The vendors in the market are offering cloud-based application security solutions to leverage the growing demand. Cloud-based solutions are less expensive than on-premises solutions. They do not require the actual installation of hardware and software, as they are maintained at the vendor's data center from where they can be accessed by enterprises on a subscription basis. Thus, the cloud-based model is very useful for SMEs, as it allows them to use application security solution at a low cost. The deployment of a cloud-based application security solution is easier and less time consuming than that of the on-premises application security solution. Hence, the return on investment (ROl) is quicker in the cloud-based application security solution. analysts have predicted that the application security market will register a CAGR of close to 26% by 2023.
Growing number of data leaks
Cyber thefts by hackers and cybercrimes are growing at alarming rate. The data leaks and files stolen by hackers is rising globally. Hence, 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. It will also focus on recovery and the importance of preparing for data loss.
Need for continuous upgrades due to advances in security threats
There is an increase in the number and sophistication of security threats recently. The sophistication of security threats makes it difficult for application security solutions to identify them reliably. Due to the growing advances in security threats, vendors need to continuously upgrade their application security solutions, which will incur additional costs. This is expected to lima the growth of the market.
For the detailed list of factors that will drive and challenge the growth of the application security market during the 2019-2023, view our report.
The application security market appears to be fragmented and with the presence of several companies. The vendors in this market are offering cloud-based application security solutions to cater to the growing demand from various sectors. For instance, IBM offers IBM Application Security on Cloud that helps in mitigating security risks for cloud, web, and mobile applications. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.
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