Mobile Application Security Market Size to Grow USD 37.1 Billion by 2032 at a CAGR of 26.3%: Mobile Transactions has Increased Significantly as Governments are Encouraging digital Transactions | Valuates Reports
BANGALORE, India, Oct. 10, 2023 /PRNewswire/ -- Mobile Application Security Market is Segmented by Component (Solution, Service), by Operating System (Android, iOS, Others), by Enterprise Size (Large Enterprise, Small and Medium-size Enterprise), by Industry Vertical (BFSI, IT and Telecom, Retail, Healthcare, Government, Education, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032. It is Published in Valuates Reports Under the Category of Computer Security.
The global mobile application security market was valued at USD 3.7 Billion in 2022, and is projected to reach USD 37.1 Billion by 2032, growing at a CAGR of 26.3% from 2023 to 2032.
Major Factors Driving the Growth of Mobile Application Security Market:
The primary factors driving the mobile application security market are the expansion of government initiatives for digitalization and the use of digital transaction applications. Additionally, as governments promote digital transactions through various efforts, the amount of mobile transactions has considerably expanded. The necessity for strong security solutions to safeguard sensitive financial data, stop fraud, and guarantee secure transactions has risen as a result of the rising reliance on mobile applications for financial transactions.
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TRENDS INFLUENCING THE GROWTH OF MOBILE APPLICATION SECURITY MARKET:
Because governments are promoting digital transactions through various efforts, the amount of mobile transactions has greatly expanded. Due to the increasing use of mobile applications for financial transactions, there is a greater need for effective security solutions to safeguard sensitive financial information, stop fraud, and guarantee secure transactions. Additionally, as the number of digital transactions has increased, data security and privacy have grown to be very important issues. Governments are emphasizing privacy protection and shielding their populations from cyber risks more and more. A favorable atmosphere is thus created for the expansion of the mobile application security business by government measures for digitization and the increase in the prevalence of digital transaction applications.
Because governments are promoting digital transactions through various efforts, the amount of mobile transactions has greatly expanded. Due to the increasing use of mobile applications for financial transactions, there is a greater need for effective security solutions to safeguard sensitive financial information, stop fraud, and guarantee secure transactions. Additionally, as the number of digital transactions has increased, data security and privacy have grown to be very important issues. Governments are emphasizing privacy protection and shielding their populations from cyber risks more and more. A favorable atmosphere is thus created for the expansion of the mobile application security business by government measures for digitization and the increase in the prevalence of digital transaction applications.
BYOD services are being made available by businesses to enable employee mobility. BYOD allows staff members to use their own electronic devices, including laptops, cellphones, and tablets, at their workspace. BYOD further provides mobile device communication over a secure network. The main forces behind the BYOD trend's popularity are an increase in productivity and employee happiness. Unauthorized data access, data loss and leakage, and malware assaults are the three main problems businesses face while implementing BYOD. Therefore, it is anticipated that increased demand for network security, improved and enhanced data privacy, and security would accelerate the use of mobile device security solutions.
Mobile devices are now a common target for financial fraud due to the rising use of mobile banking and payment apps. In this context, the importance of secure transactions and the protection of financial data has driven a significant investment in security solutions by the mobile app market.
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MOBILE APPLICATION SECURITY MARKET SHARE ANALYSIS:
Due to the fact that the Asia-Pacific area is a hotbed for cyber threats and assaults aimed at mobile apps, the region is anticipated to have the highest increase throughout the projected period. Cybercriminals take use of flaws in mobile applications to steal confidential data, commit fraud, and disseminate malware. Strong mobile app security solutions, such as threat detection, safe coding techniques, and real-time monitoring to guard against developing cyber threats, are required as a result of the evolving threat landscape.
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Key Companies:
- VMware, Inc
- Fortify (Open Text)
- Cisco Systems, Inc
- HCL Technologies Limited
- IBM Corporation
- F5, Inc
- Oracle
- GitLab B.V.
- Pradeo
- Synopsys, Inc.
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