Application Control Market is Surging with 4.5% of CAGR fueled by Use of Bring-Your-Own-Device Globally by 2027
NEW YORK, UNITED STATES, February 11, 2022 /EINPresswire.com/ — According to our latest market study on “Global Application Control Market Forecast to 2027 – Analysis by Component (Solution, Services); Access Points (Desktops/Laptops, Servers, Mobiles/Tablets, Others); Organization size (Small and Medium Enterprises, Large Enterprises); Vertical (Government and Defense, BFSI, IT and Telecom, Healthcare, Retail, Others); and Geography,” the market was valued at US$ 1,589.29 million in 2019 and is projected to reach US$ 2,236.35 million by 2027; it is expected to grow at a CAGR of 4.5% from 2019 to 2027.
Market Size Value in – US$ 1.71 Billion in 2021
Market Size Value by – US$ 2.24 Billion by 2027
Growth rate – CAGR of 4.5% from 2021-2027
Forecast Period – 2021-2027
Base Year – 2021
No. of Pages – 219
No. Tables – 137
No. of Charts & Figures – 97
Historical data available – Yes
Segments covered – Component ; Access Points ; Organization size ; Vertical and Geography
Regional scope – North America; Europe; Asia Pacific; Latin America; MEA
Country scope – US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage – Revenue forecast, company ranking, competitive landscape, growth factors, and trends
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Rising dependence on advanced technology by organizations to protect assets is among the factors to positively impact the use of data security across North America. Also, increasing spending on cyber security solutions by industries are encouraging companies to invest heavily on data security. With continuous technological advancements such as machine learning and big data, the use of various cyber security solutions is gaining high momentum within BFSI, retail, healthcare, IT & telecom companies in the region. According to Radware, over one in four security managers witnessed attacks against their organization. This aspect contribute toward the rising adoption of cyber security solutions.
COVID–19 Impact on Application Control Market
The ongoing global pandemic of COVID-19 continues to bring long terms disruption across several major process as well as discrete industries. However, critical industries such as food & beverages, pharmaceuticals, power generation, and chemicals have noticed limited disruption during the pandemic across different economies owing to their significance in utilities and essential supplies. As a result, prevalence of nation-wide lockdown to minimize the transmission of COVID-19 has significantly disrupted the supply chain activities along with production of components, equipment, controller, and raw materials across several manufacturers especially the small & medium enterprise owners.
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Introduction of Government Mandates to Tackle IT Threats
The US, Germany, the UK, and Singapore are among the countries whose governments have regulated IT companies with data encryption and protection laws. Technology firms are leveraging these regulatory environments to accelerate the penetration of application control. Insurance companies, banks, IT companies, and among other financial services companies are the primary users of application control as they have to handle large volumes of personally identifiable information. Therefore, the use of application control is becoming important for both large and small companies as they are highly vulnerable to hackers.
The application control-based solutions have extensive scope of utilization for network security, enforcing control over servers, end-point protection, and authentication among several other benefits to the end-user organization. Factors such as rising number of cyber-threats, stringent regulator guidelines, and increase in popularity of BYOD to work have resulted in positive growth of the market over the past few years. Furthermore, the rising popularity of application control among prominent market players present in different industry vertical has contributed in the adoption of the solution in both developed and developing economies. Thus, the surge in demand for robust and efficient end-point protection has significantly propelled the growth of the market in recent years. Moreover, the rising emphasis towards improving overall IT security and infrastructure by end users and regulatory agencies to prevent loss of data and cyber-attacks is also anticipated to fuel the market growth during the forecast period. However, the factors such as limited enforcement of cyber-security laws among small & medium market players due to limited financial budget might be a restraining factor for the market growth.
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