The mobile application security market was estimated to reach around USD 2.1 billion in 2020, and projected to grow at a CAGR of 23.6% over the forecast period.
Mobile application security focuses on the software security posture of mobile apps on various platforms such as Android, iOS, and Windows Phone. This is true for apps that run on mobile phones as well as tablets. It comprises assessing apps for security problems in the context of the platforms they're supposed to run on, the frameworks they're supposed to be developed with, and the people they're designed to attract (e.g., employees vs. end users). Mobile apps are a vital part of a company's online presence, and many rely completely on them to communicate with users all over the world.
Security in mobile applications improves operational efficiency, complies with legal standards, reduces risk, and develops trust between a firm and its customers. Breach of public security and compliance violations severely harm an organization's reputation and make potential customers hesitant to use its services.
Mobile apps such as gaming, social media, and commerce dominate this sector. The increased use of mobile devices among users has changed how things are sold, marketed, and promoted. Companies are increasingly adopting mobile apps as a means of making purchases to their customers. The increased use of mobile devices to access various company websites, as well as the growing number of downloads of these apps, has increased the potential of cyber-attacks and security policy violations. This has paved the way for mobile app security solutions.
The report also emphasizes several distinctiveness of the global mobile application security industry by valuing the market from value chain breakdown. Moreover, the report encompasses numerous qualitative features of the mobile application security industry which comprises market restraints, drivers, as well as key industry opportunities. Furthermore, the report offers an inclusive evaluation of the company profiling along with the market rivalry of local and global vendors.
The mobile application security market has tough competition among the new emerging and pre-established market vendors. Besides, the mobile application security industry vendors are trying to capture the prospective markets to grab a competitive advantage over the remaining industry vendors. To capture the market, market players are forming agreements, acquiring other companies & startups, mergers & acquisitions, partnerships & collaboration, and escalating their business existence.
The market is divided into BFSI, Healthcare, Retail, and Government based on Industry Verticals. Over the forecast period, the BFSI segment is expected to increase significantly. Banking, financial, and insurance businesses are expected to be the first to implement these services. Client user ids, login credentials, and account numbers are all part of banking transactions, which contain a lot of sensitive information. This data is extremely valuable, therefore it must be protected with application security software.
North America dominates the global mobile application security market, which is expected to grow at a steady pace over the forecast period. This is due to the increased adoption of smart and cutting-edge technologies, as well as stringent government rules governing the security of commercial IT equipment. Furthermore, the presence of a large number of vendors in this region contributes to the expansion of the business.
The major players of the global Mobile Application Security market are Symantec, McAfee, VMware, Avast Software, Trend Micro, MobileIron, AirPatrol Corporation, Lookout, AVG Technology, and Kaspersky. Renowned companies are offering new and modern Mobile Application Security software solutions. In addition, the previously recognized as well as new market players are approaching the market with advanced and new strategic services and solutions and to remain competitive in the global market.
Segment Overview of Global Mobile Application Security Market
Solutions Overview, 2019-2028 (USD Billion)
- Web Security
- Data Backup and Recovery
- IAM and Authentication
- Compliance Management
Deployment Model Overview, 2019-2028 (USD Billion)
- On Premises
User Types Overview, 2019-2028 (USD Billion)
- Large Enterprise
Industry Verticals Overview, 2019-2028 (USD Billion)
- IT and Telecom
- Media and Entertainment
- Aerospace and Defense
Regional Overview, 2019-2028 (USD Billion)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America