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Global Application Security Market to Reap $12106.32 Million by 2028

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Global Application Security Market to Reap $12106.32 Million by 2028

January 20
13:57 2022
Global Application Security Market to Reap $12106.32 Million by 2028
Global Application Security Market
Based on Triton Market Research’s report, the global application security market gained $4523.60 million in 2021, and is set to show a growth rate of 14.89% by 2028.

A recent study by Triton Market Research titled ‘Global Application Security Market’ includes the Global Analysis and Forecasts by Security Testing Type (Static Application Security Testing, Dynamic Application Security Testing, Runtime Application Self Protection, Interactive Application Security Testing), Organization Size (Small and Medium Enterprise, Large Enterprise), Application (Web Application Security, Mobile Application Security), Offering (Service [Managed Services, Professional Services], Solution [Cloud, On-Premise]), End-user (Healthcare, Education, Retail, Government, BFSI, Other End-users), and by Geography (North America, Latin America, Asia-Pacific, Europe, Middle East and Africa). 

Application security refers to software and solutions implemented to ensure the protection of web and mobile applications. They are deployed across various end-user industries, including retail, BFSI, and government. 

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Triton’s report states that the global application security market is estimated to acquire $12106.32 million by 2028, growing at a CAGR of 14.89% during the forecast period 2022-2028. 

Factors such as the rise in cyber attacks and the growing use of third-party applications are supplementing the growth of the application security market. The primary reason for using third-party applications is their ability to attract users with innovation. These apps can significantly extend the functionality of a company’s public cloud environment; however, they raise several security concerns. This further highlights the implementation of application security solutions. 

Conversely, budget constraints in implementing security solutions and lack of expertise impede the application security market’s development worldwide. 

The application security market is segmented into security testing type, organization size, application, offering, and end-user. The security testing type is sectioned into static application security testing, dynamic application security testing, runtime application self-protection, and interactive application security testing. The organization size is divided into small and medium enterprise and large enterprise. Based on application, the market is bifurcated into web application security and mobile application security. 

Further, the offering segment is divided into service and solution, with service branched into managed services and professional services. The solution is categorized into cloud and on-premise. Lastly, the end-user section includes healthcare, education, retail, government, BFSI, and other end-users. 

Globally, the Asia-Pacific dominates the application security market. This growth can be attributed to the rising internet penetration across major countries, which has surged cybersecurity threats. Moreover, the rise in SMEs and more use of open-source applications add to the studied market’s growth. The region accounts for half of the internet users worldwide, with more people using applications due to the pandemic. This rise in internet usage enhances the need for application security solutions, simultaneously driving the studied market’s growth in the region. 

Hewlett Packard Enterprise, Synopsys, Nsfocus, Micro Focus, Pradeo, Veracode, WhiteHat Security, Contrast Security, Data Theorem, HCL Technologies, IBM Corporation, Qualys Inc, Trustwave, Checkmarx, Acunetix, SiteLock, and Rapid7 Inc are well-known firms in the application security market. 

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Question & Answer: Application Security Market

Question 1: What factors are supplementing the growth of the application security market?

Answer: Factors such as the rise in cyber attacks and the growing use of third-party applications are supplementing the growth of the application security market. The primary reason for using third-party applications is their ability to attract users with innovation. These apps can significantly extend the functionality of a company’s public cloud environment; however, they raise several security concerns. This further highlights the implementation of application security solutions. 

Question 2: What aspects impede the application security market’s development worldwide?

Answer: Budget constraints in implementing security solutions and lack of expertise impede the application security market’s development worldwide. 

Question 3: Which region dominates the application security market?

Answer: Globally, the Asia-Pacific dominates the application security market. This growth can be attributed to the rising internet penetration across major countries, which has surged cybersecurity threats. Moreover, the rise in SMEs and more use of open-source applications add to the studied market’s growth. The region accounts for half of the internet users worldwide, with more people using applications due to the pandemic. This rise in internet usage enhances the need for application security solutions, simultaneously driving the studied market’s growth in the region. 

Question 4: Which are the well-known firms in the application security market?

Answer: Hewlett Packard Enterprise, Synopsys, Nsfocus, Micro Focus, Pradeo, Veracode, WhiteHat Security, Contrast Security, Data Theorem, HCL Technologies, IBM Corporation, Qualys Inc, Trustwave, Checkmarx, Acunetix, SiteLock, and Rapid7 Inc are well-known firms in the application security market. 

Related Report:

Global Cyber Security Market

The global cyber security market is expected to progress at a CAGR of 10.65% through the period of 2019-2028. The market is expected to attain $308.75 billion by 2028.

Cyber security solutions and services help companies identify, monitor, and counter cyber threats to protect confidential data. This development has led to a faster indication of vulnerabilities on cloud platforms.

Factors such as sturdy validation functionality, the surge in mobile device applications, and the upgradation of traditional anti-virus software are expected to offer several opportunities to the cyber security market over the forecast period. 

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