Pune, India, April 30, 2019 (GLOBE NEWSWIRE) -- According to Market Research Future (MRFR), the global application security market is estimated to rise at a significant compound annual growth rate of 24.95% and reach a valuation of USD 9.64 billion by the end of the forecast period of 2018 to 2023, surpassing the market revenue generated in 2017, of USD 2.56 billion. MRFR’s research predicts that factors such as the rise in cyber-attacks and global awareness for application security leading to stringent government regulations are expected to drive the market in the forecast period. The growing use of smartphones has encouraged many industries to digitalize their presence in an application format, thus increasing the risk of leaking confidential information in smartphones, such as bank details and passwords of the user, subsequently raising the demand for application security.

Application security involves the use of software, hardware, and other measures to protect applications from external attacks or threats, thus, improves the security system of enterprise applications. An application security system reduces the security risks involved in the operation of mobile and web applications, among others by identifying, rectifying, and securing the security loopholes and preventing malicious attacks.

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Segmental Analysis

As per the segmentation followed by MRFR, the global application security market is segmented based on solution, services, testing type, deployment, organization size, and end-user.

Based on solution, the application security market is segmented into web application security and mobile application security. The web application security has been the dominating segment and is projected to grow at a CAGR of 23.95%. The mobile application security segment is estimated to rise as the fastest growing segment of the market at a CAGR of 26.87% by the end of the forecast period.

Based on services, the market is segmented into professional services and managed services. The professional segment dominated the market in 2017 with a valuation of USD 2095 million in and is assessed to grow at a CAGR of 24.39% and reach a valuation of USD 7409 million by the end of the forecast period. Additionally, the managed segment is likely to be the fastest growing segment at a 26.91% CAGR. The managed segment had reported valuation of USD 559 Million in 2017 and is likely to grow up to 2230 Million in 2023.

By testing type, the market is segmented into stating application security testing, dynamic application security testing, and interactive application security testing. The static application security testing segment is dominating the market share and is expected to rise at a CAGR of 24.06% over the forecast period. On the other hand, the interactive application security testing is projected to be the fastest growing segment with a CAGR of 27.58% through the forecast period.

By deployment, the application security market is segmented into on-premise and on-cloud premise. The on-premise segment is expected to retain its leading market share at a CAGR of 23.87% while the on-cloud segment is assessed to be the fastest growing segment and acquire a CAGR of 27.34% by 2023.

Based on organization size, the market segmentation comprises of large enterprise and SMEs. The large enterprise segment is estimated to retain its dominant market share and is expected to register a CAGR of 24.45%. Additionally, the SMEs segment is anticipated to be the fastest growing segment at a CAGR of 26.69% over the forecast period.

Based on end-user, the Application Security Market is segmented into BFSI, IT & telecommunication, government & defense, healthcare, retail, education, and others. The government & defense segment is estimated to lead the market. BFSI is projected to be the fastest growing segment by 2023 at a CAGR of 28.89%.

North America estimated as the dominant region in application security market followed by Europe and APAC

The global application security market is segmented based on regions, into North America, Europe, Asia Pacific, and the rest of the world. North America has been the largest regional market for application security and had reported a substantial valuation of USD 1 billion in 2017. Essential factors such as technological advancements and a stable economy contribute to the soaring demand for mobile and e-commerce applications, subsequently affecting the application security market. Countries like the US, Canada, and Mexico make steady investments in research and development for application security, thus supporting the growth of the market. The US is the largest regional market for application security in North America, followed by Canada and is projected to grow with a comparatively faster CAGR of 24.51% over the forecast period.

Europe is accounted for the second largest share of the application security market and reported valuation of USD 750 million in 2017. The European application security market is estimated to grow up to USD 2.8 billion at a 25.77% CAGR by the end of the forecast period. Germany was valued at USD 236.54 million in 2017, reporting the highest revenue generation, and is assessed to grow at a significant CAGR over the forecast period. The UK is expected to grow at the fastest CAGR of 28.99% over the forecast period.

Asia Pacific is recorded as the third largest regional market for application security and attained USD 617.34 Million in 2017. Asia Pacific is expected to reach USD 2.4 billion by 2023 and grow at a CAGR of 27.03% over the forecast period.

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Key Players

The key players of the global application security market are Hewlett Packard Enterprise Company, IBM Corporation, and Veracode Inc.

Other key market players include Synopsys (U.S.), White Hat Security Inc. (U.S.), Checkmarx Ltd. (U.S.), Rapid7 Inc (U.S.), Qualys Inc., (U.S.), Trustwave Holding Inc. (U.S.), Contrast Security Inc., (U.S.), High-Tech Bridge SA (Switzerland), and Acunetix Ltd (UK).

Related Reports

Cloud Application Security Market, by component (Solutions, Services), Organization Size (SMBs, Large enterprise), by Vertical (BFSI, Government & Defense, IT & Telecom, Healthcare, Retail) - Forecast to 2023.

https://www.marketresearchfuture.com/reports/cloud-application-security-market-4926

Dynamic Application Security Testing Market Research Report – By Component (Solution, Services), Deployment (On-Cloud, On-Premise), Application (Web, Mobile), Organization Size (Sme, Large Enterprises), Vertical (Bfsi, Healthcare) – Forecast Till 2023

https://www.marketresearchfuture.com/reports/dynamic-application-security-testing-market-5793

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