the security teams within the enterprises which do not have resources are adopting these solutions to address various web application security issues; thus, augmenting the demand for effective application security solutions.
Based on on-premise, the deployment segment held the lion’s share in 2020, accounting for nearly three-fifths of the application security market. On-premise-based solutions are known for better maintenance of servers, and continuous system facilitates the implementation of these application security solutions. This factor drives the growth of the segment. Furthermore, the cloud segment would cite the fastest CAGR of 21.3% during the forecast period. Rising number of organizations around the globe are moving their application workloads to the cloud to become more agile, lower costs, and reduce time to market. This in turn boosts the demand for cloud segment.
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By organization size, the global application security market share was dominated by the large enterprises segment in 2020 and is expected to maintain its dominance in the upcoming years. This is attributed to the rise in adoption of application transformation strategies by large enterprises due to various benefits such as improved flexibility, lower operating costs, better collaboration, and improved time to application security market. The rise in development of applications leads to the need for implementing security across the applications to achieve greater data security and protect applications from vulnerabilities. However, the small & medium enterprise segment is expected to witness the highest growth rate, owing to the fact that small businesses are at a much greater risk of cyber threats as they mostly do not have the resources to defend against cyber-attacks.
Based on region, the market across North America dominated with lion’s share in 2020, holding nearly two-fifths of the application security market. This is attributed to the proliferation of mobile devices and increase in cloud based networking along with the presence of major key players. On the other hand, the market across Asia-Pacific is projected to exhibit the highest CAGR of 21.3% from 2021 to 2030. This is due to the growth in occurrence of security breaches that targets business applications. In addition, the region is experiencing growth in number of SMEs, which further fuels the growth of the market in this province.
Some of the key application security industry players profiled in the report include IBM Corporation, Capegemini, MicroFocus, Cisco Systems Inc., Synopsys, Veracode, Whitehat Security, RAPID7, Qualys, and HCL Technologies. This study includes application security market trends, application security market analysis, and future estimations to determine the imminent investment pockets.
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