Application Security Market Size to Grow USD 33,941.00 Million by 2030 at a CAGR of 18.7% | Valuates Reports

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Dec 16, 2022, 10:00 ET

BANGALORE, India, Dec. 16, 2022 /PRNewswire/ -- The Global Application Security Market is Segmented by Component (Solution and Services), Deployment Mode (Cloud and On-Premise), Organization Size (Large Enterprises and SMEs), Type (Web Application Security and Mobile Application Security), Testing type (Static Application Security Testing (SAST), Dynamic Application Security Testing (DAST), Interactive Application Security Testing (IAST), and Runtime Application Self-Protection (RASP)) Industry Vertical (BFSI, Healthcare, IT and Telecom, Manufacturing, Government and Public Sector, Retail & Ecommerce, and Others) and Region: Global Opportunity Analysis and Industry Forecast, 2022–2030

The global application security market size was valued at USD 5,973.00 Million in 2020 and is projected to reach USD 33,941.00 Million by 2030, registering a CAGR of 18.7%.

Major Factors Driving the Growth of the Application Security Market

The rise in security breaches that target business applications and stringent compliance and regulatory requirements for application security are the key drivers of the application security market growth.

The demand for application security is also on the rise as a result of the upsurge in smartphone adoption and the demand from retail and e-commerce enterprises. Additionally, the demand for application security solutions has increased as more apps are accessed through the cloud. These factors are expected to drive the application security market.

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TRENDS INFLUENCING THE GROWTH OF THE APPLICATION SECURITY MARKET:

The majority of firms worldwide have implemented a number of digital transformation efforts. For instance, a recent study by OpsRamp, an IT operations management software-as-a-service (SaaS) platform, found that 61% of IT and DevOps leaders anticipate enhancing their digital transformation initiatives and projects despite the economic uncertainties brought on by COVID-19. More organizations are embracing applications to offer services to their clients as part of digital transformation projects. The need for application security solutions is being driven by hackers who primarily target these types of apps. Thus the growing instances of Security Breach Targeting Business Applications will drive the growth of the application security market.

Furthermore, the Integration of AI and ML in Application Security will fuel the growth of the application security market. Artificial intelligence (AI) is becoming increasingly popular in cyber security as a way to improve already-existing application security capabilities. In order to predict, derive, or apply implications to identify security vulnerabilities, forecast security threats, and identify the security coding remediation guidance, a number of AI areas, including machine learning (ML) and expert systems, are projected to be leveraged to improve application security. Additionally, AI-powered solutions like user & event behavior analytics (UEBA) can examine user activity on endpoints and servers and spot anomalies that could hint at an unidentified assault. Such AI-powered features can aid in protecting businesses prior to the official reporting and patching of vulnerabilities.

Amidst exceptional conditions, the COVID-19 outbreak has increased the need for application security solutions. For work-from-home systems, many businesses are refocusing their security efforts on endpoint security. Additionally, the lack of resources available to company security teams to solve a variety of web application security challenges has increased the need for efficient application security solutions. This factor is expected to drive the growth of the application security market.

Protecting banking applications and ensuring the security of user data. To provide secure data management procedures and the immediate and effective mitigation of client-side threats, both of these dimensions are necessary. encrypting data transmission A healthcare program would control the transfer of data between several channels, including email, mobile phones, and cloud storage. Therefore, it is crucial to guarantee that the data is correctly secured and protected during the entire exchange procedure from unauthorized access.

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APPLICATION SECURITY MARKET SHARE ANALYSIS

In terms of market share, North America controls the majority of the application security market in 2020 and is predicted to continue to do so in the years to come. The proliferation of mobile devices, the increase in cloud-based networking, and the existence of significant important companies like IBM, Cisco, Veracode, Contrast Security, Synopsis, WhiteHat Security, Onapsis, GitLab, and Qualys are all factors that contribute to this market's growth.

Due to the rise in security breaches that target commercial applications, Asia-Pacific is predicted to experience the fastest growth rate during the projection period. The number of SMEs in the area is also predicted to increase.

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