According to a new market research report published by Credence Research “Global Runtime Application Self-Protection (RASP) Market (Component (Solutions [Web Applications, Mobile Applications, Others], Services [Professional Service, Managed Service]); Deployment (On-Premise, Cloud); End-Use (BFSI, Energy & Utilities, Government & Defense, Healthcare, Hospitality, IT & Telecom, Manufacturing, Retail, Others)) – Growth, Future Prospects and Competitive Analysis, 2019 – 2027”, the runtime application self-protection (RASP) market is set to grow with a CAGR of 34.5% during the forecast period, started from US$ 430.8 mn in 2018.
The runtime application self-protection (RASP) market is driven by the rising threat of cyber-attacks specifically on the application level vulnerabilities. As the digitalization is increasing, the risk of the cyber-attacks on the application level vulnerabilities is also rising. To address these challenges, the organizations started to focus more on the identification and fixation of the vulnerabilities even before they occur in the software development life cycle. This is augmenting the demand for the runtime application self-protection solution among the organizations.
Furthermore, as the competition among the market players is increasing, the software development and release cycle is also getting shorter. The organizations started to focus more on the continuous delivery due to which software are released more frequently. As a result, a gap remains between the test coverage that led to the vulnerabilities in the production cycle. To address these challenges, the organizations are looking for applications that can self defend against the vulnerabilities. This is giving rise to the requirement of the runtime application self protection solution among the organizations.
The runtime application self-protection (RASP) market is segmented based on the deployment into on-premise and cloud deployment model. The on-premise deployment model held majority share in the revenue in 2018. Whereas, the cloud based deployment model is estimated to gain traction during the forecast period. The demand is driven by the numerous benefits, such as flexibility, agility, scalability and cost effectiveness, offered by the cloud model over the on-premise model. Furthermore, the wide scale adoption of the cloud based model among the SMEs is also propelling the market growth.
Asia Pacific’s runtime application self-protection (RASP) market is projected to grow extensively over the forecast period. The market is driven by the rapid economic growth in the emerging economies such as India and China. The rapidly growing IT market in the region is also acting as a major driver for the growth of the market. Additionally, the increasing adoption of the cloud services is also fostering the market growth.
The prominent vendors of the Runtime Application Self-Protection (RASP) market are Contrast Security Inc, Prevoty Inc, Arxan Technologies Inc, Micro Focus International PLC, VASCO Data Security International Inc, Signal Sciences Corporation, Veracode Inc, Pradeo Security Systems, IMMUN.IO Inc, and Waratek Ltd.
Our Blog: Home – Target Market Size