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(IT-NEWSWIRE.COM, April 13, 2018 ) The application security market is expected to grow from USD 2.79 Billion in 2017 to USD 9.0 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 26.4%. The major growth drivers of the application security market include concerns about the increased sophistication level of threats and the Advanced Persistent Threats (APTs) causing security breaches, strict regulatory compliances, and increased deployment of third-party applications.
Among the solutions, web application security is expected to hold a larger market share than mobile application security due to its larger usage in enterprises for business-critical operations. Mobile application security is expected to grow at a faster rate than web application security due to the growing numbers of smartphone users, increasing BYOD trend, and enterprise mobility needs.
In the services segment, professional services that include consulting, training and education, and support services are expected to hold a larger market size than managed services, as professional services enable enterprises to remain robust against emerging cyber threats. Managed services are expected to grow at a CAGR higher than professional services due to to increasing demands for Software-as-a-Service (SaaS) applications among Small and Medium Enterprises (SMEs).
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Among the various testing types, Interactive Application Security Testing (IAST) is expected to grow at the highest CAGR as IAST enables greater detection of internal and external vulnerabilities in the applications, which might malfunction the applications. Many application security solution vendors are planning to launch the IAST solution soon. In terms of the market size, Static Application Security Testing (SAST) is expected to hold the largest market size as SAST is used in the early phase of the Software Development Life Cycle (SDLC) and is mostly preferred by application developers.
The cloud-based deployment mode is the most preferred among the end-users, which makes it a higher contributor as well as a faster growing deployment mode as compared to the on-premises mode. Key reasons for the high adoption of cloud-based solutions are cost effectiveness, easy manageability, mobility support, and zero maintenance concerns.
SMEs and large enterprises are rapidly deploying application security services to gain complete visibility into security threats by identifying application security gaps throughout the application development lifecycle. Large enterprises are expected to hold a larger market share than SMEs, wherease SMEs are expected to witness a faster growth rate than large enterprises during the forecast period.
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In the industry vertical segment, the government and defense vertical is expected to hold the largest market share in 2017. However, it is expected to be outpaced by the Banking, Financial Services, and Insurance (BFSI) vertical by the end of the forecast period. Increasing usage of web and mobile applications for financial transactions makes the BFSI vertical a lucrative target for attackers and thus, encourages higher adoption of advanced application security solutions.
The global application security market has been segmented on the basis of regions into North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America to provide a region-specific analysis in the report. The North American region, followed by Europe, is expected to become the largest revenue generating region for application security vendors in 2017. This is mainly because in the developed economies of the US and Canada, there is a high focus on innovations obtained from Research and Development (R&D) technologies. The APAC region is expected to be the fastest growing region in the application security market. The growth in this region is primarily driven by increasing digitalization and growing smartphone users.
The application security market faces many challenges, such as lack of awareness about advanced cyber-attacks, high deployment costs, and the need to support fast-paced Software Development Life Cycle (SDLC).
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Major vendors that offer application security solutions across the globe are Veracode (Massachusetts, US), Hewlett Packard Enterprises (California, US), Synopsys (California, US), IBM Corporation (New York, US), WhiteHat Security (California, US), Qualys (California, US), Checkmarx (Tel Aviv, Israel), Acunetix (St Julians, Malta), Rapid7 (Massachusetts, US), Trustwave (Singtel Illinois, US), High-Tech Bridge (Geneva, Switzerland), Contrast Security (California, US), SiteLock (Arizona, US), Pradeo (Paris, France), and Fasoo (New Jersey, US). These vendors have adopted different types of organic and inorganic growth strategies, such as new product launches, partnerships and collaborations, and mergers and acquisitions, to expand their offerings in the information security market.
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Research Cosmos is an aggregator of syndicated and bespoke market research, business intelligence and consulting services on gamut of sectors across the globe. We’re associated with world renowned publishers who when combined, serve hundreds of fortune listed companies and publish wide range of insightful reports which cover nook and corner of every industry vertical.
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Dani Rodriguez
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dani@researchcosmos.com
Source: EmailWire.Com 
Source: EmailWire.com
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