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IN THE NEWSOctober 2021: One of the leading software security giants, Contrast Security, announced a breakthrough extension of its application security platform that has been designed specifically for serverless application security. This will allow developers to automatically identify security vulnerabilities within server-less ecosystem.
October 2021: Microsec.ai launched industry-first runtime application self-protection solution for cloud-native applications in a multi-cloud infrastructure as a service. This provides customers with various aspects of security including network traffic controls and data loss prevention.
The global runtime application self-protection (RASP) market is estimated to be approximately USD 23 Billion in value by the end of 2031 by growing at a CAGR of nearly 33% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to increasing demand for integrated security suites which is an important criterion for the growing complexity of network infrastructure.
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Applications have become an opportune target for hackers to penetrate into an organisation and exploit a vulnerability in an application. According to a vulnerability statistics report, approximately 50% of internal application vulnerabilities and 32 percent of web application vulnerabilities are considered high or critical risk.
Moreover, implementation of bring-your-own-device (BYOD) policy, and enabling use of personal devices like laptops, smartphones, and tablets further increases the chances of cyberattack. It is estimated that nearly 67% of the employees around the world use their personal devices at work. This leads to fraudulent activities with data breach and misuse of business data. RASP technology is a server-based technology that integrates with an application to deal with attacks in real-time, providing more visibility into hidden vulnerabilities. These factors are further driving the growth of the RASP market.
However, limited budget in organizations to deploy cutting-edge security solutions is likely to restrain the growth of the market. Moreover, high R&D expenses to develop advanced RASP solutions lead to high pricing of the security solutions. This may further challenge the market growth.
The market is segmented by component into solutions and services. The solutions segment is further divided into web applications, mobile applications, and others, out of which, web applications segment is expected to witness high growth over the forecast period owing to their growing adoption due to increasing web application attacks. Attacks on web applications increased by about 800% within the first half of 2020, eight times higher than the same period in 2019. Web applications raise several security concerns, making them weak or vulnerable to attacks, which can give attackers direct access to public database.
On the basis of deployment mode, the market is segmented into on-premises and cloud. The cloud segment is estimated to grow at the highest rate and hold the largest market share owing to the several benefits it provides to organisations with increased scalability such as reduced operational and maintenance cost, enhanced managing capabilities, and 24/7 services.
The market is further segmented on the basis of enterprise size into small & medium-sized enterprises (SMEs) and large enterprises. SMEs segment is projected to witness exceptional growth over the forecast period on the back of increasing scalability and increasing budget for securing IT vulnerabilities.
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Geographically, the global consumer mobile security app market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. North America region is anticipated to hold the largest market share during the forecast period owing to high internet penetration, and growing incidences of data breach and malware attacks on organisations. The market in the United States is expected to remain the dominating market in the region. According to the U.S. government’s National Vulnerability Database (NVD), there have been 18,362 vulnerabilities published in 2020, rising from 17,382 in 2019.
Asia-Pacific region is projected to witness fastest growth over the forecast period on the back of increasing internet penetration, rapid economic growth along with improved regulatory reforms and economic stability. Furthermore, this region has large consumer base for electronic goods which is expected to provide significant business opportunities for market players.
Organisations in Latin America region are increasing their IT security expenses with increasing security breaches. This region is expected to observe steady growth over the forecast period.
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The global runtime application self-protection (RASP) market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global runtime application self-protection (RASP) market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Increasing demand for integrated security suites and implementation of bring-your-own-device (BYOD) policy are the major factors driving the market growth of the global runtime application self-protection (RASP) market.
The market is anticipated to attain a CAGR nearly 33% over the forecast period, i.e., 2022-2031.
The major players in the market are Digital.ai Software Inc., Contrast Security, Guardsquare nv, Micro Focus, Pradeo, Signal Sciences, LLC, OpenSpan, Waratek, VERACODE, Imperva, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by component, deployment mode, enterprise size, end-user, and by region.
The cloud segment is anticipated to hold largest market size in value and witness a modest growth over the forecast period.
Limited budget in organizations to deploy cutting-edge security solutions and high R&D expenses to develop advanced RASP solutions that lead to high pricing of the security solutions are estimated to hamper the market growth.
Asia-Pacific region is expected to provide significant business opportunities for the growth of the market.
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