Application Security Market Poised for Strong Growth Owing To the Increasing Adoption Of Digital Payment Platforms

 

Application Security Market

Application security refers to the security features and practices developed for software and web applications to prevent and detect vulnerabilities, threats, and associated risks. It helps to find potential vulnerabilities and prevent unauthorized access. With increasing usage of smartphones and apps offering several features, demand for application security solutions is growing tremendously. 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 key trends:

The increasing adoption of digital payment platforms and growing online transactions across various sectors is accelerating demand for application security solutions. Application security provides tools to detect vulnerabilities and prevent cyber threats across various platforms. With digital transformation initiatives across industries, cyber attacks targeting applications are also rising rapidly. Application security solutions help enterprises plug vulnerabilities and protect sensitive data and systems from cyber attacks in a cost-effective manner. Continuous innovation and addition of advanced capabilities like self-learning and AI by market players is also fueling adoption of application security solutions.

Segment Analysis

 

The global application security market is dominated by web application security sub segment. Over 50% of applications security budget is spent on web application security as web applications are exposed to external threats and attackers across the world can easily exploit vulnerabilities. Web applications security solutions help organizations prevent SQL injections, cross site scripting and other attacks on web facing applications and websites.

 

Key Takeaways

 

The Global Application Security Market Size is expected to witness high growth over the forecast period of 2023 to 2030. Rapid digital transformation across industries and migration to cloud based applications and services is driving more organizations to adopt application security solutions to protect their digital assets and infrastructure.

 

Regional analysis

 

North America is currently the largest and fastest growing regional market for application security. Strict regulatory standards around data privacy and security in the US and Canada is pushing more enterprises in the region to incorporate application security practices. Additionally, presence of leading application security vendors and early adoption of new technologies also contribute to North America's dominance. Asia Pacific is expected to be the fastest growing regional market due to growing deployments of web and mobile applications and increasing awareness about application security.

 

Key players

 

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 leads the market followed by Synopsys owing to their extensive application security product portfolio and global customer base. Smaller players are focused on specialized solutions and targeting niche industry verticals to compete with large established vendors. The market is expected to witness increased mergers and acquisitions as well as partnerships among key players over the forecast period.
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