the high cost of mobile application security solutions and lack of acceptance in enterprises hamper market growth

PORTLAND, PORTLAND, OR, UNITED STATE, September 28, 2023 /EINPresswire.com/ — The global mobile application security market is driven by the rise in demand for security solutions to offer protection against web based malware, the adoption of bring your own device (BYOD) policies, government digitization programmes, and a rise in the penetration of digital transaction apps. However, the high cost of mobile application security solutions and lack of acceptance in enterprises hamper market growth. On the contrary, surge in demand for SaaS-based mobile application security solutions and strong need for protection against web-based malware are likely to provide lucrative development opportunities for the mobile application security market in the forthcoming years.

According to the report, the global mobile application security industry generated $3.7 billion in 2022 and is anticipated to generate $37.1 billion by 2032, witnessing a CAGR of 26.3% from 2023 to 2032.

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COVID-19 Scenario:

➢ The COVID-19 pandemic had a positive impact on the global mobile application security market. due to the pandemic, which accelerated the digital transformation efforts of many businesses.

➢ To adapt to remote work and meet the evolving needs of customers, organizations rapidly adopted mobile applications or enhanced existing ones. This increased digitization has created a higher demand for mobile application security solutions to ensure the protection of sensitive data and maintain secure operations.

➢ In general, the COVID-19 pandemic had a positive financial impact on companies that offer mobile application security. Growth and success of the suppliers have been facilitated by factors such as increasing demand for secure services, accelerating digital transformation, compliance requirements, teleworking solutions, and a focus on user privacy and trust.

Based on operating system, the android segment held the highest market share in 2022, accounting for more than three-fifths of the global mobile application security market revenue, and is expected to maintain its lead position during the forecast period. because android applications are incorporating advanced authentication methods such as biometrics, hardware-backed security features like trusted execution environment (TEE), and cryptographic operations into their code to increase security. However, the iOS segment is projected to manifest the highest CAGR of 29.2% from 2023 to 2032, as runtime application self-protection (RASP) solutions for iOS applications are becoming more important. These solutions integrate security controls directly into mobile applications at runtime to protect against threats in real time. RASP technology can monitor app behavior and enforce security policies to detect and respond to attacks, improving iOS application security.

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Based on component, the solution segment held the highest market share in 2022, accounting for more than two-third of the global mobile application security market revenue, and is estimated to maintain its leadership status throughout the forecast period. Due to the enhanced anti-theft capabilities, solutions are incorporating stealth mode features that hide the presence of anti-theft software on the device. Furthermore, anti-tampering measures ensure that thieves cannot disable or uninstall the anti-theft application without proper authorization. However, the service segment is projected to manifest the highest CAGR of 28.4% from 2023 to 2032. With the increasing complexity of mobile threats and attacks, service providers are now providing mobile forensics services to investigate security issues, acquire digital evidence, and assist legal procedures due to the complexity of mobile threats and assaults.

Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global mobile application security market revenue, With the implementation of data privacy regulations such as the California Consumer Privacy Act (CCPA) and the New York SHIELD Act, organizations in North America are prioritizing mobile app security to ensure compliance and protect user data. On the other hand, the Asia-pacific region to maintain its dominance throughout the forecast period. The same region is expected to witness the fastest CAGR of 29.8% from 2023 to 2032. Because organizations in Asia-Pacific are recognizing the importance of thorough mobile app security testing, this includes static and dynamic analysis, penetration testing, and code review to identify vulnerabilities and weaknesses in mobile applications. Mobile app security testing is seen as a critical practice to ensure the integrity and security of mobile app data.

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Based on enterprise size, the large enterprise segment held the highest market share in 2022, accounting for nearly two-thirds of the global mobile application security market revenue, and is projected to rule the roost by 2032. With the increasing adoption of mobile devices and the growing reliance on enterprise mobile applications, organizations are prioritizing the security of their mobile ecosystems, thus, this leads to numerous opportunities for the growth of the market. However, the small and medium-size enterprise segment is projected to manifest the highest CAGR of 28.6% from 2023 to 2032, this is because rise in popularity of bring-your-own-device (BYOD) policies in SMEs presents an opportunity for mobile application security vendors. As the employees use their personal devices for work-related tasks, the need to secure enterprise data on these devices becomes crucial.

Leading Market Players:

➢ GitLab B.V.

➢ pradeo

➢ IBM Corporation

➢ Oracle

➢ Cisco Systems, Inc.

➢ HCL Technologies Limited

➢ Fortify (Open Text)

➢ Synopsys, Inc.

➢ VMware, Inc.

➢ F5, Inc.

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Similar Reports:

1. Mobile Application Security Testing Market

2. Enterprise Mobility Market

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