Global Application Security Market Is Anticipated To Witness Growth Due To Growing Rate of Data Breaches and Arising Security Threats

Application Security Market 

Application security is a set of best practices that help protect an application from attacks. It spans across departments, functions, and devices. These techniques include encryption, malware protection, and firewalls. Application security is an essential part of software development. Cyber attackers can exploit vulnerabilities in the code to get into the system. An efficient application security mechanism can help proactively fix security flaws, preventing the occurrence of vulnerabilities. However, it requires a combination of tools and practices. As threats become more prevalent, IT managers need to move beyond just identifying gaps and fixing them. They must also think about threat modeling and how new updates can affect their threat model.

Growing product launches is estimated to augment growth of the global application security market during the forecast period. For instance, Oracle declared the launch of Oracle Database 23c Beta, in October 2022. This handles all data types, development styles and workloads. Moreover, increasing cost and lack of cyber awareness is anticipated to restrain growth of the global application security market during the forecast period.

The Application Security Market was valued at US$ 7.35 Bn in 2021 and is forecast to reach a value of US$ 33.06 Bn by 2030 at a CAGR of 18.5% between 2022 and 2030.

The outbreak of COVID-19 resulted in shutting down of many businesses. Several organization shad to halt their manufacturing activities due to lack of manpower and raw material. However, many companies adopted to remote working options owing to strict social distancing and lockdown measures in the country. This resulted in increasing demand for monitoring and managing applications remotely. There was an increased demand for unified communications, collaboration tools, and cloud applications. For overcoming these challenges organizations had to expand their networks. This fueled the growth of the global application security market during the pandemic.

Key Takeaways:

The global market is estimated to witness robust growth, exhibiting CAGR of XX% during the forecast period, owing to increasing expansion by key players. For instance, Synopsys, Inc., acquired an application security Software-as-a-Service (SaaS) provider WhiteHat Security in June 2022. This acquisition will provide Synopsys with significant market-leading dynamic application security testing (DAST) technologies and SaaS capabilities. This acquisition will also strengthen their position in the market.

North American is anticipated to witness significant growth in the global market over the forecast period, due to increasing adoption of advanced technologies in the region.

Major players operating in the global market are IBM, MicroFocus, Capegemini, Veracode, Whitehat Security, Checkmarx Ltd., Qualys, Veracode, HCL Technologies, RAPID, Pradeo and Cisco Systems Inc.