Application security market to reach $13.1 billion by 2025
The potential growth difference for the application security market between 2020 and 2025 is $13.1 billion, as per the latest market analysis report by Technavio. The report also identifies the market to register an accelerating growth momentum at a CAGR of 26%.
Key application security market dynamics
Market driver
The growing number of data leaks is one of the key application software market driving the market’s growth. Cyber thefts and crimes are growing at an alarming rate. The number of data leaks by hackers is rising globally. For instance, amid the COVID-19 pandemic majority of the companies across the world witnessed an increase in cyberattacks.
The application security helps enterprises to review the critical areas of concern within their environment and provides insights and offers tools to defend against these attacks.
Market challenges
The threat from open-source application security solutions will be a major challenge for the application security market during the forecast period. Open-source application security solutions are posing a severe threat to the application security market. They can be downloaded and run on all platforms and are becoming increasingly popular in developing countries.
Most small-scale enterprises opt for open-source application security solutions. The increasing adoption of open-source application security solutions is reducing the overall revenue of the application security market.
Key market segment highlights
The web application security solution segment held the largest application security market share during the forecast period. The web application security segment is expected to witness growth, as many enterprises are using web applications to carry out their businesses. Enterprises are increasingly deploying various web applications in their businesses, which is expected to drive the segment in the forthcoming years.
North America will be the leading region with 45% of the market’s growth during the forecast period. 45% of the market’s growth will originate from North America during the forecast period. US and Canada are the key markets for application security in North America. Market growth in this region will be faster than the growth of the market in other regions. The growing security threats will facilitate the application security market growth in North America over the forecast period.