Visiongain has published a new report on Application Security Market Report to 2031: Forecasts By Component (Solutions {Web App, Mobile App}, Services {Professional Service, Managed Service}), By Deployment (On-Cloud, On-Premise), By Organization Size (Small and Medium-Sized Enterprises, Large Enterprises), By Testing Type (Static App Testing, Dynamic App Testing, Interactive App Testing), By Industry Vertical (BFSI, IT and Telecom, Healthcare, Retail, Government & Defense, Media & Entertainment, Others). PLUS, Profiles of Application Security Companies and Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios.

Global application security market was valued at US$ XX billion in 2019 and is projected to reach a market value of US$ XX billion by 2031.

Application security refers to the process of secure the applications by developing, adding, and testing security features within applications. Application security solution aims at preventing unauthorized access and modification of the data or code. The growing need to protect enterprise application and increasing sophistication level of cyber-attacks are the factors driving the growth of the application security market. The market seeks growth opportunities from the growing penetration of smartphones and government initiatives supporting digitalization in developing countries. However, lack of awareness among end-users and high initial deployment costs are some of the factors hampering the market growth during the forecast period.

COVID-19 Impact on Application Security Market
The covid-19 outbreak is expected to have a positive effect on the application security market. With the rising demand for work from initiatives and BYOD trend, the need for application security solutions increases to prevent loss and modification of sensitive enterprise data. Moreover, the adoption of cloud-based applications to ensure business connectivity and profitability amidst lockdown drives the need for application security solution to prevent unauthorized access. Also, the increasing number of sophisticated cyber-attacks, demand for gaming & e-commerce apps, and connected edge devices during the pandemic further drives the market for an application security solution.

Market Drivers

Growing Need to Protect Enterprise Application
The BYOD trend has been witnessing a rise over the years. The scalability and accessibility features offered by the adoption of the cloud platform is driving the BYOD trend. Using personal smartphones and tablets for work purpose becomes convenient for employees and in-expensive for employers. However, as more and more employee-owned devices are allowed, the threat to enterprise application increases. Application security solutions provide security against the sophisticated cyberattacks to protect the enterprise applications and the data stored in it across the web as well as a mobile platform and prevent unauthorized access to applications. Moreover, the application security solutions help in identifying the security vulnerabilities during the development, testing, and running phase thereby ensuring maximum security of an enterprise application. Thus, the growing need to protect enterprise application is driving the growth of application security market.

Increasing Sophistication Level of Cyber-Attacks
The number of cyberattacks has been increasing, and the cybercriminals are continually evolving their attacks with more and more sophisticated tactics. These ever-rising cyberattacks have laid the data and other sensitive assets of enterprises and individuals at constant risk. The attackers' leverage proven methods against cloud-based applications. Moreover, the industry suffers from a lack of cybersecurity professionals owing to which the stakes are higher than ever, thereby driving the need for application security solutions. The solutions help in identifying and managing the prevailing as well as the potential cyber-threat landscape on the applications across various platforms and boost security.

Market Opportunities

Increasing Penetration of Smartphones
Smartphone penetration has increased notably over the years, thereby raising the demand for several smartphone supported applications. There is a high focus on the security of these smartphone applications among consumers to safeguarding critical data of application users. Applications running on operating systems such as Android, IOS and Java ME experience a high level of cybersecurity vulnerabilities and threats from external as well as internal sources such as untrusted Wi-Fi networks and websites. Moreover, the adoption of e-wallets, online payment, and social media application involving monetary transactions and sensitive information requires encryption technology to enhance application security during the testing and deploying phase, thereby offering growth prospects for the application security solutions market.

Government Initiatives Supporting Digitalization in Developing Countries
Digitalization is having a significant impact on the countries economic condition. The information and communication technologies provide new opportunities for developing economies. Governments of the developing countries such as China, India, Japan, Mexico, and Brazil, among others, are focusing on ICT technologies to enable digital transformation. Growing support for the adoption of cloud technology, Internet penetration, mobility, digital payments, and IoT technology calls for web-based and mobile applications and respective security solutions.

Competitive Landscape
The application security market is highly competitive. The key market players are focused on innovating its application security solutions with advanced features to boost application security and enhance the user experience. Some of the companies profiled in the report include IBM Corporation, Oracle Corporation, HPE, Veracode Inc., Synopsys, White Hat Security Inc., Qualys Inc., Checkmarx Ltd., Acunetix Ltd., and Rapid7 Inc.

June 2020, White Hat Security Inc., launched Web & Mobile Application Security bundle to help the organizations secure the web and mobile applications. The bundled application security solution offers customers high-level visibility to the risk posture and vulnerability verification for web applications, thereby helping them to focus on core operations, and ensure that the businesses up and running.

February 2020, Acunetix Ltd. launched Acunetix Version 13. The new version offers features such as SmartScan engine, malware detection functionality, comprehensive network scanning, proof-of-exploit, incremental scanning, and others to provide an enhanced user interface.

Notes for Editors
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