Application Security Market Size, Share, Industry, Forecast and outlook (2023-2030)

Application Security Market Overview

The Global Application Security Market size reached USD 7.12 billion in 2022 and is projected to witness lucrative growth by reaching up to USD 25.93 billion by 2030. The market is growing at a CAGR of 16.6% during the forecast period (2023-2030). The global application security market is a rapidly growing industry that focuses on securing software applications from cyber threats.

With the rise of cloud-based and mobile applications, the demand for application security solutions is witnessing an upward market trend. The segment of web application security dominates the market, with more than 50% market share in the type segment due to the high adoption rate among businesses.

North America is the dominating region for application security with over 27% market share in the regional segment, owing to the presence of a large number of technology companies and early adopters of advanced security solutions. With the increasing use of technology and digital transformation across industries, the need for secure software development practices is expected to grow, offering market opportunities for the global application security market.

Application Security Market Scope and Summary

Application Security Market Dynamics and Trends

The Increasing Frequency and Severity of Cyber Attacks

The global application security market has seen significant market growth in recent years, with a major driver being the increasing frequency and severity of cyber attacks. As businesses and organizations become increasingly reliant on technology, the potential impact of security breaches becomes more severe, leading to a greater focus on application security. Governments around the world are also taking action to address the growing threat of cyber attacks.

In the U.S., the Cybersecurity and Infrastructure Security Agency (CISA) has launched several initiatives to improve application security, including the establishment of the National Cybersecurity and Communications Integration Center (NCCIC) and the Software Assurance Marketplace (SWAMP). In the European Union, the General Data Protection Regulation (GDPR) and the Network and Information Systems (NIS) Directive have placed greater emphasis on the importance of data protection and cybersecurity.

As a result of these market trends, businesses and organizations are increasingly investing in application security solutions to protect their critical applications from cyber attacks.

The Lack of Skilled Cybersecurity Professionals

One of the primary market restraints for the application security market is the lack of skilled cybersecurity professionals. According to a report by (ISC)², there is currently a global cybersecurity workforce shortage of nearly 3.1 million professionals, with a projected shortfall of 4.07 million by 2022.

The respective shortage of skilled professionals creates a significant challenge for organizations seeking to implement effective application security solutions, as they struggle to find and hire the necessary talent to manage and operate these solutions.

The shortage of cybersecurity professionals is particularly acute in certain regions of the world, such as the Asia-Pacific region. According to a report by Frost & Sullivan, the Asia-Pacific region is facing a critical shortage of cybersecurity talent, with an estimated shortfall of 2.14 million professionals by 2022.

The aforementioned shortage is hampering the growth of the application security market as organizations struggle to find and retain the necessary talent to implement and manage these solutions.

Application Security Market Segmentation Analysis

The global application security market is segmented based on type, component, deployment mode, organization size, testing type, end-user and region.

Rapid Growth of Mobile Technology and the Widespread Adoption of Mobile Devices

Mobile application security has become an increasingly critical concern in the global application security market. With the rapid growth of mobile technology and the widespread adoption of mobile devices, the need for robust and effective security measures to protect mobile applications from cyber threats has become more important than ever before.

According to the United Nations' International Telecommunication Union, the number of mobile broadband subscriptions worldwide reached 4.4 billion in 2020, with more than half of the world's population using mobile devices to access the internet.

The widespread adoption of mobile technology has made mobile devices a prime target for cyber attacks, with mobile applications being a particularly vulnerable point of entry. In conclusion, the mobile application security segment is growing in the global application security market due to the widespread adoption of mobile devices.

Application Security Market Geographical Share

Increasing Importance of Cybersecurity and Data Protection

The global application security market has experienced significant growth in recent years, and North America has emerged as a key player in this market. One key factor driving growth in North America's application security market is the increasing importance of cybersecurity and data protection. With the rise of digital technologies and the increasing amount of sensitive data being transmitted online, organizations are under greater pressure than ever to ensure the security of their applications.

The respective fact has led to an increasing demand for application security solutions, particularly in industries such as finance, healthcare and government. Another factor contributing to North America's growth in the application security market is the high level of innovation and investment in the technology sector in this region.

Recent product launches in North America's application security market reflect this trend toward innovation and investment. In January 2021, Veracode announced the launch of Security Labs, a new platform for hands-on application security training and education. The platform provides developers and security professionals with access to realistic environments for practicing and improving their security skills.

These recent product launches highlight the ongoing innovation and investment in North America's application security market. As organizations continue to prioritize cybersecurity and data protection and as the threat landscape continues to evolve, companies in this region will need to remain at the forefront of technological development to stay competitive.

Application Security Companies and Competitive Landscape

The major global players include Capgemini, Cisco Systems Inc.HCL Technologies, IBM Corporation, MicroFocus, Qualys, RAPID7, Synopsys, Veracode and VMware.

COVID-19 Impact on Application Security Market

Key Developments

• In August 2020, Micro Focus, a UK-based security service provider announced the release of Fortify 20.2, the latest version of its application security testing (AST) solution. The update includes new features such as improved integration with development tools, enhanced testing capabilities, and expanded language support.
• In October 2020, Checkmarx, a U.S. software security company announced the launch of its Software Exposure Platform, which provides a comprehensive solution for identifying and managing software vulnerabilities across the entire development lifecycle. The platform includes a range of tools for scanning and testing code, as well as for managing and prioritizing vulnerabilities.
• In April 2021, Sonatype, a security service provider for software based in the U.S. released a new version of its Nexus Lifecycle solution, which provides visibility into open-source software dependencies and vulnerabilities. The update includes new features such as enhanced policy management and automation capabilities.

Why Purchase the Report?

• To visualize the global application security market segmentation based on type, component, deployment mode, organization size, testing type, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of application security market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The Global Application Security Market Report Would Provide Approximately 87 Tables, 90 Figures and 234 Pages.

Target Audience 2023

• Manufacturers / Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies

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Application Security Market is segmented By Type (Mobile Application Security, Web Application Security), By Component(Solution, Service), By Deployment Mode(Cloud, On-Premise), By Organization Size(Small & Medium Scale Enterprises, Large Scale Enterprise), By Testing Type(Static Application Security Testing (SAST), Dynamic Application Security Testing (DAST), Interactive Application Security Testing (IAST), Runtime Application Self-Protection (RASP)Recognition), By End-Use(Retail, Government, Healthcare, IT &Telecom, BFSI, Manufacturing, Energy & Utilities, Education, Media and Entertainment, Others) By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030