PUBLISHER: DataM Intelligence | PRODUCT CODE: 1285051
PUBLISHER: DataM Intelligence | PRODUCT CODE: 1285051
The Global Application Security Market size reached US$ 7.12 billion in 2022 and is projected to witness lucrative growth by reaching up to US$ 25.93 billion by 2030. The market is growing at a CAGR of 16.6% during the forecast period 2023-2030.
The global application security market is rapidly expanding as it endeavors to ensure software applications are secure and well-guarded from cyber threats. The advent of cloud-based and mobile applications has increased demand for application security solutions, leading to an upward market trend. The web application security segment is dominating the market, representing over 50% market share in the type segment, due to its widespread adoption among businesses.
The regional segment of North America has emerged as the dominant market for application security, holding over 27% market share. This can be attributed to the presence of a large number of technology companies and early adopters of advanced security solutions in the region.
As technology and digital transformation continue to gain momentum across industries, the demand for secure software development practices is expected to rise, presenting several market opportunities for the global application security market.
One of the key factors driving the growth of the application security market is the increasing number of cyber attacks targeting applications. According to a report by the U.S. Department of Homeland Security, application security is a critical area of focus for cybersecurity, with the number of application-layer attacks continuing to rise. In 2020, the FBI reported a 300% increase in reported cybercrime incidents, including an increase in ransomware attacks targeting critical infrastructure.
The respective fact has led to a growing number of product launches in the application security market, with companies seeking to meet the demand for more advanced and comprehensive security solutions. For example, in 2020, Checkmarx launched its Software Exposure Platform, which provides a unified solution for identifying and managing software vulnerabilities across the entire development lifecycle.
The government sector is also investing in application security solutions to protect its critical infrastructure and data from cyber threats. For example, in the United States, the Department of Defense has launched the Cybersecurity Maturity Model Certification (CMMC) program, which requires contractors to meet specific cybersecurity standards to win government contracts.
In conclusion, the global application security market is being driven by the increasing frequency and severity of cyber-attacks and government initiatives to improve cybersecurity. As businesses and organizations become more reliant on technology, application security will continue to be a critical area of focus, with continued investment and innovation in this important field.
The high cost of implementing and maintaining application security solutions is also a significant market restraint for the industry. According to a report by Accenture, the average cost of a cyber attack for a company in the U.S. is US$ 13.0 million, and the average cost per record stolen is US$ 242.
The aforementioned facts create a significant financial burden for organizations seeking to implement and maintain effective application security solutions, particularly for small and medium-sized businesses that may have limited resources.
Despite these market restraints, there have been several notable product launches in the application security market in recent years that aim to address these challenges. For instance, in November 2020, Acunetix released version 13 of its web application security solution, which includes new features such as an enhanced scanning engine, improved reporting capabilities, and support for additional technologies and frameworks.
These product launches demonstrate the continued innovation and investment in the application security market, as companies seek to address the challenges of a rapidly evolving threat landscape and a shortage of skilled cybersecurity professionals.
The COVID-19 Analysis includes Pre-COVID Scenario, COVID Scenario and Post-COVID Scenario along with Pricing Dynamics (Including pricing change during and post-pandemic comparing it with pre-COVID scenarios), Demand-Supply Spectrum (Shift in demand and supply owing to trading restrictions, lockdown and subsequent issues), Government Initiatives (Initiatives to revive market, sector or Industry by Government Bodies) and Manufacturers Strategic Initiatives (What manufacturers did to mitigate the COVID issues will be covered here).
The global application security market is segmented based on component, type, deployment mode, organization size, testing type, end-user and region.
The growing importance of mobile application security presents significant opportunities for businesses in the application security market. As the demand for mobile application security solutions continues to grow, businesses that offer robust and effective mobile application security solutions will be well-positioned to capitalize on this trend.
In addition, the growing importance of mobile application security underscores the need for businesses to prioritize security throughout the entire software development lifecycle, from design and development to testing and deployment.
Further, in modernity, governments around the world are recognizing the importance of mobile application security and are taking steps to address the issue. For example, in the U.S., the National Institute of Standards and Technology (NIST) has developed guidelines for mobile application security that are widely used by government agencies and other organizations.
Similarly, the European Union Agency for Cybersecurity (ENISA) has published guidelines for mobile application security that are aimed at helping organizations develop secure mobile applications.
North America's growing importance in the global application security market can be attributed to a combination of factors, including the increasing importance of cybersecurity and data protection, the high level of innovation and investment in the technology sector in this region, and ongoing product launches that reflect these trends. The U.S., in particular, is home to many of the world's leading technology companies, which are investing heavily in cybersecurity and application security solutions. The respective facts have created a highly competitive market for application security solutions, with companies constantly developing new products and features to meet the evolving needs of customers.
Recent product launches in North America's application security market reflect this trend toward innovation and investment. In August 2020, Micro Focus announced the release of Fortify 20.2, the latest version of its application security testing (AST) solution. The update includes new features such as improved integration with development tools, enhanced testing capabilities, and expanded language support.
The major global players include: Capgemini, Cisco Systems Inc.HCL Technologies, IBM Corporation, MicroFocus, Qualys, RAPID7, Synopsys, Veracode and VMware.
The Global Application Security Market Report Would Provide Approximately 87 Tables, 90 Figures and 234 Pages.
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