The Application Security Market was valued at USD 4. 00 billion in 2020 and is expected to reach USD 15. 25 billion by 2026, at a CAGR of 25% over the forecast period 2021 - 2026. Application security has become a necessity with an increasing number of companies looking to develop their own apps, in addition to purchasing a record number of applications and incorporating open source code into their applications, as the vulnerabilities and risks associated with these applications have also risen exponentially.
New York, March 29, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Application Security Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06039496/?utm_source=GNW
- The application security systems diminish the security risks involved in the different operation of various applications, such as web and mobile applications. It has been estimated that web application is expected to remain the most frequent cause of confirmed breaches. With organizations increasingly connecting to various business critical applications via the internet, the risk of a breach is continuously increasing.
- Globally, 10,000 tweets, 2,000 Skype phone calls, five hours of YouTube videos are uploaded and more than three million emails are sent daily, containing valuable insights to know the various trends, such as individual preferences and spending patterns to promote products that engender customer loyalty.
- Therefore, protection of these supported applications has become vital and application security solutions are used for this purpose.
Key Market Trends
Retail has a Sector Significant Share in the Market
- With the introduction of e-commerce over two decades ago, the retail industry entered into the digital age where the retailers have the opportunity to collect more information about their customers.
- Retail and e-commerce organizations manage large volumes of sensitive data, including credit card information and personal data. This data is increasingly targeted by hackers and there is a rising need to protect it.
- With many connected devices having made their way into the physical stores in the form of kiosks, point-of-sale (POS) systems, and handheld devices, the amount of customer information is increasing rapidly.
- To ensure that a retailer’s network, data, application, and endpoints should remain secure (away from any malware and breaches), several software applications and services are evolving to deal with these threats.
- According to the Cisco 2017 Annual Cyber security Report, nearly one out of three retailers have suffered huge revenue losses due to cyber attacks.
- To cope with the cyber threats, retailers have started making huge investments in the threat intelligence to determine the impact of these security and data attacks, and then predict and disarm them.
North America Accounts for the Largest Market Share
- In the digital age, financial crimes against banks and other financial services institutions are accelerating rapidly. Through 2020, globally, card fraud is expected to increase to USD 183.29 billion.
- The BFSI sector in the United States has more than one exabyte of stored data. This data has been generated from various sources, such as credit/debit card histories, customer bank visits, banking volumes, call logs, account transactions, and web interactions.
- Due to the high availability of adequate infrastructure, the presence of numerous global financial institutions, increased adoption of IoT devices and internet users, the growth of threat intelligence solutions in the North American region is expected to rise.
- Additionally, the proliferation of digital services and technological advancements coupled with the early adoption of the latest technologies in the banking sectors are supplementing the growth of the region.
The application security market is highly fragmented due to the presence of a large number of players in the market. Many players in the market are making innovations to differentiate themselves from their competitors. Some key players in the market include IBM, Oracle, Synopsys Inc., among others.
Some key recent developments in the market include:
- April 2019 - IBM partnered with the Indian government for securing India’s servers on the cloud to protect from cyber attacks and criminals.
- March 2019 - Oracle developed new advanced customer support which will help it thrive in the cloud. The new support will increase the customers cloud performance and compliance.
- October 2018 - Fortinet added FortiWeb, its web-based application solution’s virtual machines to support Oracle cloud in their latest release. Through this update, the company expanded its web application security solutions on leading cloud platforms with bring-your-own-license support.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
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