New York, USA, May 03, 2021 (GLOBE NEWSWIRE) — According to a newest report published by Research Dive, the global application security market is projected to generate a revenue of $9779.8 million by 2027, from a notable market size of $2994 million in 2019, at a significant growth rate of 16.1% during 2020-2027 forecast timeframe.
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Covid-19 Impact on the Market
The global application security market is expected to experience a significant growth during the Covid-19 mayhem. Lockdown across several countries forced companies and healthcare facilities to stay connected via online networks. In activities, such as secure information, conversational data, and online transactions that are exchanged through network, application security methods play a major role. This aspect is driving the global application security market during the pandemic.
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The application security market is anticipated to surge exponentially during the forecast period due to rise in cyber-attacks, such as phishing and ransomware, worldwide. In order to curb such cyber-threats and ensure endpoint protection, application security tools are needed. Apart from this, a report by Cybint, an international cyber education leader, stated that approximately 62% businesses faced phishing and social engineering attacks in the year 2018. All these factors are fueling the growth of the global market during the forecast timeframe.
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However, lack of knowledge and high-cost pertaining to application security tools are estimated to hinder the market growth during the forecast timeframe. On the other hand, usage of artificial intelligence and machine learning in web and mobile applications is likely to generate opportunities for the market in the coming years.
Mobile Sub-Segment to be the Most Profitable
Among type segment, the mobile sub-segment is estimated to reach $5,367.6 million during the forecast period. Mobile application security aids in securing data from risks such as pin or password leakage, geo-location data loss, unauthorized tethering, and configuration data threats. This factor is predicted to boost the growth of this sub-segment during the analyzed timeframe.
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Services Sub-Segment to be the Most Lucrative
Among component type segment, the services sub-segment is anticipated to gain $4,115.7 million by the end of 2027, from a considerable market share of $1,110.1 million in 2019. This sub-segment is expected to witness tremendous growth as several market participants are choosing services such as managed and professional services.
Cloud Sub-Segment to Generate Maximum Revenue
Among deployment type segment, the cloud sub-segment is predicted to cross $4,412.6 million by 2027, from a significant market size of $1,141.5 million in the year 2019. The growth of the sub-segment is attributed to integrated safety in varied industries and cloud’s cost effective nature.
Small & Medium Enterprises Sub-Segment to be the Fastest Growing
Among organization size segment, the SMEs sub-segment is anticipated to generate a revenue of $4,402.1 million by 2027 during the forecast timeframe. Security breaches affects businesses through impingement of payment and data, thus companies associated with security testing solutions are developing advanced products for protection against security breach. These factors are bolstering the growth of this sub-segment during the forecast period.
IT & Telecommunication Sub-Segment to Generate Substantial Revenue
Among vertical type segment, IT & telecommunication sub-segment is estimated to generate a considerable revenue of $4,402.1 million by the end of 2027. Rise in the number of internet subscribers, increasing government investments in telecommunication infrastructure, and mobile data traffic is predicted to drive the sub-segment market growth during the forecast period.
The North American application security market is anticipated to exceed $2976.0 million by 2027, from a market size of $959.0 million in 2019. The market growth is due to rise in the penetration of cloud-based networks and mobile devices worldwide. Moreover, rise in the number of internet users, stringent industry & government regulations, and augmented adoption of IoT devices are boosting the market growth during the forecast period.
Key Players & Business Strategies
2. Cisco Systems
3. Data Theorem
4. Hewlett Packard Enterprise Development LP
5. WhiteHat Security, Inc.
Global application security market players are focusing on mergers & acquisitions and advanced technical developments. For instance, in October 2020, Contrast, an application security software company, revealed industry’s first security observability platform.
The report offers many strategies and ideas of the top industry players functioning in the industry such as the current strategic plans & developments, financial performance, SWOT analysis, and product/service range. Click Here to Get Absolute Top Companies Development Strategies Summary Report
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