Table of Contents
The mobile app security market is experiencing significant growth due to the increasing reliance on mobile devices for personal and professional activities. As the number of mobile apps and their complexity continue to rise, so does the need for robust security measures.
Market Size & Trends
The market for mobile application security was estimated to be worth USD 2 billion in 2022, and between 2023 and 2030, it is projected to expand at a compound annual growth rate (CAGR) of 24.2%. The daily operations of organizations and companies are increasingly reliant on mobile applications. Since the COVID-19 outbreak, workers have been actively exchanging data and information via mobile devices using a variety of apps designed to facilitate seamless remote working.
Businesses now face additional difficulties as a result of the shift to mobile devices and remote work apps, since hackers are aggressively aiming to breach vital corporate data through these platforms. As a result, the market for mobile application security is seeing a sharp increase in demand for reliable mobile security apps.
Users of mobile applications for banking, gambling, e-commerce, and other uses have increased dramatically. Additionally, as consumers are spending an increasing amount of time on mobile applications, it is imperative for major international app developers and service providers to guarantee their safety and security. For example, Google stated in December 2022 that it was expanding the App Defence Alliance, which it had first started in 2019.
Solution Insights for Mobile App Security
In 2022, the software segment held the most market share, with 63.9%. As leading operators make strategic decisions to improve their security solutions in this market, mobile application software is projected to acquire substantial pace. For example, Nokia said in September 2022 that it was expanding its software offering to include more security and automation features. In order to foster collaboration between application partners and customers and hasten the development of security, monetization, and automation solutions, the company has also launched the IGNITE Digital Ecosystem.
Over the projection period, the services segment in Mobile App Security is expected to grow at a CAGR of 25.1%. Organizations that rely on third-party application security as a service are beginning to embrace mobile application security as a service.
Services Insights
In 2022, the professional services sector held a 56.2% market share. In this market, mobile applications are becoming more and more popular as service providers and application developers go for major mobile application security providers to protect their clients and fend off malicious attacks.
For example, in January 2023, the technology and consulting firm Wipro announced a partnership with Onapsis, a business application cybersecurity and compliance provider, with the goal of removing the risk of cyber threats, guaranteeing business growth, and preserving an easy transition for enterprises into the digital age.
Over the projection period, the managed services segment in Mobile App Security is anticipated to develop at a significant rate of 24.5%. It is increasingly important to guarantee the security and safety of applications both during and after their launch.
Professional Services Insights in Mobile App Security
In 2022, the market share of the consulting segment was 37.3%. As smartphones and tablets become more widely used, mobile application usage is constantly increasing. This presents a unique set of challenges for businesses, which must be addressed in a defined manner by identifying security, privacy, and compliance risks at every stage of the application lifecycle, from development to deployment. By applying vast knowledge, expertise, and experience to comprehend the problems and provide tailored solutions for guaranteeing security, mobile application security provides consultancy support.
Over the course of the forecast period, it is projected that the support and maintenance services segment in Mobile App Security will grow at a CAGR of 27.2%.
Vertical Insights
In 2022, the IT and telecom sector held the biggest market share of 20.2%. The need for mobile application security is continually being driven by the major industries that are gaining traction, like telecom and IT. This industry is one of the main ones that is always creating and using mobile applications for handling clients and daily chores.
They are therefore among the high-target verticals that cyber attackers target. This business is seeing a steady increase in the need for strong application security because of the growing number of smartphone users, increased internet penetration, and the ever-growing e-commerce footprint. Therefore, it is anticipated that the market for high-end mobile application security would increase in this particular category.
Over the course of the projected period, the retail segment is expected to grow at the highest CAGR of 28.1%. The retail industry’s ever-changing customer base and the continuous release of mobile applications to support the expanding online shopping trend are driving up the use of mobile applications in this market.
Moreover, retail establishments consistently witness increased foot traffic in comparison to other sectors due to their substantial client base. Consequently, guaranteeing the security of this application becomes imperative for businesses to provide an improved consumer experience. Therefore, in the upcoming years, it is anticipated that the retail industry would see profitable development in the need for mobile app security solutions.
Regional Insights
In 2022, North America accounted for 37.1% of the target market’s revenue. The market for mobile application security is anticipated to grow favorably in North America due to factors including the growing use of smartphones, increased internet usage, the ever-changing e-commerce landscape, and hybrid work practices.
The presence of significant industrial companies, such as IBM Corporation, Microsoft Corporation, Google, and VMware Inc., further defines the region. These businesses provide a variety of services related to mobile application security, including threat intelligence, regular updates for applications, monitoring, application management, and security assessments. These services are anticipated to create numerous growth prospects in the North American industry.
With a predicted CAGR of 27.0%, Asia Pacific is expected to become the regional market with the quickest rate of growth.
Frequently Asked Questions About This Report
How big is the Mobile App Security market?
The mobile application security market is experiencing significant growth due to the increasing reliance on mobile devices for personal and professional activities. As the number of mobile apps and their complexity continue to rise, so does the need for robust security measures. The global mobile app security market is expected to witness a substantial growth rate in the coming years, driven by factors such as increased mobile device usage, rising cyberattacks, data privacy regulations, and the complex nature of modern mobile apps.
What is the Mobile App Security market growth?
The mobile application security market is experiencing significant growth due to the increasing reliance on mobile devices for personal and professional activities. As the number of mobile apps and their complexity continue to rise, so does the need for robust security measures. This trend is driven by factors such as the growing number of cyberattacks targeting mobile apps, stricter data privacy regulations, and the increasing complexity of mobile app architectures.
What are the factors driving the Mobile App Security market?
The following are some of the aspects driving the market for mobile application security:
Increased use of mobile devices: A sizable and expanding market for mobile apps has been brought about by the widespread adoption of smartphones and tablets.
Growing amount of cyberattacks: The likelihood of cyberattacks targeting mobile apps rises along with their quantity.
Data privacy laws: The need for strong security measures is being driven by stricter data privacy laws like the CCPA and GDPR.
Complex mobile app environments: Due to their frequent complex integrations and architectures, modern mobile apps are more open to attack.
IoT integration: There are new security opportunities and difficulties when mobile apps are integrated with IoT devices.
Adoption of cloud computing: New security issues are brought about by the growing usage of cloud-based services for the creation and distribution of mobile apps.
Is there a future for mobile app development?
The future of mobile app development is bright. With the increasing reliance on smartphones and tablets, the demand for mobile apps continues to grow. Advancements in technologies like artificial intelligence, augmented reality, and the Internet of Things are opening up new possibilities for innovative app development. Additionally, the growing focus on user experience and design will drive the creation of more engaging and intuitive mobile apps. As long as people continue to use mobile devices, there will always be a need for skilled mobile app developers to create innovative and valuable applications
Conclusion
Mobile app development has become an integral part of our digital lives. With the increasing number of smartphone users and the growing demand for mobile-first experiences, the opportunities for mobile app development are vast. Effective mobile app development requires a combination of technical expertise, creativity, and a deep understanding of user needs. By following best practices and staying updated with the latest trends, developers can create successful mobile apps that deliver value and enhance user experiences. As the mobile app landscape continues to evolve, the potential for innovation and growth in this field remains immense.