The potential growth difference for the application security market between 2020 and 2025 is $13.1 billion, according to Technavio’s latest market analysis report. The report also identifies the market to register accelerated growth momentum at a CAGR of 26%.
Key Application Security Market Dynamics
The growing number of data leaks is one of the major drivers for the growth of the application software market. Cyber theft and crime are increasing at an alarming rate. The number of data leaks by hackers is increasing globally. For example, amid the COVID-19 pandemic, the majority of businesses across the globe have witnessed an increase in cyberattacks.
Application Security helps organizations examine critical areas of concern within their environment and provides insights and tools to defend against these attacks.
The threat of open source application security solutions will be a major challenge for the application security market during the forecast period. Open source application security solutions pose a serious threat to the application security market. They can be downloaded and run on all platforms and are increasingly popular in developing countries.
Most small businesses opt for open source application security solutions. The increasing adoption of open source application security solutions is reducing the overall application security market revenue.
Key Market Segment Highlights
The web application security solutions segment held the largest application security market share during the forecast period. The web application security segment is expected to grow as many businesses use web applications to conduct their business. Enterprises are increasingly deploying various web applications in their businesses which is expected to boost the segment in the coming years.
North America will be the top region with 45% market growth over the forecast period. 45% of the market growth will come from North America during the forecast period. The United States and Canada are the top application security markets in North America. Market growth in this region will be faster than market growth in other regions. Rising security threats will facilitate the growth of the North America application security market over the forecast period.