Runtime Application Self-Protection Market Growing at CAGR of 33.3% | Key Players Micro FocUS, Veracode, Contrast Security, Vasco, Arxan

Runtime Application Self-Protection Market Growing at CAGR of 33.3% | Key Players Micro FocUS, Veracode, Contrast Security, Vasco, Arxan

“Arxan Technologies, Inc. (US), Contrast Security, Inc. (US), Micro Focus International plc (UK), Signal Sciences Corporation (US), VASCO Data Security International, Inc. (US), Veracode, Inc. (US), IMMUN.IO Inc. (Canada), Pradeo Security Systems (France), Prevoty, Inc. (US), and Waratek Ltd. (Ireland)…”
Runtime Application Self-Protection Market by Solution (Web Applications, Mobile Applications, Others (Packaged Software, Embedded Software, Hosted Software)), Service, Deployment Mode, Organization Size, Vertical, and Region – Global Forecast to 2022

MarketsandMarkets expects the global Runtime Application Self-Protection Market size to grow from USD 294.7 million in 2017 to USD 1,240.1 million by 2022, at a Compound Annual Growth Rate (CAGR) of 33.3%. Enterprises are moving towards implementing newer applications in order to pace with the competition and enhance business productivity. Many organizations rely on RASP solutions to secure their high-value assets from intrusions, data breaches, viruses, and other cyber threats. A RASP solution can be used for web applications, mobile applications, and others such as packaged software, embedded software, and hosted software. Smartphones are becoming an integral part of human lives, and the users are exponentially increasing. The adoption of the mobile application is more than double as compared to the smartphone. The security risk for such rapidly increasing applications is getting compromised, which is making the mobile application a prime target for hackers. The mobile application developers are also focused on developing easy-to-use applications rather than embedding security in it. Such application development practices create security gaps in applications, which leads to cyber-attacks. Thus, organizations are deploying RASP solutions to protect their critical business applications.

With the increasing proliferation of cloud-based and virtual appliance-based solutions, the deployment of RASP solutions on-cloud is preferred by most of the organizations. This helps in better monitoring and management of critical business applications while ensuring robust security. Owing to this reason, many verticals, such as Banking, Financial Services, and Insurance (BFSI), government and defense, IT and telecommunications, energy and utilities, manufacturing, healthcare, retail, and others such as media and entertainment, transport and logistics, and education, are increasingly adopting RASP solutions. Furthermore, companies are opting for cloud-based RASP solutions, as they are cost-effective and offer better management.

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The managed services segment of the RASP market is expected to play a key role in the growth of RASP services market. This segment is expected to grow at the highest rate during the forecast period. Growing incidents of sophisticated cyber-attacks are driving the demand for continuous upgradation of security systems. As a result, companies are rapidly outsourcing their security operations to specialized service providers, known as Managed Security Service Providers (MSSP).

Among various verticals, the IT and telecommunication sector is expected to grow at the highest CAGR during the forecast period. Government organizations have high-security risks and witness many breaches. Major vendors in the global RASP market include Arxan Technologies, Inc. (US), Contrast Security, Inc.  (US), Micro Focus International plc (UK), Signal Sciences Corporation (US), VASCO Data Security International, Inc. (US), Veracode, Inc. (US), IMMUN.IO Inc. (Canada), Pradeo Security Systems (France), Prevoty, Inc.  (US), and Waratek Ltd. (Ireland). The market also includes various key innovators such as Promon (Norway), RunSafe Security (US), and GuardSquare NV (Belgium).

The RASP market in Asia Pacific (APAC) is expected to grow at the highest CAGR from 2017 to 2022. The increasing adoption of cutting-edge solutions to enhance productivity would drive the growth of RASP and compliance management needs. Furthermore, rapid economic growth in the developing APAC countries, along with the improving regulatory reforms and economic stability is driving the growth of the RASP market in this region. Small and Medium-sized Enterprises (SMEs) as well as large enterprises in this region, belonging to a range of verticals, such as BFSI, government and defense, IT and telecommunications, energy and utilities, manufacturing, healthcare, retail, and others such as media and entertainment, transport and logistics, and education, are expected to increase their investments in RASP solutions.

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Key players in the global RASP market include Arxan Technologies, Inc. (US), Contrast Security, Inc.  (US), Micro Focus International plc (UK), Signal Sciences Corporation (US), VASCO Data Security International, Inc. (US), Veracode, Inc. (US), IMMUN.IO Inc. (Canada), Pradeo Security Systems (France), Prevoty, Inc.  (US), and Waratek Ltd. (Ireland). The market also includes various key innovators such as Promon (Norway), RunSafe Security (US), and GuardSquare NV (Belgium). These players have adopted various strategies, such as partnerships, collaborations, agreements, mergers and acquisitions, and new product launches, to achieve growth in the global RASP market.

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