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By apacciooutlook | Thursday, May 26, 2016
FREMONT, CA: MarketsandMarkets, a market research and management consulting company, publishes a research report on application security market forecasting to grow at a CAGR of 24.8% from 2016 to 2021.The report also states the application security market size to grow from USD 2.24 Billion in 2016 to USD 6.77 Billion by 2021
The latest report from MarketsandMarkets, "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", segments the global market by testing type, deployment mode, company size, vertical and geography.
There is a continuous rise in the security breach targeting the mobile and web application, application security protects web- and mobile-based applications from vulnerabilities via various security testing procedures, throughout the application development lifecycle.
The Interactive Application Security Testing (IAST) segment to play a key role
The Static Application Security Testing (SAST) segment is expected to contribute the largest share in the application security market during the forecast period. The IAST segment is expected to grow at the highest rate from 2016 to 2021, in the application security market, as it combines both SAST and Dynamic Application Security Testing (DAST) capabilities to scan the source code while the application is in the operating state.
BFSI vertical to gain the maximum traction
The Banking, Financial Services, and Insurance (BFSI) vertical is expected to grow at the highest rate from 2016 to 2021, in the application security market. One of the major factors responsible for such a high growth rate is the increasing government regulations like Payment Card Industry Data Security Standard (PCI DSS), which has prompted the BFSI vertical to rapidly adopt application security solutions. The application security market is also projected to witness growth in the healthcare, retail, and IT & telecom verticals, during the forecast period.
North America to contribute the largest market share
North America is expected to hold the largest market share and dominate the application security market from 2016 to 2021, due to the presence of a large number of application security vendors. Asia-Pacific (APAC) offers potential growth opportunities, due to rise in the Internet of Things (IoT) and Bring Your Own Device (BYOD) trend in organizations, which has given rise to the usage of web and mobile based applications.
The major vendors in the Application Security Market include IBM Corporation, Hewlett Packard Enterprise, WhiteHat Security, Veracode, Checkmarx, Qualys, Rapid7, Trustwave, Acunetix, and Cigital, among others. The report covers detailed information regarding the major factors influencing the growth of the Application Security Market such as drivers, restraints, challenges, and opportunities. A detailed analysis of the key industry players has been done to provide insights into their business overview, products and services, key strategies, new product launches, mergers and acquisitions, partnerships, agreements, and collaborations, associated with the Application Security Market.
See Also: Cyber Security Review Magazine