The global Application Security Market is estimated to be valued at US$ 7.35 Bn or Mn in 2022 and is expected to exhibit a CAGR of 18.5% over the forecast period between 2023 and 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Application security refers to protection of software applications from cyber threats and vulnerabilities. It involves tools and practices used to monitor and detect security risks in web, mobile and software applications. With increasing dependency on digital technologies, applications have become the primary target for cybercriminals. Application security helps organizations prevent data breaches and financial losses resulting from application exploits and vulnerabilities. The market is driven by growing usage of mobile devices and web applications which has increased the attack surface for cybercriminals. Application security solutions help plug security loopholes and ensure smooth functioning of business applications.
Market key trends:
One of the key trends in the application security market is rise in adoption of DevSecOps practices. DevSecOps integrates security into software development lifecycles and enables building security into applications from the start. It facilitates collaboration between development, operations, and security teams. As applications are updated frequently, DevSecOps allows addressing vulnerabilities quickly. Another major trend is increasing usage of machine learning and artificial intelligence technologies in application security solutions. AI-powered tools can analyze huge amounts of data to detect anomalies and zero-day threats in a more automated way. They also reduce false positives in detection. This boosts the efficacy of application security programs.
Porter’s Analysis:-
- Threat of new entrants: The application security market requires high initial investments and compliance with stringent security standards which poses significant barriers for new entrants.
- Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of various solution providers in the market. However, switching costs associated with changing vendors provides some bargaining power to existing players.
- Bargaining power of suppliers: A few large vendors dominate the supply market, giving them significant bargaining power over buyers.
- Threat of new substitutes: There are no close substitutes for application security solutions. Existing solutions need continuous updates to address new threats.
- Competitive rivalry: The market is highly competitive with the presence of global as well as regional players. Market players differentiation based on features/functions of offerings.
Key Takeaways:-
The Global Application Security Market Demand is expected to witness high growth, exhibiting CAGR of 18.5% over the forecast period, due to increasing need for organisations to secure business critical applications with growing security breaches.
The North American region dominated the market in 2021 with a share of over 40%, owing to stringent regulations and early adoption of application security measures in the US and Canada. Europe is anticipated to exhibit a lucrative growth due to presence of major players and stringent data protection laws like GDPR.
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. Players adopt various organic and inorganic strategies to strengthen their market position such as new product launches, partnerships and acquisitions.
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