July 21, 2024
One of the key drivers of the application security market is the rising number of data breaches. Cybercriminals often target application layer

Increasing Need for Securing Applications to Drive Growth of Global Application Security Market

The global Application Security Market is estimated to be valued at US$ 8.71 Bn or Billion in 2023 and is expected to exhibit a CAGR of 18.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Application security refers to the process of identifying, tracking and remediating security risks associated with software applications. It helps ensure the confidentiality, integrity and availability of applications by securing them from threats such as vulnerabilities, exploits, credential theft, and injection flaws. The growing advanced persistent threats have increased the need for organizations to monitor and protect their applications from external attacks and internal risks. Application security products offer features such as scanning tools to detect vulnerabilities, access management for apps, authentication and authorization controls for users, API security among others. With digital transformation initiatives and cloud migration gaining rapid momentum globally, application security has become an important aspect for organizations to ensure the safety and security of their web and mobile applications.

Market key trends:
Rise of cloud computing is one of the key trends boosting demand for application security solutions. As more enterprises migrate their workloads and infrastructures to the cloud, security of cloud-based apps has become a top priority. Application security vendors are integrating cloud-specific capabilities in their offerings to enable effective security for Software-as-a-Service (SaaS) applications and web-facing cloud apps. Another major trend is the increasing usage of public application programming interfaces (APIs) by businesses to connect different systems. However, without proper API security controls in place, these interfaces can expose sensitive data and critical business logic to security threats. Leading application security providers are enhancing their API security testing and runtime protection modules to address this growing need.
Porter’s Analysis

Threat of new entrants: The global application security market exhibits moderate threat of new entrants due to high capital requirements and presence of well-established players.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of several solution providers and price sensitivity of application security solutions.

Bargaining power of suppliers: Suppliers have low to moderate bargaining power as there are numerous solution providers and components are not proprietary.

Threat of new substitutes: Threat of substitution exists from open source application security testing tools and in-house developed solutions.

Competitive rivalry: The market witnesses high competitive rivalry due to presence of major players.

Key Takeaways

The global Application Security Market Share is expected to witness high growth, exhibiting CAGR of 18% over the forecast period, due to increasing demand for compliance to application security regulations and rising adoption of cloud-based applications.

North America dominates the global application security market currently, however Asia Pacific is expected to witness fastest growth over the forecast period. This can be attributed to increasing digitalization and presence of major developing economies including India and China in the region.

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. Major players are focusing on product advancements and partnerships for business expansion.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it