by The Application security market is estimated to be valued at US$ 7.35 Bn in 2022 and is expected to exhibit a CAGR of 18.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:-
Application security involves protecting web and mobile applications from vulnerabilities and threats. It aims to provide security features directly within applications to prevent security issues during development and runtime.With the increasing migration of businesses to cloud and adoption of web and mobile applications, application security has become crucial for organizations across industries.
Market Dynamics:-
The Application Security Market is witnessing high growth owing to increased adoption of cloud-based security solutions across Small and Medium enterprises and rising government regulations regarding usage of secured applications. Cloud-based security solutions are seeing rapid adoption as they provide flexible, scalable and cost-effective security. Moreover, growing regulatory compliances such as GDPR and PCI DSS are compelling organizations to invest more in application security. Various governments are also implementing stringent laws pertaining to privacy protection which is further propelling the demand for application security solutions.
SWOT Analysis:-
- Strength: Application security is important for enterprises to protect their digital assets and customer data. It safeguards applications against vulnerabilities, exploits and reduces breaches. There is an increase in demand for application security due to rising cyber threats and stringent compliances.
- Weakness: Application security is complex and require specialized skills which are lacking. It also increases IT costs and resource overhead for enterprises. Lack of awareness about latest threats also poses challenges.
- Opportunity: Growing focus on DevSecOps presents an opportunity to integrate security at early development stages. Adoption of cloud-native applications and microservices also drives the need for robust security. Mandates for privacy laws like GDPR further bolsters security investments.
- Threats: Dependency on third party vendors for technology and skills poses risks. Fragmented solution offerings challenges coordinated security. Rising sophisticated attacks also threatens security defenses. Budget constraints affects prioritization of security projects.
Key Takeaways:-
The Global Application Security Market Demand is expected to witness high growth, exhibiting CAGR of 18.5% over the forecast period, due to increasing cyber threats and regulatory compliances. The demand for application security is driven by digital transformation and cloud migration initiatives undertaken by enterprises.
Regional analysis:
North America dominated the global application security market in 2021, accounting for the largest revenue share of over 35%, due to stringent data privacy laws and rising incidents of cyber attacks targeting enterprises in the region. Asia Pacific is anticipated to witness the fastest growth over the forecast period, stimulated by growing adoption of cloud-native applications and focus of governments to strengthen cyber defenses.
Key players:
Key players operating in the application security market include IBM Corporation, WhiteHat Security, Inc.( NTT Security Corporation), Oracle Corporation, Veracode (Thoma Bravo), Qualys Inc., Micro Focus International PLC, Positive Technologies, Checkmarx Ltd, Fasoo.com Inc., Synopsys Inc., Contrast Security, Rapid7 Inc. and SiteLock LLC. The market is fragmented in nature with presence of both global and regional vendors.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
