Mobile Application Security Market Growth & Trends
The global mobile application security market size is estimated to reach USD 11.29 billion by 2030, advancing at a CAGR of 24.2% from 2023 to 2030, according to a recent report by Grand View Research, Inc. The market growth of mobile application security can be attributed to the rising demand for smartphones, higher internet penetration, and an increase in the average spending time on mobile applications.
Furthermore, the shifting trend towards the implementation of remote working and hybrid working models is leading to the use of unsecured mobile applications for sharing and transferring critical personal and organizational data. These factors are expected to drive the market demand for mobile application security over the forecast period.
With the growing use of mobile devices for buying groceries, booking tickets, and gaming, among other purposes, it has become a center of customers’ lives, both personally and professionally. As the use of mobile devices is rising, its associated risks are also elevating. The use of unsecured applications, Wi-Fi, and networks is attracting phishing attacks, ransomware, and cybercriminals. Thus, there has been a constant growth in mobile security risks for individuals and organizations.
To mitigate these risks, mobile application security is becoming the sole tool for organizations and mobile users. These solutions help them to stay up to date with potential threats while utilizing the best practices for securing their data and devices. Thus, the aforementioned factors are expected to create lucrative opportunities in the global market for mobile application security over the forecast period.
The growing internet penetration, rising adoption of smartphones, and initiatives taken by government bodies towards digitization, such as the ‘Digital India’ program launched by the Indian government to support and accelerate the digital journey in the country, are factors driving the launch of modern applications across sectors such as e-commerce, healthcare, entertainment, IT & telecom, etc. This has led to a significant rise in digital payments, online buying and selling of goods, and sharing of critical data and information across these platforms.
In recent years, these mentioned factors have gained a higher focus among cybercriminals to avail customer data and personal information, including bank details, organizational data, and other critical information related to user accounts. Thus, the need for the adoption of advanced mobile application security is rising significantly in the market. Key organizations are promptly involved in taking critical decisions to ensure the safety and security of customers.
For instance, in June 2022, NowSecure, a mobile application privacy and security software company, announced that it had been selected by Google as an independent lab to perform security reviews, as a part of the Google Play Data safety review section. NowSecure utilizes the highest standard of mobile privacy and security compliance, as well as offers security assessments to scrutinize the security and privacy criteria for application providers. Such developments are expected to drive the market demand for mobile application security.
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Mobile Application Security Market Report Highlights
The services segment is expected to register a CAGR of 25.1% from 2023 to 2030. Mobile application security servicesare gaining constant attention, as they offer industry-leading threat defense, threat intelligence, and application security capabilities against malware and cyber threats
The professional services segment is anticipated to expand at a CAGR of 25.6% during the projection period. The segment is anticipated to make significant gains, owing to the rise in demand for mobile application security by leading organizations to ensure customer safety across their application platforms
The support and maintenance professional service segment is poised to expand at a CAGR of 27.2% from 2023 to 2030. Support and maintenance services offer industry-leading expertise and support from the development till the launch of the application, across the critical areas of application security and compliance management
The cloud-based segment is anticipated to witness a growth rate of 25.6% from 2023 to 2030. Cloud-based mobile application security serves as a flexible model for application developers, as it provides scalability, cost-effectiveness, and high standard defense mechanism for ensuring mobile application security
The small & medium-sized enterprises segment is anticipated to expand at a CAGR of 24.9% during the forecast period. Mobile application security offers help against critical application viruses, malware, and hacking activities, thus providing a cost-effective mechanism to small & medium enterprises for dealing with these potential threats
The retail segment is anticipated to progress at a growth rate 28.1% through 2030. The demand for mobile application security in retail is growing significantly due to the rising customer base, increased online buying & selling activities, and higher footfall across their application platform. Mobile application security ensures retailers a high standard of application security, along with enabling a superior customer experience
The Asia Pacific regional growth is expected to be at a rate of 27.0% from 2023 to 2030. Asia Pacific is witnessing a significant rise in the adoption of smartphones; a large customer base in the e-commerce, telecom, and BFSI sectors; and a constant increase in the average time spent on mobile applications. These are some of the critical factors driving the regional need in the market for mobile application security solutions
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