Application Control Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
The increasing usage of various applications across various end-user industries is the major factor driving this growth. Also, the increasing digitization of business processes across industries is expected to further act as a catalyst for market growth.
- With the increased employment of software applications in different industries, and the growing trend of remote working culture in enterprises, employees are increasingly using these applications different PCs and mobiles in the offices, and companies are running servers on a variety of operating systems, which can lead to cyber threats at any instance. Hence, the deployment of application control is on the rise to maintain application security and control, supporting the endpoint flexibility.
- The rapidly increasing adoption of the BYOD trend and other mobility solutions is expected to adopt application control solutions further. Bring Your Own Device (BYOD) is emerging as a leading trend in the enterprises, where flexibility, and network accessibility for employees for various organizations is increasing globally, trends like BYOD make the workplace more productive.
- According to Cisco, enterprises with a BYOD policy in place saves on average USD 350 per year, per employee. Moreover, reactive programs can boost these savings to as much as USD 1,300 per year, per employee. For Small to Medium Businesses (SMBs), these cost savings can add up fast and enable these SMB’s to protect their bottom line better while improving employee productivity. Hence, similar developments and trends are expected to boost the adoption of application control solutions amongst organizations to strengthen the security of their enterprise applications.
Key Market Trends
BFSI Industry Expected to Exhibit Significant Adoption
- The BFSI industry faces several challenges regarding its data security as compared with other end-users, which are the major driving forces for the deployment of application control solutions in the industry. The industry is vulnerable to various types of attacks from cyber criminals due to the high sensitivity of data. According to Verizon’s 2019 Data Breach Investigations Reports, 10% of breaches were of the Financial industry.
- The industry is frequently faced with sophisticated and persistent attacks, which include malware, ransomware, social engineering and phishing attacks, fileless malware, rootkits, and injection attacks. Accenture estimates an average loss of USD 18 million per year at financial services institutions. Both zero-day attacks and ransomware are on the rise. Ransomware especially can negatively affect financial workflows, inflicting costly downtime, and further damaging business reputations.
- Accops Systems, a developer and provider of Secure Workspace Virtualization solution, recently released a step-by-step compliance structure including the steps Urban Cooperative Banks (UCBs) can adopt to adhere to the cybersecurity guidelines mandated by RBI. Accops delivers business applications with the highest security and efficiency. Such trends and initiatives are expected to boost the adoption of Application Control solutions in the industry.
North America is Expected to Dominate the Market
- North America is a primary hub for all the major organizations across the world; hence, the expansion and growth in these industries, coupled with increased adoption of technology across these industries, is driving the demand for the deployment of applications amongst enterprises in the region. Thus, securing the data has become a priority in the region, in turn increasing the adoption of application control solutions in the region.
- Moreover, cyberattacks in the North American region, especially in the United States are rising rapidly and have reached an all-time high, primarily owing to the rapidly increasing number of connected devices in the region. In the United States, consumers are using public clouds, and many of their mobile applications are preloaded with their personal information for the convenience of banking, shopping, communication, etc.
- Recently, in October 2019, the three healthcare providers operated by DCH Health Systems in the country were attacked by ransomware strain known as Ryuk. All these healthcare centers have implemented emergency procedures to ensure the safety of their patients, and the company is working on the attack diagnosis. Such cyberattacks are expected to increase in the country across the domains, which may fuel the demand for cybersecurity solutions in the market. Such trends and instances further augmenting the demand for application control solutions in the region, as a necessary tool for strengthening the security of data in applications in the enterprises.
Competitive Landscape
The competitive landscape of the Application Control Market is moderately fragmented owing to the presence of several solution providers across the globe. These solution providers are increasingly innovating to provide enhanced solutions in the market. The market players are also strategically collaborating to further strengthen their global foothold and market presence.
- March 2020 - ManageEngine, the IT management division of Zoho Corporation, launched the Application Control Plus, advanced enterprise security software that brings together endpoint privilege management and application control capabilities. The move gives organizations greater authority over their critical applications by enabling control processes based on Zero Trust and threat prevention.
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