Technology

The application security market is projected to grow by USD 20.02 Billion from 2024-2028, with AI driving market evolution and rising data leaks boosting demand – Technavio

Published

4 hours ago

September 24, 2024

NEW YORK, Sept. 24, 2024 /PRNewswire/ — Report with the AI impact on market trends – The global application security market size is estimated to grow by USD 20.02 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 23.11% during the forecast period. Growing number of data leaks is driving market growth, with a trend towards prevalence of shadow it However, threat from open-source application security solutions poses a challenge – Key market players include Broadcom Inc., Capgemini Service SAS, Checkmarx Ltd., Contrast Security Inc., Dynatrace Inc., F5 Inc., Fasoo, Fortinet Inc., Hewlett Packard Enterprise Co., ImmuniWeb SA, International Business Machines Corp., Invicti Security Ltd., Nippon Telegraph And Telephone Corp., PRADEO Security Systems SAS, Qualys Inc., Rapid7 Inc., Singapore Telecommunications Ltd., Sitelock LLC, Synopsys Inc., and Trend Micro Inc..

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Application Security Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 23.11%

Market growth 2024-2028

USD 20017.9 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

19.52

Regional analysis

North America, Europe, APAC, Middle East and Africa, and South America

Performing market contribution

North America at 39%

Key countries

US, China, UK, Canada, and Germany

Key companies profiled

Broadcom Inc., Capgemini Service SAS, Checkmarx Ltd., Contrast Security Inc., Dynatrace Inc., F5 Inc., Fasoo, Fortinet Inc., Hewlett Packard Enterprise Co., ImmuniWeb SA, International Business Machines Corp., Invicti Security Ltd., Nippon Telegraph And Telephone Corp., PRADEO Security Systems SAS, Qualys Inc., Rapid7 Inc., Singapore Telecommunications Ltd., Sitelock LLC, Synopsys Inc., and Trend Micro Inc.

Market Driver

Shadow IT refers to digital solutions used by enterprises without explicit approval from management. Tools like Slack, Google Docs, and Evernote are common examples. The rise of IoT devices and cloud-based services fuels shadow IT adoption, as they offer instant access and bypass IT procurement processes. However, this trend poses a risk to data security, as IT departments cannot monitor these unauthorized tools. Sensitive data may be transmitted to unauthorized persons, and unsecured cloud services increase the risk of data loss. Application security solutions mitigate these risks by securing sensitive information across an enterprise’s network. These solutions can block file transfers containing specific types of sensitive information, ensuring regulatory compliance. By addressing the weaknesses of shadow IT, application security solutions will drive market growth during the forecast period.

Application Security is a critical business issue as the number of security breaches continues to rise. With the increasing reliance on software development for business applications, securing sensitive data has become essential. Small and Medium Enterprises (SMEs) are particularly vulnerable to cybersecurity threats from hackers looking to steal customer data. Artificial Intelligence (AI) and Machine Learning (ML) are being used to identify and mitigate application vulnerabilities. Dentists’ CAD systems, financial institutions, and government apps are just a few examples of business-critical programs that need protection. Cybercriminals target web and mobile applications, exploiting third-party dependencies and IoT devices. Big data analytics and AI-driven methods help identify and patch apps quickly. Security concerns extend to digital infrastructure, deployment on-cloud or on-premises, and data sharing between mobile devices and online apps. Cybersecurity threats include malware, data theft, and fraudsters targeting financial transactions. Technologically advanced solutions, such as Bionic Signals, help businesses stay ahead of cybercriminals by providing real-time threat detection and response. Cybersecurity is no longer an option but a necessity for every business.

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Market Challenges

Open-source application security solutions present a significant challenge to the application security market. These solutions, which can be used on various platforms and are gaining popularity in economies like India and China, are particularly attractive to small-scale enterprises due to their affordability. Open-source solutions require less capital investment compared to on-premises and cloud-based alternatives. However, the widespread adoption of these solutions is leading to a decrease in revenue for the application security market. This trend is expected to impact the growth of the market during the forecast period.Application Security is a critical business issue for all organizations, especially those using Dentists’ CAD systems, web applications, and mobile apps. Large enterprises, financial institutions, and government agencies face significant security concerns as cybercriminals target digital infrastructure to steal data and disrupt business-critical programs. Data breaches can result from unpatched apps, data sharing, and mobile devices, as well as IoT, online apps, and internet access. Online commerce, cloud software programs, and digital marketing channels also pose risks. Security challenges include protecting against malware, data theft, and fraudsters. Deploying applications on-cloud or on-premises requires robust security solutions. Technologically advanced solutions like transparent data encryption, anonymization technology, AI workloads, and workload protection are essential. Prioritizing vulnerability management and understanding fourth-party risk posture are also crucial. Businesses must secure their corporate infrastructure from cyber threats, ensuring the security of their UI, web apps, mobile apps, and software. By implementing strong security measures, organizations can safeguard their digital assets and maintain customer trust.

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Segment Overview

This application security market report extensively covers market segmentation by

Deployment 1.1 On-premises1.2 CloudEnd-user 2.1 Web application security2.2 Mobile application securityGeography 3.1 North America3.2 Europe3.3 APAC3.4 Middle East and Africa3.5 South America

1.1 On-premises- The Application Security market is experiencing significant growth due to the increasing number of cyber threats and data breaches. Companies are investing heavily in application security solutions to protect their digital assets. Solutions like Web Application Firewalls, Runtime Application Self-Protection, and Security Testing are popular choices. These tools help prevent attacks, detect vulnerabilities, and ensure compliance with security regulations. The market is expected to continue growing as businesses prioritize cybersecurity in their digital transformation initiatives.

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Research Analysis

The Application Security market is a critical segment of the cybersecurity industry, focusing on protecting business applications from security breaches. With the increasing reliance on software development and digital infrastructure, the need for robust application security solutions has become essential. Artificial intelligence (AI) and machine learning (ML) are transforming application security, enabling the detection of cybersecurity threats in real-time. Small and Medium Enterprises (SMEs) are particularly vulnerable to application vulnerabilities, making customer data security a top priority. Cybersecurity threats from hackers continue to evolve, targeting sensitive data in business applications. Bionic Signals and big data analytics are increasingly being used to identify and mitigate application vulnerabilities. Third-party dependencies, mobile devices, IoT, online apps, and internet access are additional areas of concern. Business-critical programs require patching to address known vulnerabilities, while data sharing adds complexity to application security. AI-driven methods are becoming essential to keep up with the ever-evolving cybersecurity landscape.

Market Research Overview

Application Security is a critical aspect of protecting business applications and sensitive data from cybersecurity threats. With the increasing use of software development in business processes, the risk of security breaches through application vulnerabilities has grown significantly. Small and Medium Enterprises (SMEs) are particularly vulnerable, as they may lack the resources to implement robust security measures. Artificial intelligence (AI) and machine learning (ML) are being increasingly used to detect and mitigate cybersecurity threats in real-time. However, third-party dependencies, such as those in dental CAD systems or web and mobile applications, can introduce new vulnerabilities. Cybercriminals continue to target financial institutions and other large enterprises, seeking to steal customer data and disrupt business-critical programs. Hackers exploit application vulnerabilities, using malware and other methods to gain unauthorized access to digital infrastructure. Technologically advanced solutions, such as AI-driven methods, big data analytics, and transparent data encryption, are essential for effective application security. These solutions can help prioritize vulnerability management, protect AI workloads and workload protection, and mitigate fourth-party risk posture. Business applications, including web, mobile, and online apps, must be secured against cyber threats, particularly those related to deployment, whether on-cloud or on-premises. Cybersecurity concerns extend to digital marketing, social media influencing, content marketing, and cloud software programs. User interface (UI) design also plays a role in application security, with anonymization technology and patch apps essential for protecting sensitive data. Malware and data theft remain significant threats, particularly in the context of IoT, mobile devices, and online commerce. Government apps and corporate infrastructure are also at risk, with fraudsters seeking to exploit vulnerabilities in these areas. Effective application security requires a holistic approach, addressing all aspects of the digital ecosystem, from software development to deployment and ongoing management.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

DeploymentOn-premisesCloudEnd-userWeb Application SecurityMobile Application SecurityGeographyNorth AmericaEuropeAPACMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

Technology

Nuvve Updates Shareholders on Compliance Measures

Published

10 mins ago

September 25, 2024

SAN DIEGO, Sept. 24, 2024 /PRNewswire/ — Nuvve Holding Corp. (Nasdaq: NVVE), a leader in vehicle-to-grid (V2G) technology, has issued a letter to shareholders regarding actions taken to regain compliance with Nasdaq’s Bid Price Rule.

Nuvve recently executed a 1-for-10 reverse stock split, resulting in 652,727 shares outstanding. The Company encourages shareholders to protect their shares against market manipulation through actions such as holding shares in cash accounts and requesting “no loan” status.

For shareholder letter: https://nuvve.com/shareholder-letter/

For more information, contact investors@nuvve.com.

About Nuvve Holding Corp. Nuvve (Nasdaq: NVVE) transforms electric vehicles into grid resources, driving the transition to a net-zero future. Learn more at nuvve.com

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SOURCE Nuvve Holding Corp.

Technology

Wire and tube industry expos to spark international trade in Shanghai

Published

10 mins ago

September 25, 2024

SHANGHAI, Sept. 25, 2024 /PRNewswire/ — The wire China 2024 and Tube China 2024, organized by Shanghai Electric Cable Research Institute Co., Ltd., Messe Düsseldorf (Shanghai) Co., Ltd., Metallurgical Council of the China Council for the Promotion of Int’l Trade (MC-CCPIT), are scheduled to be held from September 25 to 28 at the Shanghai New International Expo Centre, aiming to drive industry advancement and foster connections.

This year, the two expos will span 10 pavilions, encompassing a total exhibition area of 109,250 square meters. Nearly 1,500 businesses from about 30 countries and regions are expected to participate. The two exhibitions will cover the entire industry chain of cables, wires and tubes, offering a professional and efficient one-stop platform for exchanges worldwide.

wire China 2024: supporting enterprises to foster new quality productive forces

The wire China 2024 event is poised to occupy an area of 80,500 sqm, setting a milestone in its growth trajectory. With the participation of nearly 1,100 enterprises from 26 countries and regions, the expo will serve as a platform to showcase the latest developments and trends in the industry.

The exhibition will showcase an array of offerings including wire and cable manufacturing and processing machinery, auxiliary cable processing equipment, raw and auxiliary materials for cables (optical cables), finished wire products and cables, measurement and control technology, testing engineering solutions. The showcase is designed to assist enterprises in accelerating their transition toward digitalization, fostering flexibility, enabling smart production, nurturing new quality productive forces and enhancing the production competitiveness of businesses. The 2024 edition will cover five major areas: Digital Intelligent & Innovative Equipment, Technology Tools & Auxiliary Materials, Green and Low-carbon Solutions, Wires & Cables and Measures & Control Technology.

China has been promoting development of new quality productive forces since the start of 2024, with burgeoning sectors like artificial intelligence; new materials; commercial aerospace; the low-altitude economy and smart connected vehicles. These innovations are infusing the wire industry with vitality and drawing the attention of numerous overseas enterprises to China. This year, the event will host businesses from countries and regions such as South Korea, Japan, the United States, Switzerland, the United Kingdom, Spain and Turkiye. Business delegations from Germany, Italy, France and Austria will be present at the W1 Pavilion to exhibit their innovations and latest breakthroughs.

Heavyweight participants

This year, the event has garnered robust backing from prominent industry associations, including the Asian Wire & Cable Industry Corporation Alliance (AWCCA); Germany’s Federal Ministry for Economic Affairs and Climate Action (BMWK); the Association of the German Trade Fair Industry (AUMA); the German Mechanical Engineering Industry Association (VDMA); the ITA/ICE-Italian Trade Agency (ITA); the Italian Wire Machinery Manufacturers Association (ACIMAF) and the Austrian Federal Economic Chamber (WKÖ).

List of some well-known participating brands:

NIEHOFF, WAFIOS, SIKORA, MAILLEFER, ROSENDAHL NEXTROM, BOROUGE, SAMP, PROTON, ELANTAS, ENEOS NUC, HANWHA, TOTOKU, KOS, MFL GROUP, TEIJIN ARAMID, ZUMBACH, EUROLLS, SWPG, ESTEVES, SHENG CHYEAN, PETROFER, HUNTSMAN, DSR, SMATER, SINGCHEER, HONTA, G.Y.M., HANDING, JCDOFAMA, XINGMING, GOLDEN TECHNOLOGIES , INOVANCE, DONY GROUP, LIQIANG MECHANICAL & ELECTRICAL, AEROSPACE NANHAI, YI TENG ELECTRIC, HUAYUAN, PANGHAO, WANMA MACROMOLECULE, TIANRONG, CGN GROUP, CABLE, ORIGINAL, PAMICA, QLPM, ATPOIMER, etc..

(*Information is updated as of August 31st, 2024. Listing is in no particular order)

Fostering new quality productive forces

Centering on digital intelligence and innovation, the expo will be a key platform to display products and services. Singcheer will introduce the SiMOM for remote collaborative manufacturing operations and an AGV logistics system tailored for the cable industry. Maillefer from Finland will showcase the latest AI panoramic scanner 2.0, while Inovance from Shenzhen will present a motorized cable extrusion solution using advanced control algorithms and the MD810 multi-drive. These digital intelligence and innovation products cover manufacturing equipment, industrial software, visual inspection and other specific businesses, empowering cable companies to transit toward intelligent manufacturing.

Leading new trends

The wire China 2024 is not just a trade platform, but a place to communicate the latest market trends and release new products and solutions. This year, there will be nearly 60 high-end technological communication events.

The annual China Wire and Cable Industry Annual Conference will have in-depth discussions on new quality productive forces and high-quality development. Participants will share opinions on new market opportunities and challenges, exchange insights on the market trends, analyze the development status of the wire and cable industry, release annual reports on the development of international and domestic cable standardization work, as well as business competitiveness analysis reports. Simultaneously, the conference will address quality and technical issues related to typical products, unveil significant common technical research accomplishments and identify challenges and hurdles in emerging technological domains within the cable industry. The event aims to inspire businesses, bolster their confidence, foster courage in confronting challenges, and contribute to enhancing the development standards of both the industry chain and the supply chain.

The themed forums for wire and cable businesses will cover industrial economics and the development of the cable industry; the role of intelligent equipment in supporting high-quality development; green and low-carbon innovations in cable materials; high-quality special materials aiding the development of new energy vehicles; efficient and energy-saving electrical equipment; cable industry resource recycling technologies and digital intelligence empowering the development of the cable manufacturing industry.

Tube China 2024: 20 years of companionship, jointly shaping the new future of the industry.

As one of leading professional expos for tubes in Asia, Tube China 2024 has a total exhibition area of 28,750 sqm. Nearly 400 brands from 13 countries and regions including Germany, Japan, South Korea, Italy, the Netherlands, Latvia, Norway, Switzerland, and the United Kingdom will participate in the event. Tube China will present a high-level industry feast of intelligence and tube manufacturing for the Chinese tube industry and its upstream and downstream sectors.

This year, the expo will welcome some first-time participants including Fanuc. Industry-leading players including Fanuc, IPG, Kinkelder, Stark, Inductotherm, SINOAUDE, Halifax Fan and ENRX will bring their latest developments to the event. Enterprises such as IPG, Changen, Longxin, Huibaisheng and Huinengda will focus on showcasing innovative products and applications related to lasers and optoelectronics; optics and optical manufacturing; testing and quality control; as well as the innovative products and application solutions of infrared technology and applications.

List of some well-known participating brands:

FANUC, IPG, KINKELDER, STARK, INDUCTOTHERM, SINOAUDE, HALIFAX FAN, ENRX, HUIBAISHENG, SINOFORM, CHANGEN, HANDUK, KTM, TOYOKOHAN, TAELIM, VICTAULIC-TUWEI, TEMA, DONGAN, FIELD, AMPCO, ARES, JINYI, SONGYANG STAINLESS STEEL INDUSTRY ASSOCIATION, CHENLONG, ZHONGYONG, CHANGFENG, WAN-RUN DA , BOKENA, TUS PIPE, LONGXIN, NANYANG, CONTOR M & E, SHENGTIAN, NEW VICTOR, HUAYANG, HUILITONG, BAOFENG, JINCHUANG XINTIAN, HAIQIANWEI, FUGANG, ASCENDING, JUYI, LIWAN, VICTORY, ZHONGHAO, YOUFA, etc..

(*Information is updated as of August 31st, 2024. Listing is in no particular order)

Concurrent events, including the China International Steel Tube & Pipe Summit and the 2024 Heat Treatment Technology Seminar, will be organized during the expo to enhance communication, foster partnerships, drive technological innovation and uphold high-quality development within the industry.

A variety of activities will be organized to celebrate the 20th anniversary of the annual expo and the longstanding support from all participants of the expo.

Looking ahead, organizers of wire & Tube China will continue to promote development of the event to promote exchanges and bolster quality development of the industry.

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SOURCE Messe Düsseldorf Shanghai

Technology

PayMongo and Brankas Now Offer the Widest Range of Payment Options in the Philippines

Published

10 mins ago

September 25, 2024

Enable seamless, secure, and direct online banking payments with Brankas through PayMongo, featuring top Philippine banks BDO, Metrobank, and Landbank.

MANILA, Philippines, Sept. 25, 2024 /PRNewswire/ — PayMongo has partnered with Brankas to add new payment options to the PayMongo platform, making it the payment gateway with the widest range of payment options for Filipino businesses. PayMongo payment options include credit cards, e-wallets, BNPL, QRPh, and online banking. PayMongo merchants can now accept direct online banking payments from three additional Philippine banks — BDO, Metrobank, and Landbank — offering greater convenience and flexibility for both merchants and customers.

eCommerce stores, food delivery websites, ride-hailing apps, and gaming platforms that are PayMongo merchants can accept more forms of payments by integrating Brankas Direct API. This pay-by-bank channel is another trusted payment method that makes transactions faster and enhances the overall payment experience for users.

“Brankas and PayMongo share the same commitment to deliver fast and secure payment experience for users. Offering more payment options is a win-win for both customers and merchants as we offer greater payment flexibility and customer reach at the same time.” said Todd Schweitzer, Brankas CEO and Co-founder.

How to Get Started with Brankas Direct

To start accepting direct online banking payments, existing PayMongo merchants simply need to contact PayMongo Customer Support to request the activation of BDO, Metrobank, and Landbank payment options. The feature is available for Shopify plug-in users, PayMongo’s Custom & Checkout API, PayMongo Pages, and PayMongo Links. Users of the custom API require minimal updates, and the PayMongo developer website provides the full details.

Ready to enhance your payment offerings and provide a better customer experience? Enable Brankas Direct through PayMongo now. Visit Brankas Direct or PayMongo to learn more.

About PayMongo

PayMongo is a leading financial infrastructure platform in the Philippines, designed to simplify how businesses manage their finances. From payment processing to embedding financial services, PayMongo provides solutions that enable businesses to accept payments both online and in-person, streamline financial operations, and drive profitability. By offering a wide range of payment options and seamless integration, PayMongo empowers businesses to grow their revenue and succeed in the digital economy.

About Brankas

Brankas is a leading global open finance technology provider. We provide API-based solutions, data and payments solutions for financial service providers (like banks, lenders and e-wallets) and online businesses. Brankas partners with banks to build and manage their open finance infrastructure, producing APIs for real-time payments, identity and data, new account opening, remittances, and more. With Brankas’ secure open banking technology, online businesses, fintech companies and digital banks can use Brankas APIs to create new digital experiences for their users.

Media Enquiries:

Yiyang Teo
yiyang.teo@brank.as

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SOURCE Brankas