The Global Application Security market is estimated to be valued at US$ 8.71 Bn or Mn in 2023 and is expected to exhibit a CAGR of 18. % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market Overview: Application security refers to security solutions integrated into software applications to protect them from cyber threats and vulnerabilities. It ensures the application functions properly and handles all transactions securely. Some common application security products include web application firewalls, vulnerability and threat detection, application security testing, access control and encryption. With rapid digitization across industries, securing applications has become a top priority for businesses to protect sensitive data and customer information. Market Dynamics: Growing digitization has increased the threat of cyber-attacks across the globe. Industries such as BFSI, healthcare, retail and energy sectors that store and process critical data have become prime targets for cybercriminals. According to reports, a business falls victim to cybercrime every 39 seconds leading to huge financial and reputation losses. This has propelled the demand for robust application security solutions to identify vulnerabilities, monitor activities in real-time and prevent security breaches. Moreover, stringent government regulations around data privacy and protection such as GDPR and CCPA have further fueled adoption. Rapid migration to cloud-based applications and bring your own device trend has expanded the attack surface necessitating advanced security controls. Major players are focused on developing AI and machine learning powered application protection tools to stay ahead of evolving threats. SWOT Analysis Strength: Application Security Market has been witnessing increasing adoption by organizations worldwide to protect their applications from security threats. Presence of well-established vendors providing advanced security solutions also acts as a strength. Additionally, emergence of advanced technologies like AI and automation have been helping organizations identify security issues effectively in three sentences. Weakness: Lack of skilled professionals and high initial costs associated with deployment and maintenance of application security solutions are some weaknesses. Resistance to change from traditional methods is another weakness that restrains growth in three sentences. Opportunity: Growing digitization and adoption of cloud and mobile technologies by organizations worldwide present significant opportunities in this market in three sentences. Increasing instances of cyber threats like DDoS attacks and data breaches also drive the need for advanced application security solutions in three sentences. Threats: Rapid changes in cyber threats led and changing compliance regulations pose challenges for vendors in this market in two sentences. Budget constraints also restrain organizations from adopting advanced application security solutions in two sentences. Key Takeaways The global Application Security Market Share is expected to witness high growth, exhibiting CAGR of 18.% over the forecast period, due to increasing digitization of processes across industries. Efforts to comply with regulatory standards like GDPR and CCPA have also accelerated the adoption of application security solutions. Regional analysis: North America dominates the global application security market currently, owing to stringent data privacy regulations and early adoption of advanced technologies in the region. Asia Pacific is expected to witness the fastest growth aided by rapid digital transformation in countries like China, India. Countries in this region are investing heavily on application security to protect growing online and mobile transactions. Key players analysis: Key players operating in the Application Security Market are IBM Corporation, WhiteHat Security, Inc.( NTT Security Corporation), Oracle Corporation, Veracode (Thoma Bravo), Qualys Inc., Micro Focus International PLC, Positive Technologies, Checkmarx Ltd, Fasoo.com Inc., Synopsys Inc., Contrast Security, Rapid7 Inc. and SiteLock LLC. The market is witnessing increasing partnerships, mergers and acquisitions as players focus on expanding capabilities.
Read More,
https://www.insightprobing.com/application-security-market-trends-size-and-share-analysis/
