Global Application Market to Progress at CAGR of 14.89% by 2028

Triton Market Research presents the Global Application Security Market segmented by Application (Mobile Application Security, Web Application Security), End-user (Retail, Healthcare, Government, BFSI, Education, Other End-users), Security Testing Type (Interactive Application Security Testing, Static Application Security Testing, Runtime Application Self Protection, Dynamic Application Security Testing), Organization Size (Large Enterprise, Small and Medium Enterprise), Offering (Solution [On-Premise, Cloud], Service [Professional Services, Managed Services]), and by Geography (Asia-Pacific, Middle East and Africa, North America, Latin America, Europe). The report also includes the Market Summary, Industry Outlook, Impact of COVID-19, Key Insights, Porter’s Five Forces Analysis, Key Impact Analysis, Market Attractiveness Index, Vendor Scorecard, Industry Components, Key Market Strategies, Drivers, Challenges, Opportunities, Competitive Landscape, Research Methodology & Scope, Global Market Size, Forecasts & Analysis (2022-2028).

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Based on Triton’s estimates, the global application security market is estimated to surge at a growth rate of 14.89% over the forecasted period 2022-2028.

Application security encompasses software and solutions that ensure the security of web and mobile-based applications. The rise in cyberattacks has primarily increased the need for application security solutions.

With the rise in data breaches, several governments are introducing regulations to mitigate the risks. As per estimates, the majority of software has security vulnerabilities. As a result, cybercriminals use applications to compromise corporate infrastructure by installing malware and exfiltrating data. This has encouraged government bodies to mandate cybersecurity laws across industries. Hence, government regulations create new opportunities for the application security market.

However, lack of security and budget constraints are key factors restricting the overall development of the application security market globally.

The Asia-Pacific is expected to become the fastest-growing region in the application security market. The COVID-19 outbreak has led to major digitization in the region, with almost all businesses shifting to cloud solutions due to growing remote working trends. This has increased concerns relating to cybersecurity. As a result, countries have launched new data protection laws to ensure higher protection. For instance, Indonesia proposed a law following a series of high-profile data breaches in the recent months of 2020. The legislation makes it illegal to collect consumer data without permission. Thus, these factors widen the scope and growth of the regional market immensely.

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

The competitive rivalry is determined by multiple factors, such as market penetration, concentration, and profitability. Several players are developing new application solutions to sustain within the market, thereby increasing the competition levels. For instance, IBM Corporation is heavily involved in application security assessment. It makes constant improvements to its security testing offering to prevent security breaches. Thus, the competition among existing players is estimated to be higher over the forecast period.

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