New York, USA, November 30, 2021 (GLOBE NEWSWIRE) – According to the report published by Research Dive, the global application security market should generate a turnover of $ 9,779.8 million by 2027, growing exponentially at a CAGR of 16.1% during the forecast period. The inclusive report provides a brief overview of the current market scenario including significant market aspects such as growth factors, challenges, restraints, and various opportunities over the forecast period. The report also provides all the market figures which makes it easier and easier for new entrants to understand the market.
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Application security market dynamics
Conductors: Rising number of cyber attacks such as hacking, phishing attacks, ransomware and others is expected to drive the market growth during the forecast period. Additionally, application security solutions are able to determine and target application susceptibilities in multiple phases of the development cycle. These factors are further expected to support the growth of the application security market during the forecast period.
Constraints: Exorbitant application security services are expected to hamper the market growth during the forecast period.
Opportunities: The increasing adoption of machine learning and artificial intelligence for web and mobile applications is expected to create immense opportunities for market growth during the forecast period.
Impact of COVID-19 on the Application Security Market
The COVID-19 outbreak has had a significant impact on the global application security market, due to the prevalence of lockdowns in various countries around the world. All over the world, people are increasingly relying on networking to stay in touch with each other. In addition, employees and healthcare workers had to stay in touch with their customers and patients respectively, via chats, emails and calls. Thus, the pandemic has had a positive impact on the growth of the market.
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Application Security Market Segments
The report has divided the Application Security market into various segments based on type, component type, deployment type, organization size, vertical type, and region.
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Type: Mobile type sub-segment to be the most profitable
The mobile type sub-segment is expected to generate revenue of $ 5,367.6 million during the forecast period. Mobile app security helps protect vital data from unauthorized tethering, geolocation data leaks, unauthorized password and pin hacking, and more. This factor is expected to drive the growth of the sub-segment during the forecast period.
Component type: the software sub-segment should be the most useful
The software sub-segment is expected to generate sales of $ 5,664.2 million during the forecast period. The increase in security breaches in social media platforms will lead to the large-scale deployment of application security solutions that will protect mobile and web applications. This factor is expected to support the growth of the application security market during the forecast period.
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Deployment type: on-premise sub-segment to generate maximum revenue
The on-site sub-segment is expected to generate sales of $ 5,367.3 million during the forecast period. Its widespread adoption by organizations that demand complete control over data, systems, applications and platforms is expected to drive the growth of the sub-segment during the forecast period.
Size of organizations: the large business sub-segment will be the most lucrative
The Large Enterprise sub-segment is expected to generate revenue of $ 5,377.8 million during the forecast period. Growing attention to advanced application security platforms among large enterprises that provide data integrity, confidentiality, authorization and traceability is expected to drive the growth of application security market sub-segment. during the forecast period.
Vertical type: the BFSI sub-segment must be the most profitable
The BFSI sub-segment is expected to generate revenue of $ 2,019.3 million during the forecast period. Application security in this segment effectively determines hidden flaws and bugs that could lead to confidential data breach. This factor is expected to drive the growth of the Application Security market sub-segment during the forecast period.
Region: North America expected to dominate the market
The North America region is expected to generate revenue of $ 2,976.0 million during the forecast period. The increasing penetration of cloud-based networks and mobile devices in this region is expected to drive the market growth. In addition, the increasing adoption of IOT devices and the stringent government imposed regulations for business process security are further expected to boost the growth of the regional application security market during the forecast period.
Key players in the application security market
2. Cisco systems
3. Data theorem
4. Hewlett Packard Enterprise Development LP
5. WhiteHat Security, Inc.
6. Now secure
These players work on developing strategies such as product development, mergers and acquisitions, partnerships and collaborations to support market growth.
For example, in March 2021, Wipro, an Indian multinational that provides information technology, consulting and business process services, acquired Ampion, an Australian provider of cybersecurity, DevOps and engineering services to maximize Wipro’s presence in the application security market. .
The report also summarizes many important aspects including financial performance of key players, SWOT analysis, product portfolio and latest strategic developments. Click here for a summary report on the development strategies of the absolute best companies
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