The global application security market is projected to witness the growth at a CAGR of 17.61% during the forecast period to reach a total market size of US$10.787 billion by 2023, increasing from US$4.076 billion in 2017. Application security is a use of hardware, software, and procedural methods to protect application from external threats.
The safety and security of information of customers is the primary concerns for organization which are investing heavily to secure the confidential information. The growing digitization process globally has increased the risk of potential attacks of data breaches. Moreover, the government regulation focusing on information protection of sensitive data has led to the growth of the application security market.
Growing Incidence of Data Breach
The global integration is complementing the growing era of digitization where business with all sizes are becoming increasingly reliant on digital data, cloud computing, and workforce mobility. In fact, the sensitive data is stored on local machines, enterprise database, and cloud servers where the possibility of breaching a company’s data has become relatively easier. According to the breach level index report 2016, the number of data breach incidents in the first half of 206 was 974 increasing from 646 in the first half of 2013. Moreover, the number of mobile applications is also increasing rapidly on account of their ability to provide fast and effective communication and the growing eCommerce industry.
The rising number of applications increases possibility of potential attacks. Thus, the application security has become absolute necessity for the organization as they expand their penetration in the market with increasing number of companies developing their own application, and as such the safety and security of confidential information and to maintain the reputation of the company is driving the global application security market.
Application Security Market By Industry Vertical
By industry vertical, application security market is segmented as government, communication and technology, retail, education, healthcare, BFSI, military and defense and others. Healthcare held a significant market share in 2017 owing to the highest number of data breaches in this sector. The growth of electronic health care data and healthcare portals have further increased the rate of cyber crimes in healthcare sector thereby increasing the demand for application security solution. Additionally, the application security solutions are extensively used in other sectors like government agencies, retail, financial organizations, and education among others. Thus, the mounting new threats to various industries is expected to drive the market growth during the forecast period. Various government regulations are being launched globally to safeguard the integrity and availability of data, networks and systems. For instance, the European Union has launched Global Data Protection Regulation(GDPR), which is to be enforced in May 2018, with the objective to strengthen data protection.we have included all segments of this market like market share , trends , forecast , in market research report with market intelligence.
Application Security market for government sector is projected to grow at the CAGR of XX% during the forecast period to reach a total market size of US$XX billion in 2023 from US$XX billion in 2017. According to breach level index, Government sector accounted for the second highest number of breaches with 57% of records breached in first half of 2016. The rise in the velocity and aggressiveness of cyber-attacks, has increased the need to adopt application security solutions in order to protect privacy and maintain national security. The growth of e-commerce and increased role of Internet of Things(IOT) have further escalated the complexities in managing and securing vast amounts of data, multiple cloud environments and internet connected devices. The need for cyber security ranges from assessment of initial risk to emergency backup and recovery as the large set of information becomes susceptible to internal threat such as disgruntled employees and external threats such as malware, identity theft rings, hacktivists and others. Several programs are being launched by the government to combat against these increasing number of cyber crimes like the Cyber security National Plan (CNAP) adopted by US aims to develop strategies to enhance cyber security awareness and protections, protect privacy, maintain public safety as well as national and economic security.
Global Application Security Market By Geography
Geographically, application security market is segmented as North America, South America, Europe, Middle East and Africa, and Asia Pacific. North America holds the largest share in the global market owing to the presence of a large number of key players in this region.
Flourishing industries in this region are showing high adoption of application security solutions which is contributing to the growth of application security solutions in this region. The market in Asia pacific is anticipated to grow at the highest CAGR over the projected period on account of rapid growth of end-user industries.
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