Business

Projection: Consequence of COVID-19 Impact and forecast growth of Application Security Market

The global application security market is valued at $9779.8 million by 2027, surging from $2994 million in 2019 at a noteworthy CAGR of 16.1%.

Impact Analysis of COVID-19 on the Security Testing Market

The global market for application security services is estimated to experience a high growth rate in the midst of the COVID-19 pandemic, owing to increasing usage of mobiles and smartphones during the pandemic due to work from home and remote services programs. Hence, the demand for security of applications is also projected to witness a rise. Furthermore, certain key vendors for application security such as GreatHorn, Veracode and WhiteHat Security adopted certain strategies and innovation for staying connected in competitive environment. For instance, GreatHorn, a notable player in security testing technologies is providing cost-free access to ‘GreatHorn Email Security threat detection and remediation platform’ for 60 days to ventures facing disruptions owing to the COVID-19 chaos. All these factors will positively affect the global application security market. Also, the unimaginable surge in cyber-attacks such as online scams, data harvesting malware, phishing emails, and disruptive malware during the outbreak of the coronavirus disease, will increase the demand for application security. These factors may create lucrative opportunities for the investors in the forecast period.

Global Security Testing Market Analysis:

The enormous growth of the global application security market is mainly attributed to increasing growth in cloud computing, mobile device & software and vulnerability assessment in the application security platforms. Increasing deployment of cloud computing also increases the risk of threats over networking, and consequently in the demand for application security. Also, in 2018, according to the International Trade Administration, in US, for monitoring and managing software as services, more than 1000 or approx. 50% enterprises were using Cloud Access Security Broker (CASB) products. These types of benefits will urge users to adopt cloud based technologies and fuel the market for application security.

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The high capital investment and lack of resources in the growing businesses may obstruct the growth of the global application security market.  Moreover, the complexities and higher cost of application security were also cited as key issues that may create a negative impact on the global application security market during the forecast period.

The growing prominence on adoption of Artificial Intelligence and Machine Learning may create huge opportunities for the global application security market, in the future. Furthermore, the exponentially increased adoption of artificial intelligence and machine learning is majorly attributed its crucial advantages such as detection and remediation of malwares, feasibility to host the security testing tools, and detection of all possible security risk. Moreover, the companies involved in the global application security solutions are following effective strategies and launch of innovative products to grow in the market. For instance, in April 2020, Keysight Technologies, Inc., a notable player that helps enterprises and governments to accelerate innovation, has made an announcement to release Load Core 5G Core (5GC) network testing software. The software simulates complex real-world subscriber models to enable network equipment manufacturers and mobile operators to qualify performance of data and voice transferred over 5GC networks. Such technological advancements may further lead to lucrative market opportunities in the global application security market in the upcoming years.

The web application security of the global application security market will have the fastest growth and it is projected to surpass $4,412.2 million by 2027, with an increase from $1,290.8 million in 2019. The web application security sub-segment for the global application security market is expected to experience high market growth mainly because devices such as tablets, smartphones, iPads and other hybrid handheld devices are used to access business platforms, but their inherent security vulnerabilities are majorly overlooked. For instance, as per data published by Symantec, a leading American software company, an average of 10,573 malicious mobile applications were blocked per day in 2018. All these factors may create a positive impact on the segment, throughout the forecast period.

The BFSI application security is in great demand and it is projected to generate a notable revenue of $2019.3 million by 2027. The BFSI (Banking, Financial Services and Insurance) sector helps in monitoring the hidden threats and defects that any potential hacker can leverage to get through the client’s data. Moreover, significant growth in internet banking also increases the pressure on BFSI sector to make all transaction and payment secure. Increasing competitive rivalry and customer expectations upsurge the demand for application security technologies. Such factors will drive the segment growth, throughout the analysis timeframe.

The global application security market for the North American region will be a rapidly growing market. This market has generated revenue of $959 million in 2019 and is further projected to reach up to $2976 million by 2027. The demand for applications security services is surging in the North America region, specifically because of various factors such as increasing number of internet users, increasing adoption of IoT devices and strict government & industry regulations for the business processes. Moreover, the strong presence of leading application security providers and manufacturers will be one of the key factors for the growth of the North America application security market in near future. For instance, WhiteHat Security, Inc., in June, 2020, announced that they are going to launch mobile and web application for helping corporation for securing the future digitally. This initiative will help clients to view the risk, verification and vulnerability, so they can focus on large projects for their businesses. All such factors will boost the application security in the North America region.

The Asia Pacific application security market shall have a dominating market share and is anticipated to reach up to $2242.5 million by the end of 2027, due to higher security breaches in web and application security. This will create investment opportunities in the region. India and Australia were considered the most lucrative markets for application security in the recent years, owing to the demand for application security across these countries.
Leading Key Players

  • IBM
  • Cisco Systems
  • Data Theorem
  • Hewlett Packard Enterprise Development LP
  • WhiteHat Security, Inc.
  • NowSecure
  • Acunetix
  • LOOKOUT
  • Zimperium
  • Kryptowire

Porter’s Five Forces Analysis for Application Security Market:
•Bargaining Power of Suppliers: The companies involved in application security business are extensive in number. Thus, companies have so many options and alternatives to handle expensive supplies, and unpredictable demands in supplier pricing impact company profitability. So, there will be a lower threat from the supplier side. Thus, the bargaining power of the supplier is Moderate.

  • Bargaining Power of Buyer: Buyers have high bargaining power, primarily because of the huge number of application security services that are offered in low pricing. Therefore, the buyer can choose the service that best fits its preferences. Thus, the bargaining power of the buyer is HIGH.
  • Threat of New Entrants: The startups entering this market are providing advanced application security solutions to the customers. Moreover, the switching cost of buyers is not high. Thus, the threat of the new entrants is Moderate.
  • Threat of Substitutes: low-cost services and technological innovations by the companies that are starting in application security attracts the customers. However, companies that are already in application security offers huge discounts with regular free service. Therefore, the threat of substitute is Low.
  • Competitive Rivalry in the Market:The ventures operating in the global application security are opting for various businesses deployment strategies to stronghold position in the market. The key players of the market especially between the global players including IBM, Cisco Systems, Hewlett Packard Enterprise Development LPand many more companies. These companies are launching their value-added services in the international market and strengthening the footprint worldwide. Therefore, competitive rivalry in the market is High.

Reference: https://www.researchdive.com/press-release/application-security-market.html

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