Major players in the application security market are IBM Corporation, Synopsys, Checkmarx, Veracode, MicroFocus, WhiteHat Security, Rapid7, Contrast Security, Qualys, and Trustwave. The global application security market is expected to grow from $6.
New York, March 08, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Application Security Global Market Report 2021: COVID-19 Growth And Change" - https://www.reportlinker.com/p06033657/?utm_source=GNW
27 billion in 2020 to $7.67 billion in 2021 at a compound annual growth rate (CAGR) of 18.24%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $17.74 billion in 2025 at a CAGR of 23.31%.
The application security market consists of sales of application security products and related services.Application security is a method of making applications more secure by fixing, finding, and enhancing the security of the application.
It also includes tools and methods to protect applications once application security is deployed. Only goods and services traded between entities or sold to end consumers are included.
The application security market covered in this report is segmented by solution into web application security, mobile application security; by testing type into static application security testing, dynamic application security testing, interactive application security testing; by end-user into BFSI, IT & telecommunication, government & defense, healthcare, retail, education, others.
North America was the largest region in the application security market in 2020. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The lack of application security expertise is expected to limit the growth of the application security market over the forthcoming years. According to Burning Glass International Inc., an analytics software company, the demand for application development security and cloud security is a fast-growing skills area projected to grow 164%, and 115% respectively between 2020-2025. According to the ESG and Information Systems Security Association (ISSA) analysis published in August 2020, 70% of cybersecurity professionals claim that their organization is facing issues with the cybersecurity skill shortage. In the past four years, the percentage ranged from a low of 69% to a high of 74%. Therefore, the lack of application security expertise is projected to restrict the growth of the application security market.
In April 2020, Hellman & Friedman (H&F), a US-based software security solution provider for DevOps acquired Checkmarx, a software security solutions company from Insight Partners for a deal amount of $1.15 billion. The acquisition is expected to drive the company’s growth and the cybersecurity threats continue to intensify, that embedding security early in the software development lifecycle is critical. Checkmarx is an Israel-based software security solution for modern enterprise software development and is engaged in providing static and interactive application security testing training development, software composition analysis, and application security.
Increased security breaches at the business application level contributed to the growth of the application security market.For instance, in March 2020, Keepnetlabs, a UK-based security firm, announced a data leak that exposed nearly 5 billion records.
Moreover, in December 2019, Microsoft disclosed a data breach that exposed 250 million entries attributing to the misconfiguration of an internal customer support database.Application security enhances the security of the web and mobile-based applications that can mitigate some of the breaches through the application.
Thus, the rising security breaches at the business application level drove the market for the application security market.
Artificial intelligence (AI) and machine learning (ML) are increasingly being used to prevent attacks in the web or mobile-based applications.AI can be used to automating threat detection and respond more effectively than a traditional software-driven approach.
AI-based cybersecurity will train itself continuously and independently gather the data across the enterprise information systems through that data it analyses and performs correlation of patterns across billions of signals relevant to the cyberattacks and solve the issue.For instance, Fortinet, a California-based security solutions company provides solutions from network and web application security to threat protection for IT infrastructure.
Fortinet’s AI-based product, FortiWeb, is a web application firewall that uses machine learning and two layers of statistical probabilities for detecting attacks and threats.
The countries covered in the market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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