Technavio market research analysts forecast the global runtime application self-protection (RASP) security market to grow at a CAGR of close to 50% during the period 2018-2022, according to their latest report.
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This market research report segments the global runtime application self-protection security market into the following end-users (large enterprises and SMEs) and key regions (the Americas, APAC, and EMEA).
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In this report, Technavio analysts highlight the implementation of the BYOD policy as a key factor contributing to the growth of the global runtime application self-protection security market:
Implementation of the BYOD policy
The BYOD policy allows the use of employees' personal devices such as laptops, smartphones, and tablets for business purposes. This permits them to work from remote locations and help in increasing their productivity, manage their travel time, and reduce the operational costs of the companies. SMEs across the world are increasingly adopting the BYOD policy to reduce their operational costs. A rise in the mobile workforce has enabled enterprises to have their employees across a given region, which has led to an increase in their sales and productivity.
The mobile workforce is expected to increase further during the forecast period due to the high penetration of mobile devices such as tablets, smartphones, and laptops. The increased use of mobile devices will allow employees to access confidential data from remote locations.
According to a senior analyst at Technavio for IT security, “The use of wireless networks for communication and data transmission is increasing substantially among employees. An increase has also been witnessed in the chances of cyber attacks over mobile devices. This may lead to fraud-related issues and the misuse of critical corporate and business data. Due to this situation, there has been an increase in the demand for deception technology solutions for authenticating individuals, and such solutions will gain prominence during the forecast period. This is expected to promote the adoption of RASP security solutions during the forecast period.”
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Global runtime application self-protection security market segmentation
Of the two end-users, the large enterprise segment dominated the market by accounting for a share of approximately 72%. It was followed by the SMEs segment that contributed for the second largest share in the global runtime application self-protection security market.
The market share of APAC is expected to increase during the forecast period due to the rising number of initiatives by the organizations in Japan, Malaysia, Singapore, Indonesia, and India to implement RASP solutions. In APAC, SMEs and large organizations in the BFSI and government sectors are currently becoming the targets of phishing scams and identity thefts due to the advances in technologies such as cloud solutions and the Internet of things (IoT).
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