Application Security Market is Expected to Grow from 6.08 Billion 2023 to reach 17.51 Billion in 2031 | SkyQuest Technology
Westford, USA, June 04, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that the Application Security market will attain a value of USD 17.51 billion by 2031, with a CAGR of 14.14% over the forecast period (2024-2031). Rising reliance on applications owing to rapid digital transformation is bolstering the demand and importance of application security. Implementation of strict data privacy and security mandates is also promoting the adoption of application security solutions on a global level.
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Browse in-depth TOC on “Application Security Market”
- Pages – 197
- Tables – 146
- Figures – 78
Application Security Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 6.08 Billion |
| Estimated Value by 2031 | $ 17.51 Billion |
| Growth Rate | Poised to grow at a CAGR of 14.14% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Deployment Type, Size of the Enterprise, Verticals, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the world |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Adoption of DevSecOps |
| Key Market Drivers | Imposition of stringent data privacy and protection mandates for applications |
Preference for Complete Security Control Allows On-premises Deployment to Hold a High Market Share
On-premises deployment of application security is projected to be preferred by most application providers as it offers complete control over the security of application data. On-premises application security solutions are highly flexible and allow organizations to create custom security protocols to enhance application security.
Emphasis on Protection from Cyberattacks in SMEs Allowing them to Emerge as a Fast-growing Segment
Small and medium enterprises (SMEs) are more prone to cyberattacks and data breaches due to their limited resource access. Increasing availability of affordable application security solutions and growing budget allocation for security in SMEs allows this segment to emerge as the fastest expanding one in the global market.
Stringent Data Protection Regulations Allowing North America to Spearhead Global Application Security Demand
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Drivers
- Rapid evolution of the cyber threat landscape
- Increasing incidence of sophisticated cyberattacks and data breaches
- Growing reliance on applications owing to rapid digital transformation
- Imposition of strict regulations for data protection in applications
Restraints
- Increasing complexity of application environments
- Dearth of skilled security professionals to manage and implement application security solutions
Prominent Players in Application Security Market
- IBM
- Micro Focus International
- Synopsys
- Check Point Software Technologies
- Veracode
- Rapid7
- WhiteHat Security
- Qualys
- Fortinet
- Trustwave Holdings
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Key Questions Answered in Application Security Market Report
- What drives the global application security market growth?
- Who are the leading application security providers in the world?
- Which region leads the demand for application security in the world?
This report provides the following insights:
- Analysis of key drivers (growing prevalence of cyber attacks, implementation of stringent data protection mandates for applications, increasing prevalence of sophisticated cyberattacks), restraints (shortage of skilled security professionals, increasing complexity of application envrionment), and opportunities (adoption of DevSecOps, use of zero trust approach), influencing the growth of Application Security market.
- Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
- Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the Application Security market.
- Market Development: Detailed analysis of potential regions where the market has potential to grow.
- Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.
- Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.
Related Reports:
Managed Security Services Market
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SkyQuest Technology is a leading growth consulting firm providing market intelligence, commercialization and technology services. It has 450+ happy clients globally.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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