Application Security Market Size, Share, Growth Analysis, By Type (Web Application Security, Mobile Application Security), By Component (Solutions, Services), By Deployment Mode (Cloud, On-premises), By Organization Size (Large enterprises, SMEs), By Region - Industry Forecast 2024-2031

Application Security Market size was valued at USD 8.39 Billion in 2022 and is poised to grow from USD 9.76 Billion in 2023 to USD 32.66 Billion by 2031, at a CAGR of 16.3% during the forecast period (2024-2031). 

The global application security market is very competitive because of the need-oriented rationale that is driven by rising cyber threats and stringent regulatory compliances. Companies in the market are taking major steps toward innovation, integration of advanced technologies like AI and machine learning, and strategies to increase their product portfolios to offer end-to-end security solutions to their customers. Trends are therefore influenced by increasing adoption of DevSecOps practices and shifting to cloud-based security solutions that are, to a great extent, scalable and flexible. Some key strategies that firms are using to maintain competency in this rapidly growing market include mergers and acquisitions, strategic partnerships, and continuous enhancement of security testing and threat detection capabilities. For instance, in December 2023, Cisco will acquire Isovalent, Inc., a well-known leader in cloud-native solutions using eBPF Technology, to develop unrivaled multicloud security and networking capabilities. This purchase aims at offering customers networking that will be seamless and secure. This is a very competitive landscape where companies are engaged in fierce competition to offer their enhanced and integrated application security solutions to their customers. 'IBM (US) ', 'Synopsys (US) ', 'Check Point Software Technologies (Israel) ', 'Rapid7 (US) ', 'Qualys (US) ', 'Fortinet (US) ', 'F5 Networks (US) ', 'Akamai Technologies (US) ', 'Palo Alto Networks (US) ', 'HCL Technologies (India) ', 'AppGuard (US) ', 'Tenable, Inc. (US) ', 'CrowdStrike Holdings, Inc. (US) ', 'Snyk Ltd. (UK) ', 'CyberArk Software Ltd. (Israel) ', 'Trend Micro Incorporated (Japan) ', 'Onapsis Inc. (US) ', 'Illumio, Inc. (US) ', 'Data Theorem, Inc. (US) ', 'Contrast Security (US) ', 'Armor Defense Inc. (US) '

Organizations develop and use the most important apps to fulfill needs and protect against malicious attacks. Compliance rules protect websites and applications by setting standards that developers must follow. These regulations ensure that the technology and its results meet established standards of privacy, data protection and absolute security. In addition, organizations establish a set of standards for solutions, with the Open Web Application Security Project, the ASVS standard being the most active due to its primary focus on applications. 

Rising Adoption of AI and Machine Learning in Threat Detection Solutions: Organizations are turning their attention to AI-based solutions to identify and prevent threats by integrating application security solutions. It has become a key technology in combating these threats, providing the ability to identify and treat things on security events in real time. AI-based threat detection helps organizations classify and respond to threats in real-time, reducing the risk of data breaches and other security issues. Furthermore, AI-based threat detection can identify anomalies and procedures indicating a security risk Can be developed. Additionally, organizations are responding faster and more effectively by integrating AI into application security solutions to reduce the damage caused by these incidents. AI-powered security solutions detect and analyze potential threats in real-time, enabling organizations to respond quickly and promptly.

North America dominated the market by 2023. The major drivers for the growth of this segment are the advancement in cloud-based networking and mobile device applications, International Business Machines Corporation, Cisco Systems, Inc.; and Synopsys, Inc. Moreover, more security breaches targeting business applications, North America is expected to grow the fastest during the launch period in addition to increasing the number of SMEs in this region.