The application security market is expected to grow at a CAGR of 22.38% over the forecast period to reach a market size of $22.655 billion by 2026, from $5.511 billion in 2019, according to ResearchAndMarkets.
Since the advent of e-commerce more than two decades ago, retailers have come into contact with more information about their customers and can collect this information. Businesses that engage in retail and e-commerce handle large volumes of sensitive information, including credit card numbers and personal data.
Hackers are increasingly targeting this data, making it more important to protect it. Due to the proliferation of connected devices, including kiosks, point-of-sale (POS) systems, and wearable devices in physical stores, a vast amount of customer information has been generated.
Software applications and services are evolving to address these threats so retailers can protect their networks, data, applications, and endpoints (from malware or breaches). According to Cisco’s 2017 Annual Cybersecurity Report, cyberattacks have caused huge revenue losses for nearly one in three retailers.
Many companies leave thousands of applications vulnerable because they don’t extend their applications beyond critical functions, such as processing payments or ordering goods and services. Unused and non-critical apps are not updated frequently enough, leading to issues.
Small and medium-sized businesses believe that investing in these applications will be detrimental. Indeed, unused applications can lead to long-term security threats, as they can be hacked easily and gain access to IT infrastructure, whether critical or rarely used. The application security market has been held back by budgetary constraints and KING.