The global mobile runtime application self-protection market, by Deployment Model (On-Premise and Cloud-Based), by Organization Size (Large Organizations and SMEs), By Industry Verticals (BFSI, Energy & Utilities, IT & Telecommunication, Public Sector, Healthcare, Manufacturing, Retail, and Others), and by Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa), was valued at US$ 80.4 million in 2017, and is expected to increase to US$ 1,226.2 million by 2025, registering a CAGR of 41.4% over the forecast period (2018-2025).
Cloud-based RASP solution is gaining traction in the market. Most of the organizations find it difficult to manage integrated and standalone RASP security solutions due to budget constraints or lack of resources. Hence, this forced companies to adopt cloud-based security solutions. Among industry verticals, banking, financial services, and insurance segment held the dominant position in the global mobile runtime application self-protection market in 2017 and is expected to retain its dominance throughout the forecast period.
Increasing number of mobile application users globally is one of the major factors driving growth of the market Rising adoption of smartphones is increasing the scope for mobile advertising, including SMS & MMS advertising, mobile web, mobile video & television, and several online advertising channels; dependency on social networking sites; and the requirement for on-demand services such as online messaging applications, video chat, and voice calls, at anytime and anywhere. For instance, according to ’ analysis, as of 2017, over 55% of traffic on LinkedIn is estimated to be generated due to the use of mobile phones and over 80% of revenue on Twitter is generated through mobile advertising. This will increase the risk of cyber-attacks.
Moreover, rampant advancements in technology and increasing use of 2G, 3G, and 4G Long-Term Evolution (LTE) wireless networks, along with the introduction of 5G mobile networks are influencing demand for mobile applications, which further is responsible for surge in cyber threat. These cellular networks enable connectivity and communications to exchange real-time information, data, and online transactions among other activities, which are prominent targets of cyber-attacks. These are major factors that drive growth of the market.
To know the latest trends and insights prevalent in this market, click the link below:
Key Trends and Analysis of the Global Mobile Runtime Application Self-Protection Market: