based applications across various industry verticals. Application security helps detect vulnerabilities and protects applications from different types of cyber threats. Application security solutions offer features like API testing, application security testing, dynamic application security testing, runtime application self-protection, and software composition analysis. These solutions help organizations assess application security risks, detect vulnerabilities, and enforce access control policies. The growing adoption of Bring Your Own Device (BYOD) trend and internet of things (IoT) devices has further increased the need for powerful yet easy-to-use 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 6.2% 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 in the application security market is the shift from preventive to detection-based application security solutions. Previously, application security solutions focused more on preventing vulnerabilities and threats. However, with the growing sophistication of cyber-attacks, detection has become equally important. Vendors are increasingly offering detection-based application security solutions that can detect zero-day exploits and unknown threats. Solutions based on machine learning and artificial intelligence are gaining popularity as they offer better detection capabilities compared to rules-based prevention tools. This trend is expected to continue during the forecast period.
Porter’s Analysis
Threat of new entrants: New entrants face high costs of researching and developing innovative security solutions in this technologically advanced market.
Bargaining power of buyers: Large enterprises have significant bargaining power due to their ability to demand high service levels and competitive pricing from application security vendors.
Bargaining power of suppliers: A few major vendors dominate the supply of application security testing and protection technologies, giving them some bargaining power.
Threat of new substitutes: Technologies such as identity and access management provide alternatives to some application security functions but are not full substitutes.
Competitive rivalry: Competition is intense among major vendors differentiating through continuous innovation in solutions, consulting services, and 24/7 protection against evolving threats.
Key Takeaways
The Global Application Security Market Growth is expected to witness high. 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.
North America is currently the largest and fastest growing regional market due to stringent data privacy regulations and rising spending on application security by financial and healthcare organizations in the region. Asia Pacific is expected to emerge as the fastest growing regional market during the forecast periodowing to rapid digital transformation initiatives across industries in countries such as China, India, and South Korea. Growth in the region is further driven by the rising adoption of cloud-based applications and mobile devices among enterprises.
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 new product launches and strategic partnerships with consulting organizations to expand their market reach.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it