Application Security Market to Triple in the Next 5 Years
Wednesday, May 11, 2016
A new market research report has been published by MarketsandMarkets which predicts that the global application security market size is expected to triple, growing from $2.24 Billion in 2016 to $6.77 Billion by 2021. The report is titled “Application Security Market by Component (Solutions, Services), Solutions (Web Application Security, Mobile Application Security), Testing Type (SAST, DAST, IAST), Deployment Mode, Organization Size, Vertical, Region - Global Forecast to 2021".
The report provides detailed insight into the chief factors influencing the growth of the application security market such as drivers, restraints, challenges, and opportunities. Its scope covers the application security industry by component, testing type, deployment mode, organization size, vertical, and region.
Web application security is expected to dominate the market and contribute the largest market share and mobile application security is expected to play a key role, growing at the highest rate during the forecast period as companies seek security products services to help implement, integrate, and monitor web and mobile applications throughout the application development lifecycle.
The report also includes detailed analysis of the key industry players, providing insights into their business overview, products and services, key strategies, new product launches, mergers and acquisitions, partnerships, agreements, and collaborations. Specific insights are provided into the rise in demand for SaaS security solutions.
Highlights from the report include:
Rise in security breaches targeting business applications will drive application security awareness
Among the top drivers of the growth of the application security industry is the rise in security breaches targeting business applications, coupled with strong regulation and compliance requirements. Security products growth will be driven by the rapid emergence of digital solutions and devices, which are based on communication between various business-critical applications and data.
Hybrid analysis (IAST) to play a significant role in industry growth
Interactive Application Security Testing (IAST), also referred to as "hybrid analysis," is an emerging security testing type, which is a combination of both Static Application Security Testing (SAST) and Dynamic Application Security Testing (DAST). Various advantages offered by IAST include false positive reduction, comprehensive vulnerability coverage, entire code coverage that includes the libraries and frameworks, scalability to handle large applications, instant developer feedback to save time, and zero process disruption. The IAST segment is expected to grow at the highest rate during the next five years.
The Banking, Financial Services, and Insurance (BFSI) vertical is expected to grow at the highest rate
The BFSI vertical is one of the top industries targeted for malicious attacks and is expected to grow at the highest rate in the next five years. The application security market is also projected to see growth in the healthcare, retail, and IT & telecom sectors during the forecast period.
North America is expected to contribute the largest market share and Asia-Pacific (APAC) should grow the fastest
North America is expected to hold the largest market share and dominate the market, due to the presence of a large number of application security vendors. The APAC region offers significant potential growth opportunities, as there is a rise in the BYOD adoption rate among organizations that are deploying application security solutions.
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