Banks, insurance companies, IT companies, and other financial services companies are hugely using application control as they handle large volumes of personally identifiable data on daily basis. That is the main reason that use of application control has become essential for large as well as small companies as these are highly vulnerable to hackers.
Since past few years, many organizations have implemented application control-based solutions for the utilization of network security, end-point protection, control over servers, and authentication among several other benefits the end-user organization. After the market research, the report of The Insight Partners predicts that the global application control market will grow to US$ 2.23 billion by 2027 at a CAGR of 4.5% in next few years.
Data shows that the banks, insurance companies, IT companies, and other financial services companies are hugely using application control as they handle large volumes of personally identifiable data on daily basis. That is the main reason that the use of application control has become essential for large as well as small companies as these are highly vulnerable to hackers.
Rising number of cyber-threats, increasing popularity of BYOD to work, and stringent regulator guidelines are some of the main factors that are driving the growth of the global application control market. Also, application control is becoming major concern among major companies. Thus, the demand for robust and efficient end-point protection is surging. Moreover, the growing emphasis towards the improvement of overall IT security and infrastructure for data protection and cyber-attacks is also fuelling the market growth.
The application control in large-scale business environment ensures 100% server protection and safe workstation to perform mission-critical services. The application control solutions or services are cost-effective as well as proved profitable for large businesses. But, due to limited financial budget, SMEs are able to afford the limited enforcement of cyber-security laws. And this factor may threaten the market growth as per the experts’ opinion.
Europe has largest availability of IT enabled infrastructure in all industrial verticals. Plus, the presence of several developed countries including the UK, Germany, France, Netherlands, Spain, and Italy are significantly contributing in the market share. The plus point is that the European Union has strict regulatory guidelines for the prevention of cyberattacks. As a result, last year Europe dominated the global application control-based solutions market.
Moreover, Asia has world’s largest the banking sector for decades. And IoT software has proven helpful for banking sector to protect assets by not only blocking virus but also restricting access to unnecessary applications. With the increasing use of technology in this sector, analysts predict that Asia-Pacific region may account the largest share in next few years.
But if we study the global market, governments of many countries—including The United States, the UK, Germany, and Singapore—have regulated tech companies with data encryption and protection laws. These firms are leveraging the regulatory environments for accelerating the penetration of application control.
Broadcom Corporation, Cambium Networks, Carbon Black, Inc., Check Point Software Technologies Ltd., and Cyberark Software Ltd. are some of the major companies that are dominating the application control market. While some companies are seen adopting various strategic activities including product development, mergers and acquisition, partnership and collaborations to expand their business on global platform. The implementation of these strategies are mostly observed in the North America market.
Industry experts believe that the strategic activities help companies involved in the market to not only maintain their brand but also expand the customer base across the world.
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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