The global "Application Security market" is expected to grow at a CAGR of over 21% during the forecast period (2022-2029).
Application security refers to security measures to prevent data or code within an application from being stolen or hijacked. It includes developing, adding and testing security features involved during the development of application and design. Apart from that, it also has systems and approaches to safeguard applications after they are deployed. It also includes hardware, software and procedures that reduce security susceptibilities.
Application security features include authentication, authorization, encryption, logging and application security testing. Furthermore, application security has different applications, including mobile application security, web application security, API security and cloud-native application security. The different benefits of application security include reduced risk from internal and external sources. It preserves the brand image, keeps customer data safe, builds customer confidence, protects sensitive data from leaks and enhances trust from investors and creditors.
The different categories of application include Static Application Security Testing (SAST), Dynamic Application Security Testing (DAST), Interactive Application Security Testing (IAST) and Run-time Application Security Protection (RASP). Moreover, the risks associated with application security include cross-site scripting (XSS), denial-of-service (DoS), SQL injection (SQLi), cross-site request forgery (CSRF), memory corruption and buffer overflow. Organizations such as OWASP are involved in tracking the vulnerabilities and providing comprehensive data that developers and security professionals can apply as a starting point for their application security.
The rise in application deployment over various networks and connected to the cloud leads to an increase in security breaches, increasing the demand for application security. Rising pressure and incentives on enterprises to ensure security at the network level and within an application are major factors driving the market's growth in upcoming years.
Growing need to address advanced security challenges
Increasing security breaches across the globe are creating security threats for consumers and enterprises. Threats such as broken access control, cryptographic failures, vulnerable and outdated components and software and data integrity failures are critical application threats that are likely to affect the application, increasing the demand for application security applications. Furthermore, these threats are so advanced that old technology would find it difficult to track and respond to them, which is also a major driving factor for the market's growth in upcoming years.
Need for high initial investment might hamper the growth of the market
The deployment of application security requires high investment to use the application secuority tools. Furthermore, lack of awareness about the application of security measures among various enterprises is also a major factor that is hampering the market's growth during the forecast period.
The global application security market experienced growth during the COVID-19 pandemic due to the increased use of phones and smartphones for numerous purposes, such as office work, mobile application development, e-commerce retailing and social media surfing. Owing to this factor, the market would witness exponential growth during the forecast period. Furthermore, the use of applications would result in data breaches, which would increase the demand for application security.
Additionally, various industries such as healthcare, BFSI, education, retail and the government are also increasing the application of e-commerce, Interactive Learning, Compromised networks or medical devices and brand damage are important parameters that would increase the inclination towards adopting application security.
The global application security market is segmented into type, component, deployment mode, organization size, testing type, end-user and region. The global application security market is further segmented into mobile application security and the type of web application security. Web application security accounted for the largest market share. High application of web application security to protect the applications from cyber threats and breaches is a major factor increasing the segment's growth in upcoming years.
North America is expected to hold the largest application security market due to cloud-based application security technology deployment in various industries. Additionally, the presence of key vendors in the region who provide the advanced solutions to quantify, prioritize and identify security risks for businesses is also aiding the growth of the region's market.
Asia-Pacific is projected to grow at the highest CAGR during the forecast period. Emerging nations such as China and India are increasing the deployment of application security systems because of the increasing expansion of SMEs and large businesses, which is a key factor in aiding the market's growth.
The global application security market is highly competitive as the major application security component manufacturers have a diverse portfolio of application security. Some of the major players contributing to the growth in the market are Capgemini, Cisco Systems Inc., HCL Technologies, IBM Corporation, MicroFocus, Qualys, Rapid7, Synopsys, Veracode and VMware. The significant players adopt several growth strategies such as new product launches, acquisitions, joint ventures and collaborations, contributing to global growth in the industry.
Overview: Rapid7 is a multinational company that provides security solutions through an insight platform. The different types of products supplied by the company include incident detection and response, cloud security, vulnerability risk management, application security, threat intelligence and security orchestration and automation response. The different delivery models of the company include cloud-based subscriptions, managed services and licensed software. The total revenue of the company in 2021 was US$ 535.404 million and the company has 2,353 full-time employees as of December 2021.
Product Portfolio: InsightAppSec is a cloud-based application security testing solution used to secure the web by providing Dynamic Application Security Testing (DAST). It has the universal translator, 95+ attack types, attack replay, powerful reporting for compliance and remediation, cloud and on-premises scan engines, scan scheduling and blackouts.
Key Developments: On 20th October 2020, Rapid7 and Snyk extended the strategic partnership to provide a comprehensive cloud-native application security solution. It is used to tackle the vulnerabilities which are both static and dynamic. It can cure the critical components of today's cloud-native application development.
The global application security market report would provide an approx.: 85 market data tables, 91 figures and 240 pages.
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