Application Security Market is Estimated to Witness High Growth Owing to Increasing Instances of Cybercrimes
Application security involves implementing security controls like encryption and input validation in software to protect it and the data it processes from cyber threats. With growing digitization across industries and increasing use of software as a service (SaaS) platforms, cybercriminals have started targeting applications to steal sensitive data. Application security solutions help organizations prevent data breaches, identity thefts and financial losses resulting from vulnerabilities in web and mobile applications. For example, web application firewall protects websites and webservices from common exploits, SQL injection and cross-site scripting attacks.
The global application security market is estimated to be valued at US$ 10.04 Mn in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
As mentioned earlier, increasing instances of cybercrimes is one of the key drivers fueling growth of the application security market. Cybercriminals are devising sophisticated techniques to exploit software vulnerabilities and steal valuable data. For example, in 2021, Colonial Pipeline, JBS USA and Kaseya experienced ransomware attacks which disrupted their operations. This has prompted many organizations to invest heavily in application security solutions to safeguard their digital assets and infrastructure. Additionally, growing usage of mobile applications accessed through personal and public networks have made them prone to security breaches. Application security vendors are focusing on providing dedicated tools to scan mobile apps for vulnerabilities and plug security loopholes.
SWOT Analysis
Strength: Application security solutions offer capabilities such as application vulnerability scanning, application firewalls, and web application firewalls which can identify security loopholes and prevent cyber attacks. These solutions also provide features like authentication, authorization and access control which can strengthen an organization's security posture. Cloud-based application security solutions can be deployed and managed easily without requiring on-premises infrastructure.
Weakness: Application security testing requires trained professionals to identify vulnerabilities and configure security controls properly. Lack of skilled security professionals can negatively impact implementation of application security solutions. These solutions also require ongoing maintenance to keep pace with changing application and threat landscape.
Opportunity: Growing focus on application security due to rising sophistication of cyber attacks and vulnerabilities in legacy applications present significant market opportunity. Rising adoption of cloud-native applications and microservices also expands the potential for application security solutions. Increasing regulations and compliance mandates around data privacy will further drive demand.
Threats: Open-source application security tools offer similar capabilities but at lower or no cost, posing pricing pressure on commercial vendors. Long sales cycles and complex buying process also act as a barrier. Changing industry standards and technologies may make some existing solutions obsolete quickly.
Key Takeaways
The global Application Security Market Size is expected to witness high growth over the forecast period driven by increasing spending on application development and security. Rapid digitalization is also fueling demand for application security in various industry verticals. The global Application Security Market is estimated to be valued at US$ 10.04 Mn in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2024 to 2031.
Regional analysis
North America is currently the largest application security market led by substantial investments in application development initiatives and stringent security and privacy regulations. Asia Pacific is projected to offer most lucrative growth opportunities attributed to rapid technology adoption, growing enterprise digitization in countries like India and China. Key players are expanding their footprint across Asia to tap into the demand.
Key players
Key players operating in the application security market are Hot Sauce Harry€TMs Inc., The Kraft Heinz Company, McCormick & Company Inc., Sempio Food Company, Delmaine Foods, Edward & Sons Trading Co., Cajun Powder Sauce, General Mills Inc., and Bull-Dog Sauce Co. Ltd. Hot Sauce Harry’s and Kraft Heinz have established leading market positions through continuous product innovation and marketing initiatives especially in North America. McCormick also has a strong global presence and is investing in penetration across Asian markets for future growth.
Get more insights on- Application Security Market
Check more trending articles related to this topic: Hereditary Angioedema
English
Arabic
Français
Español
Português
Deutsch
Türkçe
Italiano
Russian
Romaian