USD 5.28 Billion
Report ID:
SQMIG45E2138 |
Region:
Global |
Published Date: June, 2024
Pages:
197
|Tables:
146
|Figures:
78
Application Security Market size was valued at USD 5.28 Billion in 2022 and is poised to grow from USD 6.08 Billion in 2023 to USD 17.51 Billion by 2031, growing at a CAGR of 14.14 % during the forecast period (2024-2031).
There are several fundamental reasons that are driving the growth of the market for application security solutions. The growth of this market is due to the heightened frequency and sophistication of attacks that are being aimed at business applications, the advent of mobility and cloud computing, and the pressures arising from compliance and regulatory mandates of application security. Also, there are vast opportunities due to the increasing interest in the service-based applications, particularly with Security-as-a-Service (SaaS) for applications. The next-generation application security platforms are emerging as a core enabler of all modern organizations. These platforms also provided dynamic features like discovery of all services, dependencies, APIs, and data flow of an enterprise application. Such platforms are also being used by companies to improve their security features. For instance, in June 2023, Bionic, a developer of application security platforms, introduced two new features: Business Risk Score and Bionic Indications. These features aimed to provide convenience to engineers to identify security threats they mitigate daily. Bionic Signals uses data from other traditional security tools to enrich information about vulnerabilities and to point at those that pose threats to running applications. The Business Risk Scoring feature then determines the risk level of the application based on the number of vulnerabilities, the capability of the vulnerability to endanger sensitive data because of architecture dependencies, and the ability of the vulnerability to be exploited in the given architecture attack surfaces. From the analysis, it is seen that 34% of the enterprises are actively employing the application security tools that can protect against the threats posed by generative AI. Moreover, 56% of the respondents mentioned that they intend to implement and experiment with these solutions in the future.
The main reason for the increase in the number of third-party app installations and their usage is the innovation value it delivers to the consumers. These third-party SaaS apps can be extremely beneficial in improving the utility and effectiveness of an organization’s public cloud, but they also present various security risks. Most of them can read, write and delete important information and pose great threats in business operations, compliance and security. The growth of third-party application stores is due to the tremendous influx of applications and the rising costs which are associated with making them available in certified application stores, coupled with regulation standards. Unfortunately, many of these third-party apps may be vulnerable to attacks and data breaches. Among these, the largest and most popular is Aptoide with 150 million users and a million apps. One of the biggest data leaks was in 2019 when an intruder said he had obtained 39 million users’ records and shared data on 20 million customers, including email addresses linked to their login IDs and hashed passwords, on a cybercrime marketplace.
Security application protection for open-source and third-party dependencies has also been enhanced by artificial intelligence and machine learning techniques by many businesses. Furthermore, the end-users can enhance their security stance and safeguard critical data and code from software supply chain attacks since the groundbreaking solution provides the best zero-trust approach. As a result, there is driving the growth of the market.
Global Market Size
USD 5.28 Billion
Largest Segment
On-premises
Fastest Growth
Cloud
Growth Rate
16.3% CAGR
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The Global Application Security Market is segmented by Type, Component, Deployment mode, organization Size, Vertical, and region. Based on Type, the market is segmented into Web Application Security and Mobile Application Security. Based on Component, the market is segmented into Solutions (Security Testing Tools (Static Application Security Testing (SAST), Dynamic Application Security Testing (DAST), Interactive Application Security Testing (IAST), Runtime Application Self-Protection (RASP)) Container Security, API Security, and Others Solution) and Services (Professional Services, (Consulting services, Training & Education, Integration and maintenance, Penetration Testing) Managed Services). Based on Deployment mode, the market is segmented into On-Premises, and Cloud. Based on Organization Size, the market is segmented into Large Enterprises, and Small & Medium Enterprises. Based on Verticals, the market is segmented into BFSI, Healthcare, IT & ITES, Telecommunication, Manufacturing, Government and Public Sector, Retail & E-commerce, Education, and Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Deployment Mode
The on-premises segment dominates the market and has the largest market share. Organizations are safeguarding the availability and security of the computer hardware and software at business premises. This factor is driving growth in the on-premises segment. The on-premises solutions provide the platform, systems, applications, and other data by the internal team of the organization. Furthermore, organizations’ information is essential for business processes, and on-premises implementation of solutions is only moderately safe from external threats as the access is managed by internal IT security specialists.
The cloud segment is expected to grow at the fastest CAGR during the predicted period owing to the growing use of cloud services. Cloud solution is the security and governance measures to protect data in all cloud environments. Transferring data and assets from on-premises facilities to the cloud lowers organizations’ IT operational costs. Different stakeholders are moving substantial volumes of their data to cloud environments at a fast pace and the risk of security breaches. Several cloud providers offer the possibility of building, testing, and deploying with CI/CD to enhance the software development life cycle and integrate the solution into the cloud migration. For instance, In November 2023, Snyk broadened its solutions offering additional integrations by establishing a strategic partnership with Amazon Web Services (AWS) for helping global enterprises deliver security from the code to the cloud. Snyk has introduced a new Snyk integration with Amazon’s services such as Amazon EventBridge, AWS Security Hub, and AWS CloudTrail Lake to provide customers with a single interface and a more contemporary approach to shift code vulnerability management. Because of this factor, cloud-based security has become a crucial tool that is used in identifying threats and securing data and this has benefit boosted the market.
Analysis by Enterprise Size
The large enterprises segment held the largest share of the revenue in the year 2023. A variety of business-critical activities, including ordering supplies and services, or handling payments are employed by large enterprises; consequently, multiple applications’ security is at risk. Inoperative business critical applications are risky because they are not updated frequently. Consequently, the trend that has been observed is that larger enterprises are investing in application security system applications. Thus, promoting the growth of the segment.
The small and medium-sized enterprises segment is anticipated to exhibit the fastest growth rate during the forecast period. The statistics of cyber-attacks are increasing for small and medium businesses. Small and medium-sized business consumers are buying application security applications now more than ever because of the quick embrace of new technology and the onset of work from home. Consequently, enterprise-grade security for end-user applications, identity, data and devices is the new model of security for SMBs that eliminates antiquated virus protection software. Thus, market players are offering easy to use single product propositions as well as comprehensive bundled solutions and tailor-made application security solutions for SMEs. Thus, contributing to the market growth of the segment.
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North America dominates the market for application security, and it is predicted to maintain its position till the end of the forecast period. This is because several regions within the developing parts of the world are gradually embracing the use of various software and network security practices, hence the need for solutions. The fact that there are key regional market players in the US and the fact that the level of DevSecOps development in the country is also quite high adds to the dominance of North America. Furthermore, implementing cross-functional DevSecOps teams in the U. S. enables the implementation of solutions in a streamlined manner, while utilizing advanced technologies. For instance, in November 2023, Radware announced of its offering solutions aimed at protecting the data centers of North America’s busiest airports. These are Cloud Application Protection Services and Cloud DDoS Protection Service, intended to improve data center and application security and accelerate the time to protection at Radware.
Asia Pacific market is growing fast due to new technology advancements and application deployment in DevOps. Companies in countries are increasingly adopting security during the development phase to improve efficiency through technology. For instance, in February 2023, Singapore-based Cybersecurity Distribution Services firm AZ Asia-Pacific signed a deal with Synopsys, Inc. to incorporate Synopsys Software Integrity Group’s application security testing solutions in the ASEAN region including Singapore, Malaysia, the Philippines and others. Currently, Asia Pacific is positioned to grow due to increased usage of SaaS-based security solutions and BYOD in enterprises. Also, the rising use of AI and ML in security is increasing the adoption of application security solutions to quickly detect threats and risks.
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Application Security Market Drivers
The Rising Demands for Regulatory Compliance within Solution
Increased Number of Sophisticated Attacks
Restraints
Budget Constraints and Return on Investment Concerns
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The global application security market is highly competitive, driven by the need to address increasing cybersecurity threats and stringent regulatory compliance requirements. Companies in this market are focusing on innovation, integrating advanced technologies like AI and machine learning, and expanding their product portfolios to provide comprehensive security solutions. The market dynamics are influenced by the rising adoption of DevSecOps practices and the shift towards cloud-based security solutions, which offer scalability and flexibility. To maintain a competitive edge, firms are employing strategies such as mergers and acquisitions, strategic partnerships, and continuous enhancement of security testing and threat detection capabilities. This competitive landscape is characterized by intense rivalry as companies strive to offer advanced and integrated application security solutions to meet the evolving needs of their clients.
Application Security Market Top Player’s Company Profiles
Application Security Market Recent Developments
In January 2024, IBM, the IT services and consulting giant, announced the acquisition of application modernization capabilities from Advanced. This move, set to be finalized in Q2 2024, aims to bolster IBM's hybrid cloud and AI offerings. The acquisition will enhance IBM Consulting's services, particularly in mainframe application and data modernization, thereby supporting clients' digital transformation journeys.
In December 2023, IBM, the IT services and consulting company, announced the acquisition of StreamSets and webMethods. This strategic move, expected to be finalized in Q2 2024, aims to boost IBM's AI and hybrid cloud capabilities. The integration of these technologies will empower clients to enhance their application and data utilization.
In November 2023, Require Security Inc., launched Falcon, a Runtime Application Security Protection application. This solution provides the highest level of security for companies relying on open-source libraries, safeguarding them against potential threats and vulnerabilities.
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, the global application security market is witnessing robust growth driven by the escalating cybersecurity threats amid increasing digitalization across industries. Organizations are recognizing the critical importance of securing their applications against evolving threats, leading to a surge in demand for advanced application security solutions. Factors such as the proliferation of web and mobile applications, stringent regulatory requirements, and the growing complexity of cyberattacks are propelling market expansion. Moreover, the adoption of cloud-based technologies and the emergence of DevSecOps practices are further driving the market forward. Key players in the market are investing heavily in research and development to offer innovative solutions that address the diverse security needs of businesses. With the integration of artificial intelligence (AI) and machine learning (ML) technologies, the market is witnessing a shift towards more proactive and adaptive security measures. Overall, the global application security market is poised for significant growth as organizations prioritize safeguarding their digital assets against an increasingly sophisticated threat landscape.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 5.28 Billion |
Market size value in 2031 | USD 17.51 Billion |
Growth Rate | 14.14% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Application Security Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Application Security Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Report ID: SQMIG45E2138