Application Security Market

Mobile Application Security is the largest segment driving the growth of Application Security Market

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The global Application Security Market is estimated to be valued at US$ 8.71 Bn or Mn 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:
Application security involves protecting software and web applications from cyberattacks. It helps detect vulnerabilities in applications and prevent bugs and vulnerabilities from being exploited. It protects applications from malicious attacks like injection flaws, broken authentication, sensitive data exposure, XML external entities (XXE), broken access control, security misconfiguration, cross-site scripting (XSS), and more.

Market key trends:
One of the key drivers of the application security market is the rising number of data breaches. Cybercriminals often target application layer vulnerabilities to gain access to sensitive user data. As companies increasingly store confidential information like financial records, health records, and personally identifiable information, the costs associated with data breaches have increased significantly. This has led many organizations to strengthen their application security programs. Moreover, the rapid proliferation of mobile applications is another major trend spurring demand. As mobile apps access and transmit user data, businesses focus more on developing secure mobile applications to safeguard user privacy and trust. The use of artificial intelligence and machine learning technologies is also gaining traction to automate application security testing and developer workflows.
Market key trends:
One of the key trends in the application security market is the growing adoption of DevSecOps. Many organizations are embracing DevSecOps which aims to integrate security testing and monitoring right from the development phase itself. This helps organizations address security issues earlier in the development lifecycle and release more secure applications. With DevSecOps, security practices and procedures are blended with development and operations functions to shift left the responsibilities of security. This trend is expected to gather further steam in the coming years as security becomes a shared responsibility across development, operations and security teams.

SWOT Analysis
Strength: The application security market is driven by the growing security breaches and compliance mandates which is increasing awareness and investments in application security solutions.
Weakness: Lack of skilled security professionals can pose challenges for enterprises to integrate advanced application security solutions.
Opportunity: Emerging technologies like AI/ML, cloud security provides new opportunities for vendors to offer innovative application security testing and runtime protection solutions.
Threats: Open source application security tools pose pricing pressure on commercial vendors and flexible consumption-based commercial offerings.

Key Takeaways
The global Application Security Market Share is expected to witness high growth, exhibiting a CAGR of 18% over the forecast period, due to increasing digital transformation across industries.

Regional analysis: North America is expected to dominate the application security market during the forecast period. This is attributed to stringent data privacy regulations like GDPR in Europe driving the need for better application security controls. The Asia Pacific region is anticipated to exhibit the highest growth rate owing to the rising adoption of digital technologies in countries like China and India.

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.

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