The Application Security Market is estimated to be valued at US$ 7.35 Bn in 2021 and is expected to exhibit a CAGR of 18.5% over the forecast period of 2023-2030, as highlighted in a new report published by Coherent Market Insights.

SWOT Analysis:-

·         Strengths: Presence of global players with comprehensive application security product portfolios and strong technical expertise.

·         Weaknesses: High costs associated with application security solutions especially for small and medium enterprises. Lack of in-house expertise to effectively use application security tools.

·         Opportunities: Increasing application vulnerabilities with growth in advanced technologies like IoT, cloud, and mobile. Rise of SaaS-based application security offerings.

·         Threats: Open-source application security tools present pricing pressure on commercial vendors. Lack of standardized regulations and compliance norms across regions.

Key Takeaways:-

The Global Application Security Market Growth is expected to witness high, exhibiting a CAGR of 18.5% over the forecast period of 2023 to 2030, due to increasing adoption of DevSecOps practices globally.

Regional Analysis:-

The North America region currently dominates the global market due to stringent regulatory standards and rising cyber threats. Asia Pacific is expected to be the fastest growing application security market driven by rapid digital transformation in countries like China and India.

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.

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