The total Application Security Market is expected to grow from USD 2.79 billion in 2017 to USD 9.0 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 26.4%. The global application security market is driven by factors such as the need to protect enterprise applications and data from sophisticated application layer attacks, increased usage of third-party applications, and necessity to adhere to government regulations. Application security solutions and services assist organizations in finding out potential vulnerabilities in their applications, which may result in leakage of critical data from the enterprise IT infrastructure. Application security involves security measures implemented throughout an application code’s lifecycle to identify security gaps and flaws and protect the organization’s IT infrastructure from cybercriminals. The security vulnerabilities can be easily targeted and exploited by hackers to leak private data or cause disruption of business processes. Application security solutions ensure the protection of critical business applications from such exploitations and vulnerabilities.
The application security market is an ever-evolving market that is emerging with the growth of application layer threats. Technology vendors, standard-developing firms, and government organizations are continuously researching on various security measures to prevent any application layer attack. The Open Web Application Security Project (OWASP) Foundation, CWE/SANS, and International Organization for Standardization (ISO) are some of the popular organizations that define standards for the development of secured applications. On 10th April, 2017, OWASP announced the release candidate of its updated report OWASP Top 10 – 2017, and the company is expected to announce the final release of the report in July or August 2017. The previous version of the report was released on 12th June, 2013. The foundation also released the Mobile Top 10 2016 for guiding developers and security teams to build and maintain secure mobile applications. This project is under research, and the full version of the report is expected to be released soon. These standards would help application security vendors to make enhancements in their offerings.
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In the solutions segment, mobile application security is expected to grow at a faster rate than web application security solutions. Key factors for the growth are increasing smartphone users across the globe and the adoption of the Bring Your Own Device (BYOD) trend.
In the testing type segment, Interactive Application Security Testing (IAST) is expected to grow at the fastest CAGR as many application security vendors are conducting researches on IAST and expect it to be the next-generation application security testing type that can detect complex application vulnerabilities, both internal as well as external.
Cloud-based solutions are adopted more by end-users, and they continue to grow faster than on-premises solutions due to their low cost of deployment, better usability, and superior mobility support.
In the vertical segment, government and defense and Banking, Financial Services, and Insurance (BFSI) sectors are the 2 major contributors in the application security market as these 2 verticals operate under stringent regulations and possess very sensitive data.
Among the regions, Asia Pacific (APAC) is expected to be the fastest-growing region in the application security market during the forecast period due to increasing digitalization of industries in the region.
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The major application security testing service providers include Veracode (Massachusetts, US), HPE (California, US), Synopsys (California, US), IBM (New York, US), WhiteHat Security (California, US), Qualys (California, US), Checkmarx (Tel Aviv, Israel), Acunetix (St Julians, Malta), Rapid7 (Massachusetts, US), Trustwave (Illinois, US), High-Tech Bridge (Geneva, Switzerland), Contrast Security (California, US), SiteLock (Arizona, US), Pradeo (Paris, France), and Fasoo (New Jersey, US). New product launches and partnerships are the key strategies majorly adopted by the market players to offer feature-rich products and services to their customers and penetrate deeper into uncatered regions.
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