Mobile Application Security Market Analysis

Based on enterprise size, the market is divided into large enterprises and SME. The SME segment held a considerable share of the mobile application security enterprise industry in 2023 and will witness highest growth through 2032. As SME increasingly depend on mobile apps for conducting business operations and interacting with customers, the dearth of security measures makes way for financial losses, data breaches, and hindered reputation. The growing adoption of BYOD policies by SME for enabling employees to utilize their personal devices for work-related tasks will accelerate the market expansion.

Mobile application security market size from the retail & e-commerce segment accounted for 24% of the revenue share in 2023. The sensitive data in the retail & e-commerce sector, including payment details, customer personal information, and transaction history has led to the rise in security breaches leading to financial losses and reputational damages.

As per Verizon’s 2022 data breach report, the retail industry recorded 629 incidents in 2022, with 241 showing confirmed data disclosure. The rising obligation to limit the risk of security incidents while protecting customer sensitive information in retail and e-commerce businesses will contribute to the segment expansion.

Asia Pacific mobile application security market is expected to grow at a CAGR of 25% during the forecast period, driven by the rising smartphone penetration in the region. According to Ministry of Information and Broadcasting in 2022, India had around 600 million smart phone users. The surge in e-commerce platforms as well as mobile banking services is accelerating the adoption of secure mobile applications. The rapid advances in mobile technologies along with the growing government focus on introducing stringent data protection laws and regulations for safeguarding user data and privacy will add to the regional market growth.