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The Application Security Market was valued at USD XX Bn in 2019 and is expected to reach USD 26.1 Bn by 2028, at a CAGR of 24.9% over the forecast period 2020-2028.
The market for the application security market is stimulated by the increased amount of cyber-attacks and government regulatory policies enforced. The key driver of this application is advancement in technologies and the adoption of smart-phones at a higher rate in recent times. This market is boosted by the rise in investments by venture capitalists and investment partners. Thus it becomes essential for organizations to bring new technological advancements in the security market.
The market is also fuelled by the advent in the internet of things, automation and software technologies across various industries. Such substantial advents in technology are also contributing to the integration of various technologies to boost organizational potential. Especially in financial industry adoption of the application security market is a necessity. In recent times the utilization of hyper-connected business environments is increasing which requires sophisticated application security systems. These systems provide vital security benefits to the business environments enabling the organizations to maintain their privacy of information.
The market for application security has good potential for encouraging the security of organizational applications and smart devices even from remote locations. The business applications have crucial data being breached by Trojan and hackers. They shall be eliminated by the sophisticated security technologies. Most of the software is vulnerable to security issues due to which there is a rise in the market share of application security adoption. Because of advancements in technology companies developing applications are incorporating security features within the application. Utilization of application security systems is essential at various phases which require to be suiting the requirement of the business fueling up the market growth.
Cloud-Based Application Security Segment Valued To Dominate The Application Security Market:
The projected growth of the cloud-based application security segment is very high in contrast to others. Its market share is high because of the versatility it has in adoption and managing various operations of software at various stages. Such advantages of cloud-based application security systems are boosting its market share and creating value to the end-users. There is an increased demand for cloud-based application security systems by businesses to safeguard their data and make transactions securely. This application type is capable enough to integrate with various systems contributing to the security of organizational applications and information enabling an increased market share. The key driver of the cloud-based application security segment is fuelled by the advent of e-commerce businesses. These organizations having a huge amount of transactions including monitory and data they demand cloud-based application security systems to safeguard their interests in the market.
There are robust regulatory policies to safeguard the interests of various industries across various functional areas of business which could achieve compliance by the application of cloud-based security systems. There is a rise in the demand for integrated cloud-based application security systems by small and medium enterprises across their business operations. An increase in the number of kiosk outlets across various industries has increased the requirement of this application because of a rise in the flow of data which requires security. Retailers across various industries are facing losses due to cyber security threats that have boosted the market share of cloud-based application security systems.
North America Leading The Market Shares Of Application Security Systems:
The region has exceptional infrastructure through which the data is gathered in huge amounts for various business operations purposes. Such information is kept confidential by the usage of application security systems across business operations. Thus, a surge in the demand for application security systems is enhanced at a rapid rate. This region also has a higher number of financial institutions that require a sophisticated security system to safeguard this data increasing its demand.
North America is also observing an increased amount of adoption rate in IoT in the context of a business or household boosting the market share of application security systems. Growth in the early adoption of different technologies is also contributing to the development of application security systems. The digital services and technology are proliferated that is demanding the market growth of these systems. Data repository is high among the large organizations across the world demanding for the adoption of application security technologies.
Oracle Corporation is one of the vital players of the application security market. It has generated revenue of USD 39.83 billion and has a net income of USD 3.82 billion in the year 2018. It is headquartered in the U.S. The market for application security is growing at a rapid pace due to the demand increase in the market and it is being catered by various competitive organizations across the globe. These companies are playing a substantial role in security applications by adopting advanced technologies. These competitor companies are as follows; IBM Corporation, Oracle Corporation, Micro Focus International PLC., Checkmarx Ltd., Veracode (Thoma Bravo), Synopsys, Inc., WhiteHat Security, Inc.( NTT Security Corporation), Rapid7, Inc., Qualys, Inc., SiteLock, LLC., Contrast Security, Positive Technologies, Fasoo.com, Inc.,
Key segments of Application Security market:
- Web application security
- Mobile application security
- Professional services
- Managed services
- North America
- Asia Pacific
- Middle East and Africa
- Latin America