Application Security Industry Business Development Analysis and Future Challenges by 2024

has been increasing rapidly, which has resulted in an increase in the data breach;
hence, mobile application security is of utmost importance to protect users’ critical
information visible to public and private networks.
The application security market offers professional services, which include consulting
services and various training and education services. Various enterprises are
outsourcing their security services to various third-party service providers due to their
dearth of experience and required skills, which are anticipated to boost the application
security market over the forecast time span.
On-premise and cloud-based are the two deployment techniques adopted in the
application security market. On-premise security tools offer a high level of security and
control as compared to cloud techniques. It provides businesses a control of the
overall data managed by their IT staff, enhancing the safety. The use of these
techniques varies depending upon their application areas.
Banking and insurance services, education, government, media & entertainment,
retail, IT, telecommunication, and hospitality are the end-use verticals of the
application security market. Various government sites and links should be protected
from hackers as they carry vital national data, enhancing the use of application security
systems.
Banking, financial, and insurance services are anticipated to observe the highest
adoption of these services. Monetary transactions involved in the banking sector have
vast confidential information such as customer’s user ids, login details, and account
numbers. This data is extremely vital and needs to be protected with the help of
application security software.
Healthcare departments use= applications to save patients’ data, which needs to be
protected from external threats. They contain vulnerable applications, which can
create patient safety issues and uncover subtle patient information. Hence, the
application security market is expected to grow in this field.
North America is anticipated to hold the largest share in the application security market
over the forecast time span. This is due to the increasing adoption of smart and latest
technologies and stringent government laws regarding the security of IT tools for
business purposes. Moreover, the presence of many vendors located in this region
augments the industry growth.
Asia Pacific will witness major industry growth owing to the increasing population and
the rise in the number of smartphone users. Also, the increase in the use of Internet
provides various opportunities for hackers. Hence, many companies in this region are
investing in cyber security to protect their applications from various threats.
The industry players operating in the application security market include International
Business Machine (IBM) Corporation, Veracode, Transport America, WhiteHat
Security, Qualys, Fasoo, Checkmarx Ltd., Contrast Security, and Pradeo. These major
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