Application security involves protecting web and mobile applications from vulnerabilities, bugs and security risks before deployment and while in production. With growing digitization and use of advanced technologies, organizations are increasingly relying on web and mobile applications to drive business growth. However, this has also led to a rise in cyber-attacks targeting such applications. Attackers often look to exploit vulnerabilities in applications and steal sensitive user data for financial gains. In order to protect users and their own brand reputation, companies are investing heavily in application security testing and monitoring tools.
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 Dynamics:
One of the key drivers for growth of application security market is rising number of cyber-attacks targeting vulnerabilities in applications. As per reports, there were over 28,000 web application vulnerabilities reported in 2021, a 30% rise from 2020. Cyber criminals are continuously evolving their tactics to breach insecure applications and steal data. This has increased awareness among enterprises about importance of security testing tools and solutions. Application security vendors offer solutions like web application firewalls, security APIs, and runtime application self-protection that can detect vulnerabilities and prevent attacks in real-time. Furthermore, regulatory mandates around data privacy are also driving companies to tightly secure their applications and sensitive user information, thus boosting demand.
SWOT Analysis
Strength: Application security helps organizations secure their applications from cyber threats and protects critical data and systems from attacks. With growing digitization and popularity of cloud computing applications, the need for application security is increasing rapidly. Application security solutions offer comprehensive protection against all known and unknown vulnerabilities and exploits.
Weakness: Application security solutions require significant upfront investments and ongoing maintenance costs. Small businesses and startups may find application security solutions unaffordable. Adopting application security also requires changes to development processes and workflows which can increase short-term costs and delays. Maintaining highly skilled security professionals for application security also remains a challenge.
Opportunity: The rapid shift towards remote and hybrid working models due to the COVID-19 pandemic has accelerated digital transformation among organizations. This has increased the attack surface and vulnerabilities exposing more applications and data to cyber risks. This growing threat landscape is creating new opportunities for application security vendors to expand their market reach. Adoption of cloud-native and containerized applications also offers scope for advanced application security tools.
Threats: Open-source application security tools threaten commercial vendors by providing similar functionality at no cost. Vulnerabilities can still exist in applications despite security testing creating reputational risks. Long innovation cycles in the industry allow new cyber threats to emerge before solutions are available.
Key Takeaways
The Global Application Security Market Size is expected to witness high growth over the forecast period driven by increasing spend on application developments and rapid digital transformation among organizations. Rapid expansion of online channels and migration to cloud-based applications has amplified security risks exposing more applications to threats. As a result, organizations are allocating more budgets for securing business critical applications.
Regional analysis: North America currently dominates the application security market contributing over 40% of global revenues owing to stringent data privacy regulations and high technology adoption rates. Europe is the second largest market supported by growing awareness about application layer threats and increasing incidences of cyber-attacks. Asia Pacific is expected to grow at the fastest pace during the forecast period backed by increasing investments in digital transformation initiatives across India, China and other developing countries.
Key players: Key players operating in the Application Security Market include 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. Major players are focused on developing advanced testing and protection capabilities through continuous innovation and strategic collaborations.
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