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Global Application Security Market Research Report 2023-2028:

According to the latest report by IMARC Group, titled " Application Security Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

," the global application security market size reached US$ 7.8 Billion in 2022.

Application security refers to the process of enhancing, developing, and analyzing the features within an application in order to protect it from security vulnerabilities. A security framework prevents vulnerabilities in applications from being exploited through the discovery, repair, and enhancement of security features and capabilities within applications, which are often used to prevent unauthorized modification and access. The process also involves several proactive steps, such as authentication, authorization, encryption, and logging to find and patch vulnerabilities before hackers can exploit them. In turn, this improves the security of client data, optimizes workflow, and maintains application lifecycles for enterprises. Applications security solutions are beneficial for various enterprises as they secure sensitive customer data to build customer confidence, protect sensitive data from leaks, and enhance investor and lender trust.

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Global Application Security Market Trends:

The global market is majorly driven by the rising incidences of fraudulent online activities, data breaches and cyber-attacks. This can be attributed to a paradigm shift toward cloud accessed applications across numerous end-use sectors. In line with this, the rising trend of work from home (WFH) and bring your own device (BYOD) policy in the corporate sector resulting in a higher possibility of data vulnerability is providing an impetus to the market. Moreover, the growing adoption of smart devices, such as smartphones, tablets, smart wearables and laptops, for accessing online applications is also acting as a significant growth-inducing factor for the market. The integration of artificial intelligence (AI), machine learning (ML), and user and event behavior analytics (UEBA) to predict, derive, or apply implications to forecast and identify security vulnerabilities is creating a positive market outlook.

The market is further propelled by favorable initiatives undertaken by the governments of several countries to enhance cybersecurity via incorporating security identifiers (IDs). Some of the other factors contributing to the market include the escalating demand for outsourcing security models in numerous organizations, the growing requirement for improved software development lifecycle (SDLC), improving internet penetration and the emergence of 5G, and the augmenting demand for SaaS-based mobile application security.