by The Application Security Market is estimated to be valued at US$ 8.71 Bn in 2023 and is expected to exhibit a CAGR of 18.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The application security market involves the development and use of tools, services, and processes to ensure applications are secure throughout the development lifecycle. This includes security testing of applications for vulnerabilities, flaws, and risks. Common application security solutions include static application security testing (SAST), dynamic application security testing (DAST), software composition analysis (SCA), interactive application security testing (IAST), and runtime application self-protection (RASP). These help identify and fix security issues in applications before deployment to production.
Market Dynamics:
The growing adoption of DevSecOps principles and integration of security in the development lifecycle is driving greater demand for application security solutions. DevSecOps promotes closer collaboration between development, security, and operations teams to shift security left and embed it into development processes. This helps catch and fix security bugs early. The rapid surge in applications and digital transformation initiatives across industries is also fueling market growth. As more businesses leverage web and mobile applications to engage customers, secure development becomes critical. Increasing sophistication of threats like data breaches and ransomware is another factor prompting companies to strengthen application defenses. Regulations like GDPR have forced businesses to evaluate third-party risks from applications and supply chain as well.
Segment Analysis
The application security market is segmented into web application security, mobile application security, cloud application security. Among these, web application security dominates the market as it held the largest market share in 2022. Web application security provides security to web-based applications from vulnerabilities and risks. As most businesses rely heavily on web applications for conducting their operations, the demand for web application security is high.
PEST Analysis
Political: Stringent data privacy laws enacted by governments across the world are driving the demand for application security solutions. Regulations like GDPR and new upcoming laws have increased compliance requirements.
Economic: The growing spending on application development and testing services is boosting market growth. As businesses increasingly adopt digitalization, they are allocating more budget for application security.
Social: Increased awareness about cyber threats and data breaches among users has made application security a priority. Customers and employees are pushing organizations to enhance security of the applications they use.
Technological: Emergence of new technologies like IoT, artificial intelligence, and cloud computing have introduced new vulnerabilities. This has prompted companies to adopt advanced application security tools that can identify flaws in complex applications.
Key Takeaways
The global Application Security Market Share is expected to witness high growth, exhibiting a CAGR of 18% over the forecast period of 2023 to 2030, due to increasing demand for compliance with security regulations. The market size is projected to reach US$ 31.78 Bn by 2030 from US$ 8.71 Bn in 2023.
Regional analysis: North America dominates the global application security market currently due to stringent security mandates. Asia Pacific is expected to grow at the fastest pace owing to rising digitalization and focus on application development outsourcing in countries like India and China.
Key players: 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 leads the market with its portfolio of AI-powered web and API security testing tools. WhiteHat Security offers both SaaS and on-premise web application scanning.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
