Implementation of Bring Your Own Device Policy to Boost Runtime App Protection Market Growth
New York, US, Feb. 20, 2023 (GLOBE NEWSWIRE) — Market Analysis
The global Runtime Application Self-Protection Market will touch USD 13.72 billion at a whopping 34.53% CAGR by 2030, as per the current Market Research Future report.
Runtime App Self-Protection Market Key Players
Eminent industry players profiled in the global runtime application self-protection market report include,
- Veracode (U.S.)
- Waratek (Ireland)
- Cigital Inc. (U.S.)
- Wipro (India)
- Optiv Inc (U.S)
- Hewlett-Packard (U.S.)
- WhiteHat Security (U.S.)
- VASCO Data Security International
- IMMUNIO (Canada)
- Prevoty (U.S.)
- Promon AS (Norway)
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The global runtime application self-protection market is bifurcated based on component, deployment, organization size, and application.
By component, solution will lead the market over the forecast period.
By deployment, the market is segmented into on-demand and on-premise.
By organization size, SME will dominate the market over the forecast period.
By application, the market is bifurcated into healthcare, banking, and government.
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Runtime Application Self-Protection Market Drivers
Implementation of BYOD Policy to Boost Market Growth
The adoption of the BYOD policy lowers the operational expenses for the businesses. BYOD policy permits the usage of personal gadgets for work, including laptops, tablets, and cellphones. Employee productivity is increased, and it also helps them manage travel time. This will boost market growth over the forecast period.
Growing Need for Integrated Security Suites to offer Robust Opportunities
One of the major trends in the global RASP security industry is the rising need for integrated security suites. End-users favor integrated security suites because using various security suites may cause integration problems. Also, as network infrastructure becomes more complicated, integration has become a crucial purchasing factor, leading to a high acceptance of the integrated security suites. The necessity for RASP security is increased by the rising demand for integrated suites, and it also makes it possible to safeguard real-time applications by thwarting harmful attempts. During the projected period, these variables will favorably influence the market.
Restraints and Challenges
Limited Security Budget to act as Market Restraint
The limited security budget, dearth of technical expertise amid enterprise workforce, increase in security threats, and lack of awareness regarding advanced cyber threats may act as market restraints in the assessment period.
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All marketing systems during 2020 have been disrupted by the continuing COVID-19. Several marketing businesses encountered issues related to the labor, transportation, production, and many other factors as the epidemic spread and the driving lockdown was implemented. As a result of the global lockout, demand on the market fell precipitously, forcing many enterprises to shut down or operate just partially. The RASP could not therefore be fully utilized in the commercial settings. When the situation gradually improved, the government made incremental measures to address the COVID-19 issue in order to resume operations for both private and public businesses. As the immunization is now available, the present postures are being brought under control. The businesses will soon resume operating at full speed and using other techniques. The market for runtime application self-protection is therefore anticipated to experience exceptional growth.
North America to Head Runtime Application Self-Protection Market
Due to its high internet adoption rate, as well as the rising number of malware and data breach incidents affecting businesses, North America is predicted to hold the greatest market share in the projection period. It is anticipated that the US market would continue to dominate the region. Runtime application self-protection solution is required due to the growing internet penetration and increase in incidence of assaults on enterprise applications. Furthermore, enhanced regulatory changes, economic stability, and rapid economic growth in developing nations are propelling the market in this region. One of the major trends in the global RASP security industry is the rising demand for the integrated security suites.
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APAC to Have Admirable Growth in Runtime Application Self-Protection Market
The fastest growth is anticipated in the Asia-Pacific region over the forecast period as a result of rising internet penetration, quick economic growth, increased regulatory changes, and financial stability. Also, this region has a sizable consumer base for the electronic goods, which is anticipated to present market participants with sizable commercial potential. Due to the fact that nations in this area are making significant investments in the implementation of RASP & compliance management solutions, Asia Pacific presents growth prospects for the RASP market. The increased vulnerabilities brought on by our growing reliance on the internet have given hackers and attackers more chances. Due to the significant concerns with increasing security breaches, many SMEs & large businesses in the Asia Pacific area have started investing in cybersecurity.
Web and mobile application growth, tighter government regulations, and an increase in cyberattacks in the application layer are all expected to further fuel market expansion in the Asia-Pacific region. Given that countries in this region are investing significant sums of money in delivering runtime application self-protection and consistency across the board solutions, the Asia Pacific region represents a potential market and offers to grow potential opportunities for the market to expand. The growing reliance on the internet has exacerbated the flaws, making it a stronghold for hackers and aggressors. Due to the increasing number of security breaches, some SMEs and large projects in the APAC region have begun investing in online protection. Growing web and mobile apps, rigorous government restrictions, and an increase in digital threats and attacks at the application layer are all expected to contribute to the market extension within the APAC region.
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