The presence of established players in a large number points towards the prevalence of a highly competitive business landscape in the global runtime application self-protection (RASP) market, states Transparency Market Research in a new report. Arxan Technologies Inc., Contrast Security Inc., Veracode, Micro Focus International plc, VASCO Data Security International Inc., Signal Sciences, IMMUNIO, Pradeo, Waratek, and Prevoty Inc. are some of the leading players operating in this market. The advent of cloud computing and virtualization is projected to provide lucrative growth opportunities to the vendors of runtime application self-protection solutions across the world in the years to come, notes the market study.
According to the Research report, the global market for runtime application self-protection offered an opportunity worth US$0.25 bn in 2016. It is expected to rise at an exponential CAGR of 32.40% over the period from 2017 to 2025 and attain a value of US$3.13 bn by the end of the forecast period. In terms of the component, the market is led by the solutions segment, which is expected to acquire a market share of 70.3% by 2025, retaining its dominance. With to the increased need for security of the financial transaction in a number of BFSI applications, the BFSI industry is anticipated to surface as the leading end user of runtime application self-protection solutions in the years to come. Regionally, North America has been leading the worldwide market for runtime application self-protection on account of the increased number of cyber-attacks. Researchers expect this regional market to remain on the top over the next few years, states the research report.
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Increasing Implementation of Stringent Regulatory Policies to Protect Sensitive Information to Fuel Demand
“The emergence of cloud computing and the increasing trend of virtualization is boosting the demand for runtime application self-protection solutions substantially,” states the author of this study. The increasing need to secure critical applications and data in enterprises and the non-involvement of security professionals during the systems development life cycle are also supporting the growth of the global runtime application self-protection market significantly.
Going forward, the market is likely to gain remarkably from the increasing implementation of stringent regulatory policies to protect the sensitive information and the escalating number of users of mobile and web applications across the world in the near future, reports the research study.
Limited Security Budget to Hamper Growth
On the other hand, the need for securing each application individually and limited security budget may hamper the growth of the worldwide market for runtime application self-protection over the next few years. The dearth of technical expertise among the security professionals required for the development of advanced RASP solutions and the lack of awareness regarding radical cyber threats may also hinder the uptake of these solutions in the years to come. However, the increasing trend of integrating RASP with several other security technologies will add significantly to this market over the forthcoming years, normalizing the impact of these hindrances, states the research report.
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