MarketsandMarkets reports the app security market will reach or exceed $9 billion by 2020. The market, currently valued $2.79 billion, is estimated to grow at a CAGR of 26.4 percent within the next five years.
The increasing amount of cyber attacks on enterprises and consumers has inspired the need for high-quality data security for mobile and web applications. Many hackers take advantage of loopholes found in business and commercial applications, leading to compromised credentials, files and potential monetary loss.
Another growth factor for the application security market is the increasing popularity of BYOD policies. Businesses that allow employees to use their own device may create an enterprise application for users to access corporate information. Enterprises may utilize an application security provider to ensure corporate information remains secure while using in-house applications.