Application security refers to tools, processes and controls that help protect web and mobile applications from several cyber threats and vulnerabilities. With continuous development and deployment of newer applications, it has become imperative for organizations to address security risks posed by vulnerabilities in custom or third-party applications. Application security solutions such as web application firewall, source code protection, cloud application security, etc. help organizations detect vulnerabilities and protect web and mobile applications. The global application security market is characterized by increasing adoption of DevSecOps principles, integration of AI/ML capabilities and transition towards runtime application self-protection 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 Opportunity:

The increasing vulnerabilities associated with custom and third-party applications pose significant security and financial risks for organizations. As per a recent survey, majority of organizations face an average of 130-150 application vulnerabilities annually. Left unaddressed, these vulnerabilities can be exploited by threat actors to access sensitive data or launch other advanced attacks. With growing digitization and use of cloud environments, it has become imperative for organizations to adopt proactive measures to identify vulnerabilities early and protect applications. The high growth prospects of application security market can be attributed to the need amongst organizations to address risks posed by increasing application vulnerabilities through effective security solutions.

Porter's Analysis

Threat of new entrants: The application security market has medium threat from new entrants due to established brands, high R&D and capital costs required for product development.

Bargaining power of buyers: Buyers have medium bargaining power due to availability of various alternatives and pricing pressure on vendors.

Bargaining power of suppliers: Suppliers have low bargaining power due to presence of many suppliers and less differentiation in products.

Threat of new substitutes: Threat from substitutes is medium as application security can be replaced by other cybersecurity products to some extent.

Competitive rivalry: The market has high competitive rivalry due to presence of many global and local players.

SWOT Analysis

Strength: Dedicated research and development teams help achieve constant innovation. Global presence and customer base strengthen market position.

Weakness: Heavy dependence on skilled cybersecurity professionals increases operational costs. Inability to secure all applications poses reputation risk.

Opportunity: Rising digitization and shift to remote working boosts demand for application security solutions. Expanding into emerging markets offers new avenues.

Threats: Changing compliance regulations across regions add to compliance challenges. Stiff competition from open source and in-house developed security alternatives.

Key Takeaways

The Global Application Security Market Size is expected to witness high growth during the forecast period of 2023 to 2030. The market size for 2023 is US$ 8.71 Bn. North America currently dominates the market due to stringent regulations and increasing investments in application security by enterprises in the region. However, Asia Pacific is expected to grow at the fastest pace owing to rapid digitalization and rising cybercrimes in emerging countries such as 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. IBM holds the leading market share due to its well-established brand and comprehensive application security portfolio. The other major players are focusing on partnerships, mergers and acquisitions to strengthen their product offerings and geographic footprint.

Regional analysis: North America accounts for the largest share of over 35% of the global market due to strict regulatory compliances like PCI DSS and adoption of application security by enterprises in sectors such as BFSI, IT & telecom to safeguard digital assets and customer information. Asia Pacific is projected to grow at the highest CAGR during the analysis period with increasing cybercrimes in developing nations prompting organizations to invest significantly in application security testing and protection solutions. China, Japan and India contribute majorly to the regional market growth.
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