April 12, 2024

Application Security Market is expected to flourished by growing demand for cloud-based security solutions

Application security involves ensuring proper input and encoding validation, access controls, session management, encryption standards and general secure programming practices are followed throughout the SDLC. Major application security measures include static binary analysis, dynamic analysis, runtime application self-protection and web application firewalls.

The global application security market encompasses software tools and services focused on detecting, preventing and correcting vulnerabilities and threats affecting web, mobile, enterprise server and API applications before and during deployment. Common examples are penetration testing tools, source code analysis, DAST and SAST scanning software, identity and access management, encryption and application firewalls. The application security software industry is driven by evolving compliance mandates, growing cloud adoption requiring robust APIs, new code vulnerabilities emerging everyday and increased concern over data breaches.

The global Application Security Market is estimated to be valued at US$ 10.04 Mn in 2024 and is expected to exhibit a CAGR of 6.2% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
One of the key driver for the growth of Application Security Market Size is growing demand for cloud-based security solutions. As more businesses are adopting cloud-based services and infrastructure for their application needs, the risks of vulnerabilities and threats also increase. Cloud-native applications interact with several third party APIs and services making them more complex to secure. Application security platforms and solutions hosted on cloud enables efficient protection of cloud applications from one centralized control panel. Their ability to integrate seamlessly with cloud platforms like AWS, Azure and Google Cloud is driving increased preference among enterprises. Advanced cloud security solutions also allow deploying web application firewalls, detecting anomalies and enforcing granular access controls to safeguard cloud infrastructure and applications. This cloud-first approach is expected to drive significant demand in application security market during the forecast period. Another important driver referred from the heading is evolving compliance mandates requiring application developers to integrate security at each phase of software development life cycle (SDLC). Strict regulations like GDPR and PCI DSS have made it necessary for organizations to ensure their applications meet privacy and security benchmarks, driving increased spend on tools that can prevent vulnerabilities during development and testing phases.

Segment Analysis
The application security market can be segmented by component, deployment type, organization size and vertical. The application testing services sub-segment dominates the component segment, accounting for around 35% share due to increasing need among organizations to test applications for vulnerabilities.

PEST Analysis
Political: Stringent data security regulations across regions are driving the demand for application security solutions.

Economic: Increasing trend of digitalization and cloud adoption are fueling market growth.

Social: Rising cybercrimes and security breaches are elevating the need for application security.

Technological: Emergence of advanced technologies like AI/ML and blockchain are providing new opportunities to vendors.

Key Takeaways
The global application security market is expected to witness high growth during the forecast period of 2024 to 2031. The global Application Security Market is estimated to be valued at US$ 10.04 Mn in 2024 and is expected to exhibit a CAGR of 6.2% over the forecast period 2024 to 2031.

Regional analysis: North America dominates currently due to stringent regulations and early adoption of technologies. Asia Pacific is expected to grow at the fastest pace due to increasing investments by key players in the region.

Key players operating in the application security market are Hot Sauce Harry’s Inc., The Kraft Heinz Company, McCormick & Company Inc., Sempio Food Company. Key players focus on new product launches and partnerships to strengthen their market position. For instance, in 2022, Hot Sauce Harry€TMs Inc partnered with Amazon to launch its products on the e-commerce platform.

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