Application security solutions enable identification and prevention of vulnerabilities and security issues in applications to ensure protection of critical data and information from cyber threats. Rising adoption of digital technologies across industries has increased the attack surface for cybercriminals, driving the need for robust application security solutions. 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:
One of the major trends fueling the growth of the application security market is the rising need to secure cloud-based applications. As businesses increasingly adopt cloud-based applications and services, the attack surface for cyber threats continues to expand. According to estimates, over 90% of applications today are developed for cloud environments. However, cloud applications also pose new security challenges such as multi-tenant infrastructure risks, identity and access management issues, and data vulnerabilities. This has propelled the need for application security solutions that can identify vulnerabilities and protect cloud-based applications from both known and unknown threats. Leading players in the market are focusing on developing cloud-native application security products and services to capitalize on this growing demand.
Strength: Application security testing covers a wide range of tests that analyze Applications for malware, vulnerabilities, defects and helps organizations address risks and reduce costs of fixing issues post deployment.
Weakness: Implementing regular application security testing can require significant investment in expertise, tools and processes which many smaller organizations struggle with.
Opportunity: With digital transformation and shift to cloud, there is growing demand for robust application security practices and demand is growing rapidly for third party application testing services.
Threats: Open-source components, libraries and frameworks introduce new vulnerabilities regularly requiring constant updates to vulnerability databases which increases costs. Cyber criminals are also finding more sophisticated techniques to exploit applications.
The Global Application Security Market Size is expected to witness high growth. Regional analysis comprises
Regional analysis: The North America region currently dominates the market due to early adoption of application security practices by organizations. However, Asia Pacific region is expected to grow at fastest pace due to growing digitization and number of internet users in countries like China and India driving need for robust application security.
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 offers application security platform that helps identify vulnerabilities and incorporates ML to prioritize vulnerabilities. Oracle offers api security testing platform that helps developers secure APIs. Veracode offers SaaS based platform for integrated static and dynamic application security testing.