April 20, 2024

Application Security Market Poised To Flourish By Rapid Adoption Of Cloud Computing

Application security involves protecting software and data from cyber threats. It helps authenticate users and restrict access to sensitive data. Application security solutions like web application firewalls, software supply chain tools, and runtime application self-protection are increasingly being adopted by businesses to secure their websites and enterprise applications from vulnerabilities and cyber attacks. With the rising digital transformation of businesses and shift towards remote working, demand for application security solutions has accelerated in recent times.

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 6.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics
Rapid adoption of cloud computing and increased deployment of web and mobile applications are expected to drive the growth of the application security market over the forecast period. According to the report, rising migration of workloads to public and hybrid clouds is prompting businesses to invest more in application security tools to protect their data and infrastructure hosted in the cloud. Moreover, proliferation of interconnected IoT devices and bring your own device trend have expanded the attack surface for hackers, necessitating strong application security measures.

Segment Analysis
The application security market is dominated by the web application sub-segment. The growing number of web applications across sectors like BFSI, healthcare, retail etc. to provide better customer experience and digital services is driving the need for securing these applications from vulnerabilities, threats and exploits. Web applications are also preferred target for cyber criminals due to large customer data availability and chances of financial frauds. This makes web application security solutions in high demand.

PEST Analysis
: Regulations around data privacy and security like GDPR is driving organizations to invest in application security to adhere to compliance. Governments are also supporting initiatives for cyber security research and training.
Economic: A productive workforce requires secure digital environment and reliable applications which is driving IT security budget allocation. Downtime due to application breaches can impact organizations financially.
Social: Customers expect secure online experience and are gravitating towards brands that prioritize privacy and security. Social media has increased awareness about data breaches pushing organizations to focus on protecting customer trust.
Technological: Emerging technologies like cloud, IoT and mobile are introducing new avenues for threats. Adoption of these also requires suitable security precautions at the application level. Further, automation solutions are supplementing application security programs.

Key Takeaways
The Global Application Security Market Demand is expected to witness high over the forecast period supported by the rapid digital transformation across industries, growing reliance on web and mobile applications and stricter 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 6.2% over the forecast period 2023 to 2030.

Regional analysis
North America dominates the application security market currently due to stringent data protection laws and an advanced digital economy in the US and Canada. Technological superiority and established cyber security vendors in the region also contribute to its large share. Asia Pacific is projected to witness the fastest growth aided by growing investments in digital initiatives from companies and rising cyber crimes in developing countries of the region.

Key players
Key players operating in the application security market are The Kraft Heinz Company, McCormick & Company Inc., Sempio Food Company, Delmaine Foods, Edward & Sons Trading Co., Cajun Powder Sauce, General Mills Inc., and Bull-Dog Sauce Co. Ltd. These players are focusing on advancing their product portfolios and capabilities to match the evolving industry demands through strategic partnerships and M&A activities.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it