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Application security market to hit $6.77bn by 2021

The application security market, currently worth $2.24 billion, is expected to grow to $6.77 billion by 2021, new research by market analysts MarketsandMarkets says.

That represents a compound annual growth rate of 24.8 per cent, the company said in its latest published report, shortly entitled 'Application Security Market by Component (Solutions, Services), Solutions (Web Application Security, Mobile Application Security), Testing Type (SAST, DAST, IAST), Deployment Mode, Organization Size, Vertical, Region - Global Forecast to 2021'.

Application Security refers to safeguarding applications from vulnerabilities, including SQL injections, and cross-site scripting. It does so by scanning both the web and mobile applications for vulnerabilities and security flaws.

In its report, the analysts say the market will grow as the number of security breaches grows. “In today’s hyper-connected business environment, there is rapid emergence of digital solutions and devices, which is based on communication between various business-critical applications and data,” the report says.

“As these business applications hold critical organizational data, safeguarding them from vulnerabilities is of the utmost importance for any organization.”

As the biggest number of security vendors is located in the United States, that is the market that is expected to hold the greatest share, the report says. Asia-Pacific, on the other hand, is expected to showcase biggest growth, especially as there is a significant rise in the BYOD (bring your own device) initiatives there.

The major vendors in the Application Security Market include IBM Corporation, Hewlett Packard Enterprise, WhiteHat Security, Veracode, Checkmarx, Qualys, Rapid7, Trustwave, Acunetix, and Cigital, among others.

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Sead Fadilpašić

Sead is a freelance journalist with more than 15 years of experience in writing various types of content, from blogs, whitepapers, and reviews to ebooks, and many more, across sites including Al Jazeera Balkans, TechRadar Pro, IT Pro Portal, and CryptoNews.