Application Security Market: growing at a CAGR of 7.6% to Reach 5.5 Billion by 2028

 Application security has recently received significant attention from the retail, BFSI, healthcare, IT & telecom sectors due to the considerable benefits offered by the technology, including high performance, reliability, scalability, comprehensive vulnerability coverage, reduced cost of risk, false-positive reduction, and secure real-time applications. Meticulous Research®, in its latest publication on the application security market, states that the global application security market will grow at a CAGR of 7.6% from 2021 to 2028 to reach $5.5 billion by 2028.

This market’s growth is supported by the need for application security in the banking sector, rising security breaches targeting business applications, favorable government regulations, and growing demand for mobile app security services. However, the high dependency on vulnerable open source applications and global economic downturn due to the COVID-19 pandemic considerably obstructed the growth rate of the application security market.

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However, Asia-Pacific is projected to grow at the fastest CAGR during the forecast period. The high market growth rate in the region is attributed to the growing importance of web security & privacy concerns, developing internet & mobile infrastructure, and the growing threat of cyberattacks.

The report provides competitive intelligence in terms of financials, growth strategies, product portfolios, and geographical presence on some of the key players operating in this market, including Synopsys, Inc. (U.S.), Acunetix (Malta), Micro Focus International plc. (U.K.), F5 Networks, Inc. (U.S.), Veracode, Inc. (U.S.), IBM Corporation (U.S.), Snyk Limited (U.K.), Rapid7, Inc. (U.S.), NowSecure (U.S.), Qualys, Inc. (U.S.), Fortinet, Inc. (U.S.), Checkmarx Ltd. (Israel), Imperva, Inc. (U.S.), Data Theorem, Inc. (U.S.), NTT Security AppSec Solutions Inc. (U.S.), Lookout, Inc. (U.S.), VMware, Inc. (U.S.), and Pradeo (France).

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