Global Application Security Market Forecast 2022-2030

Global Application Security Market Forecast 2022-2030

KEY FINDINGS

The global application security market is set to project a CAGR of 14.29% during the forecast period, 2022-2030. The growing cyber breaches, stringent compliance & by-laws, and outsourced IT models, are the dominant factors driving the market growth.

MARKET INSIGHTS

Application security is a process, involving fixing and enhancing the security of apps. It entails tools and methods to protect apps upon deployment. Cyber security and threats are primary concerns for both government and private sectors. The flourishing e-commerce and information technology sectors worldwide have led to increased cybercrimes leading to huge financial loss and information theft. As a result, IT security regulations have been put in place, which the industrial verticals must fulfill. One such example is the Health Insurance Portability and Accounting Act (HIPAA) of 1996. It is a US legislation that offers privacy provisions and data security to protect medical information. The regulatory bodies and government in the US are demanding small and large organizations to undertake responsibilities for securing sensitive data and information. This is due to the huge revenue losses resulting from data breaches. The advancing security regulations against cyber breaches are propelling the application security market growth for different testing tools. However, the lack of expertise and budget constraints are restraining market growth.

REGIONAL INSIGHTS

The global application security market growth assessment includes the geographical analysis of the Asia-Pacific, Europe, North America, and Rest of World. North America dominated the global market in 2021. The region has the presence of major IT hubs and a growing number of SMEs adopting cloud solutions for increasing business efficiency.

COMPETITIVE INSIGHTS

The competitive rivalry in the market is determined by the market concentration, general profitability, bargaining power of consumers, and market penetration. The exit barriers are high, with brand identity playing a vital role. Checkmarx, Contrast Security, Acunetix, IBM Corporation, Hewlett Packard Enterprise, etc., are among the major market players.

Our report offerings include:
• Explore key findings of the overall market
• Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
• Market forecasts for a minimum of 9 years, along with 3 years of historical data for all segments, sub-segments, and regions
• Market Segmentation cater to a thorough assessment of key segments with their market estimations
• Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
• Key analytics: Porter’s Five Forces Analysis, Vendor Landscape, Opportunity Matrix, Key Buying Criteria, etc.
• Competitive landscape is the theoretical explanation of the key companies based on factors, market share, etc.
• Company profiling: A detailed company overview, product/services offered, SCOT analysis, and recent strategic developments