Dallas, Texas, Sept. 11, 2022 (GLOBE NEWSWIRE) — The size of the global application security software market was estimated at USD 5,973.00 million in 2020 and is expected to grow at a CAGR of 16.7% to reach USD 15,941.00 million by 2030.
The key drivers of the growth of the global application security software market include the expanding need for application security in the banking industry, increasing data and security breaches, rising demand for mobile app security services, IoT deployment, rising demand for SaaS-based mobile application security, and the growing significance of web security & privacy concerns. The modern digital infrastructure is built on business applications and data sharing across multiple platforms and devices.
Cybercriminals are increasingly focusing on corporate data. Web application adoption is a growing area of attention for hackers. Over the past year, web applications have emerged as a vector to which hackers have progressively turned their attention. The majority of firms have adopted several digital transformation projects that increase the risk of security breaches. Application security is necessary since sensitive data is compromised on a daily basis and breaches result in bad press and significant financial losses.
Security breaches remain a risk for both consumers and businesses. The highly connected corporate world of today accelerates the development of digital products, tools, and related services.
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Application Security Software Market Scope:
|Market Size in 2031||USD 15,941.00 million|
|Segment Covered||Deployment Model, Industry, End-Use, Regions|
|Types Covered||Web Application Security, Mobile Application Security|
|Deployment mode Covered||Cloud-based and On-premise|
|End-use Covered||Retail, Healthcare, Government, BFSI, Education, Energy & Utilities, Manufacturing, Media & Entertainment, IT & Telecom, and others|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||IBM, Cisco Systems, Capgemini, WhiteHat Security, HCL Software, MicroFocus, Oracle, Qualys, GitLab, and Synopsys|
Communication between data and business-critical applications that are shared across platforms, devices, and users provides the basis of digital infrastructure. Cybercriminals are interested in business applications because they contain important corporate data. On the other hand, enterprises expose hundreds of applications to risk when applications are limited to business-critical tasks, such as ordering products and services or engaging in payment-related activities. Business-critical apps that are not in use are detrimental since they are frequently out of date. Many SMEs think that investing in these kinds of applications will be costly for the business.
In terms of solutions, the global application security software market dominated in 2019. The increasing use of web application security to protect online services or websites from attacks or breaches is largely to blame for the integration of application security software. The goal of web application security software is to protect online content that contains sensitive data. Tools for web applications make it easier to access vulnerabilities and identify threats. Enterprise web application security is essential and, when security breaches rise, has a big impact on global application security software market expansion.
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The APAC region held for the highest market share. The rising frequency of security breaches aimed at corporate applications is one of the key factors driving the application security industry in the Asia Pacific region. IBM, Qualys, and Checkmarx are a few of the top application providers serving the Asia Pacific region. SMEs are well-represented in APAC. Organizations in this region employ open source apps more often for security testing due to the low funding for cybersecurity, which has a large potential for infringement issues, operational hazards, and malpractices.
To make the delivery of multi-cloud services simpler, Micro Focus developed Hybrid Cloud Management X in September 2020. The product is a multi-tenant management platform that is cloud-native and may be used on-premises or in a public cloud. For instance, “Fortify on Demand,” a service for AWS GovCloud application security assessment was announced by MicroFocus in June 2020. The service can serve crucial federal agencies by providing increased testing and vulnerability management.
Major Points from Table of Contents:
2. Research Methodology
3. Market Outlook
4. Application Security Software Market by Deployment Model, 2022-2029 (USD Billion)
5. Application Security Software Market by Industry, 2022-2029 (USD Billion)
6. Application Security Software Market by End-Use, 2022-2029 (USD Billion)
7. Application Security Software Market by Price Range, 2022-2029 (USD Billion)
8. Application Security Software Market by Region, 2022-2029 (USD Billion)
9. Competitive Landscape
10. Company Profiles
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