Mobile Application Security Market Size
Mobile Application Security Market size was USD 5.2 billion in 2023 and is projected to display significant CAGR of over 22% from 2024 to 2032. Increasing adoption of agile development practices to achieve quicker release cycles for mobile apps will boost the market. Increased use of mobile devices and applications has triggered the rapid growth of high-quality and easy-to-use mobile apps. According to Amity, 230 billion apps were downloaded in 2021 alone. Therefore, increasing popularity of agile methodologies over traditional methods for mobile applications will influence the market size.
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The increased use of mobile applications in IoT devices and the resulting increase in the number of cybercriminals will be a crucial factor in the growth of the market. Growing focus on the security of the overall ecosystem, e.g., IoT devices, mobile applications, and cloud professional services has resulted in the growing necessity to avoid potential breaches, contributing to the growth in the industry.
| Report Attribute | Details |
|---|---|
| Base Year | 2023 |
| Mobile Application Security Market Size in 2023 | USD 5.2 Billion |
| Forecast Period | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR | 22.3% |
| 2032 Value Projection | USD 30.9 Billion |
| Historical Data for | 2018 – 2023 |
| No. of Pages | 300 |
| Tables, Charts & Figures | 372 |
| Segments covered | Solution, Services, Enterprise Size, Deployment Model, Industry Vertical |
| Growth Drivers |
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| Pitfalls & Challenges |
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What are the growth opportunities in this market?
The ongoing exposure to advanced and new threats in the mobile app security space, such as phishing, malware, and data breaches could restrain the industry growth to a certain degree. Lack of awareness about the need to keep mobile devices and apps updated can also contribute to weak security habits.
COVID-19 Impact
The pandemic caused by COVID-19 positively affected the mobile application security market due to the increasing consumer demand for mobile applications for communication, entertainment, and work from home. In a study conducted by AppAnnie, the average monthly time spent using mobile apps rose by 40% compared to Q2 2019 in Q2 2020. The increasing restrictions on in-person banking services coupled with the increased data privacy issues through COVID-19 contact tracing apps also contributed to the growth of the market.
Mobile Application Security Market Trends
The increasing use of mobile payment platforms and FinTech applications along with the resulting increase in security issues will propel market growth. According to a recent Ponemon Institute Study, capital market firms and banks collectively spend close to USD 18.5 million annually to fight cybercrime. With increasing popularity of QR codes as payment solution in the first position, financial transactions have to be protected while the sensitive user information has to be secured to a large extent. The increased use of mobile apps compared to credit or debit cards primarily among the younger population will determine the market demand.
Mobile Application Security Market Analysis
Learn more about the key segments shaping this market
Based on enterprise size, the market is divided into large enterprises and SMEs. The SMEs segment held a considerable share of the mobile application security enterprise industry in 2023 and will witness highest growth through 2032. As SMEs increasingly depend on mobile apps for conducting business operations and interacting with customers, the dearth of security measures makes way for financial losses, data breaches, and hindered reputation. The growing adoption of BYOD policies by SMEs for enabling employees to utilize their personal devices for work-related tasks will accelerate the market expansion.
Learn more about the key segments shaping this market
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Mobile application security market size from the retail & e-commerce segment accounted for 24% of the revenue share in 2023. The sensitive data in the retail & e-commerce sector, including payment details, customer personal information, and transaction history has led to the rise in security breaches leading to financial losses and reputational damages.
As per Verizon’s 2022 data breach report, the retail industry recorded 629 incidents in 2022, with 241 showing confirmed data disclosure. The rising obligation to limit the risk of security incidents while protecting customer sensitive information in retail and e-commerce businesses will contribute to the segment expansion.
Looking for region specific data?
Asia Pacific mobile application security market is likely to grow at a CAGR of 25% during forecast period due to increased smartphone penetration within the region. India had approximately 600 million smart phone users as per Ministry of Information and Broadcasting in 2022. The growth in e-commerce websites as well as mobile banking services is fueling the use of secure mobile applications. The quick development in mobile technologies coupled with the increasing government emphasis on implementing stringent data protection regulations and laws for protecting user privacy and data will contribute to the growth of the regional market.
Mobile Application Security Market Share
Major companies operating in the mobile application security industry are
- Acunetix
- Micro Focus
- Broadcom, Inc.
- Veracode
- Aeries Technology
- Onapsis
- Indusface
- Cisco Systems
- Data Theorem
- F5, Inc.
- Ivanti
- NowSecure
- Sophos
- VMware
These companies are focusing on strategic partnerships to increase their market share. For instance, In January 2023, Ivanti extended its partnership with Lookout Mobile Endpoint Security to offer Mobile Threat Defense in line with its unified endpoint management solution.
Mobile Application Security Industry News
- In April 2023, VMware disclosed new capabilities to deliver strong lateral security in multi-cloud environments to help customers better view and stop more threats.
- In September 2022, NowSecure rolled out the latest iteration for its NowSecure Platform with new autonomous capabilities for auditability and productivity - Policy Engine and Guided Testing, a new mobile AppSec testing solution assisting organizations to seamlessly deploy, automate as well as enforce customized security policies.
The mobile application security market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) from 2018 to 2032, for the following segments
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Market, By Solution
- Anti-Virus
- Anti-Theft
- Web security
- Data backup and recovery
Market, By Services
- Managed
- Professional
- Consulting
- Integration
- Support & Maintenance
Market, By Enterprise Size
- Large enterprises
- SMEs
Market, By Deployment Model
- On-premises
- Cloud
Market, By Industrial Vertical
- BFSI
- IT & telecom
- Retail & E-commerce
- Healthcare
- Government & defense
- Education
- Transportation
- Manufacturing
- Others
The above information has been provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Russia
- Asia Pacific
- China
- India
- Japan
- South Korea
- ANZ
- Latin America
- Brazil
- Mexico
- MEA
- South Africa
- UAE
- Saudi Arabia
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