Application Security is Estimated To Witness High Growth Owing To Rising Adoption of Cloud-based Security Solutions

The Application Security Market is estimated to be valued at US$ 8.71 Bn 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 encompasses techniques, technologies, and best practices used to secure applications against cyberattacks during their development and deployment. It helps prevent security vulnerabilities present in the software and its codes. It protects applications from different threats such as denial-of-service (DoS) attacks, SQL injections, and cross-site scripting (XSS). Rapid digitalization and growing need for secure cloud-based applications have fueled the demand for application security solutions.

Market key trends:
One of the key trends in the application security market is the rising adoption of cloud-based security solutions. There is an increasing shift from on-premises to cloud-based application services owing to benefits such as low costs, scalability, and easy accessibility. Cloud-based security solutions provide protection for data and applications hosted on the cloud. They help in securing cloud environments with features like threat detection, application programming interface (API) security, bot management, and compliance. Integration of artificial intelligence and machine learning capabilities in cloud security offerings is further augmenting their demand across various end-use industries.

Porter’s Analysis

Threat of new entrants: Low barriers of entrance like need for technical expertise and capital investments keep the threat of new entrants low.

Bargaining power of buyers: Large enterprises have high bargaining power due to their ability to demand service level agreements and pricing concessions.

Bargaining power of suppliers: A few large vendors dominate the market giving them higher bargaining power over customers.

Threat of new substitutes: Alternatives like in-house application security teams pose minor threat.

Competitive rivalry: Intense competition exists among key security vendors to offer comprehensive solutions.

SWOT Analysis

Strength: Comprehensive solution portfolios and global reach are key strengths. Expertise in identifying vulnerabilities early boosts market share.

Weakness: High costs of solutions limits adoption among small businesses. Lack of skilled resources hampers ability to address complex threats.

Opportunity: GrowingInstances of security breaches and regulatory compliances drive demand. Adoption of cloud-based offerings and automation presents opportunities.

Threats: Shortage of trained security professionals is a notable threat. Changing attack patterns challenge capabilities of existing solutions.

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 digital transformation initiatives that heavily rely on web and mobile applications.

North America dominates the market currently owing to stringent data protection laws and heavy investments in application security by organisations across industries in the region like healthcare, BFSI and government. Asia Pacific is poised to grow at the fastest pace due to rising adoption of digital services and ongoing modernisation of legacy systems in countries like China and India.

Key players operating in the application security market include IBM Corporation, WhiteHat Security, Inc.( NTT Security Corporation), Oracle Corporation, Veracode (Thoma Bravo), Qualys Inc., Micro Focus International PLC, Positive Technologies, Checkmarx Ltd, Inc., Synopsys Inc., Contrast Security, Rapid7 Inc. and SiteLock LLC. Vendors are focused on developing advanced solutions leveraging technologies like AI, automation and cloud to address the dynamic application threat landscape. Strategic partnerships remain important for sustained growth.

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