The Advent of Digitization is fuelling Growth of Application Security Market

Market Overview:

The Application Security Market is estimated to be valued at US$ 7.35 Bn in 2021 and is expected to exhibit a CAGR of 18.5% over the forecast period of 2023-2030, as highlighted in a new report published by Coherent Market Insights. Application security refers to securing application programming interfaces (APIs) and web applications from threats like data breaches, cyberattacks, and vulnerabilities. With increasing digitization across industries and growing reliance on web and mobile applications, application security has become increasingly important.

Market Dynamics:

• Rise in adoption of cloud-based applications: The adoption of cloud-based applications like Software as a Service (SaaS) applications is growing rapidly across industries. However, cloud-based applications are also prone to various cyber threats. This is driving the need for advanced application security solutions to protect cloud applications and data from cyberattacks.
• Growing sophistication of cyber threats: Cybercriminals are continuously evolving their attack techniques using advanced technologies like artificial intelligence. This has resulted in growing sophistication of cyber threats like ransomware attacks, phishing, and malware. Application security solutions help organizations shield their applications and data from such evolving cyber threats.

Market Key Trends:

The global application security market is projected to witness high growth owing to the increasing shift towards cloud-based applications and adoption of DevSecOps methodology globally. Furthermore, rapid digital transformation across industries and growing usage of third-party libraries have made applications more vulnerable to security breaches, driving demand for robust application security tools and practices. Continuous innovation led by key players is also expected to introduce newer and advanced application security solutions in the market.

SWOT Analysis:-

• Strengths: Presence of global players with comprehensive application security product portfolios and strong technical expertise.
• Weaknesses: High costs associated with application security solutions especially for small and medium enterprises. Lack of in-house expertise to effectively use application security tools.
• Opportunities: Increasing application vulnerabilities with growth in advanced technologies like IoT, cloud, and mobile. Rise of SaaS-based application security offerings.
• Threats: Open-source application security tools present pricing pressure on commercial vendors. Lack of standardized regulations and compliance norms across regions.

Key Takeaways:-

The Global Application Security Market Growth is expected to witness high, exhibiting a CAGR of 18.5% over the forecast period of 2023 to 2030, due to increasing adoption of DevSecOps practices globally.

Regional Analysis:-

The North America region currently dominates the global market due to stringent regulatory standards and rising cyber threats. Asia Pacific is expected to be the fastest growing application security market driven by rapid digital transformation in countries like China and India.

Key Players Analysis:-

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.

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