With growing digitalization across various industry verticals, concerns around application security have increased multifold given the increasing dependence on enterprise applications. Application security helps ensure the confidentiality, integrity, and availability of enterprise applications by identifying and mitigating security vulnerabilities and risks. Rapid adoption of cloud, mobility, IoT, and open-source components have further expanded the attack surface for applications. Traditional testing methods are proving ineffective against evolving threats. Application security solutions offer dedicated scanning and testing tools to detect vulnerabilities at various stages of the development lifecycle. The global application security market features various solutions that automate security checks and shields applications from malware and breaches. The market also offers compliance and certification services to help organizations evaluate and reinforce application security postures according to industry benchmarks and regulations. The global Application Security Market is estimated to be valued at US$ 8.71 Bn in 2023 and is expected to exhibit a CAGR of 25% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
With digital transformation becoming imperative for business resilience and continuity, enterprises are increasingly leveraging web and mobile applications to enhance customer experiences and drive operational efficiencies. This has led to a massive rise in application programming interfaces (APIs) that connect various systems, databases, and third-party services behind the scenes. However, APIs have also emerged as major security risks due to their widespread usage and relatively weak security measures compared to traditional applications. Hackers are actively exploiting API vulnerabilities for unauthorized access, data theft, and financial frauds. Leading application security providers are focusing on API security solutions consisting of web application and API scanners as well as runtime protection (WAFs) to help organizations detect and prevent API vulnerabilities and attacks.
Threat of new entrants: The threat of new entrants is moderate as the application security market requires large investments and technical expertise.
Bargaining power of buyers: The bargaining power of buyers is high as applications security solutions can be substituted and there are many established players.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many technology providers and suppliers in the market.
Threat of new substitutes: The threat of substitutes is high as alternative solutions like web application security and API security can be adopted.
Competitive rivalry: The competitive rivalry is high due to many global and regional players competing for market share.
The Global Application Security Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market size for 2023 is estimated to be US$ 8.71 Billion.
North America accounts for the largest share of the global application security market due to stringent regulatory policies. Asia Pacific is expected to grow at the highest CAGR owing to increasing adoption of application security solutions across industries in countries such as China, India.
Key players operating in the Application Security Market are 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. IBM Corporation offers web application security, API security and container security solutions.