Application Security Market Outlook 2031
The global application security market size was valued at USD 8.36 Billion in 2022 and is anticipated to surpass USD 32.04 Billion by 2031 expanding at a substantial CAGR of 16.1% during the forecast period 2023 and 2031. The growth of the market is attributed to the rising development of web and mobile applications and the growing demand for integrating security into these apps to avoid any risks associated with these apps.
Application security refers to the solutions to improve the security of an application by identifying, repairing, and avoiding flaws present. Due to the lockdown and social distancing measures imposed in the aftermath of the COVID-19 outbreak, practically all organizations have converted to a work-from-home paradigm, creating a considerable need for operating and monitoring the application remotely.
For example, OpsRamp expanded its network, UC monitoring for the WFH world in January 2021 with new functionality in the OpsRamp platform that offers solutions for providers. The solutions offer to help customers manage hybrid and multi-cloud IT environments and meet the needs of work-from-home employees as demand for cloud applications, unified communications (UC) and collaboration tools, video conferencing, and other IT resources had increased significantly.
Application Security Market Trends, Drivers, Restraints, and Opportunities
- Application security systems mitigate the security risks associated with various application activities such as online and mobile apps. These are key factors that help to expand the market.
- Organizations are increasingly using the Internet to connect to a variety of business-critical apps and the risk of a data breach has been steadily rising. This is another factor driving the market.
- Lack of funds available in the information security sector along with the issues concerning to users privacy violation are key restraining factors that can hamper the growth of the market.
- Rising developments in the information technology sector owing to the integration of advanced technologies in maintaining application security is projected to offer lucrative opportunities for market growth.
Scope of Application Security Market Report
The report on the global application security market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
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Attributes
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Details
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Report Title
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Application Security Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Applications (Web Application Security and Mobile Application Security), Components (Services [Managed and Professional] and Deployment Modes [Cloud-based and On-premise]), Organization Sizes (Small & Medium Enterprise and Large Enterprise), Security Testing Types (Static Application Security Testing, Dynamic Application Security Testing, Interactive Application Security Testing, and Run Time Application Self Protection), and End-users (Healthcare, BFSI, Education, Retail, Government, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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IBM; Oracle; Synopsys Inc.; Veracode; Qualys Inc.; and Checkmarx
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Application Security Market Segment Insights
Applications Segment Analysis
In terms of applications, the application security market is bifurcated into web application security and mobile application security. The mobile application security segment is projected to expand at a significant CAGR during the forecast period owing to wide range of development of apps associated with mobile phones and other devices.
Mobile app security refers to the methods and measures used to protect mobile device apps against digital fraud such as virus, hacking, and other illicit manipulation.
Mobile app security may be achieved by a combination of technological and personal reactions as well as organizational practices aimed at protecting digital integrity on mobile devices.
Components Segment Analysis
Based on components, the market is segmented into services and deployment modes. The services segment is further divided into managed and professional whereas the deployment modes segment is sub-categorized as cloud-based and on-premise.
The deployment modes segment is anticipated to account for substantial market share owing to the rising developments in the cloud-based technology. Deploying an application using one or more cloud-based hosting models such as software as a service (SaaS), platform as a service (PaaS), and/or infrastructure as a service (IaaS) are increasingly popular among app developers.
Organization Sizes Segment Analysis
On the basis of organization sizes, the application security market is bifurcated into small & medium enterprise and large enterprise. The large enterprise segment is expected to gain significant momentum in the coming years.
The large enterprises or large businesses have a significant amount of fund size available, which allows them to explore and innovate new products and services for maintaining application security. Moreover, the rapid innovation of newer technologies for application security purposes and its availability for cost-effective platforms for big enterprises is another key aspect of the segment growth.
Security Testing Types Segment Analysis
In terms of security testing types, the market is classified as static application security testing, dynamic application security testing, interactive application security testing, and run time application self-protection.
The static application security testing (SAST) segment is projected to grow at a robust CAGR during the forecast period owing to wide adoption of the testing process that examines source code for security flaws for businesses and other organizations. One key aspect of SAST is that it examines the application before the code is compiled and identifies any security loopholes.
End Users Segment Analysis
On the basis of end-users, the application security market is segmented into healthcare, BFSI, education, retail, government, and others. The retail segment is projected to hold a large market share owing to technological advancements and increasing utilization of application security by the retail industry. Technology advancements have drastically transformed the retail business, allowing merchants to create individualised shopping experiences on a worldwide scale.
According to Think with Google, 84% of buyers use their smartphones to research items and compare prices in physical locations. When it comes to tailored shopping experiences for everybody, mobile app technology has become a vital component for increasing consumer engagement and providing customers with different options. Furthermore, certain advantages in mobile applications such as easy in-store usage, in-app buying capabilities, mobile payments in shops, and mobile marketing help to improve the online shopping experience.
Regional Analysis
In terms of regions, the market is categorized as Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America is expected to dominate the global market in the coming years owing to wide occurrence of financial frauds and crimes against banks and other financial services firms, impacted by wide event of digitalization.
Furthermore, the most typical method of hacking was the use of stolen credentials, which were then used to break into web-based email and other online programs used by the company. North America accounted for 55% of all security breaches in Verizon's dataset for 2020, according to the company's data breach investigations report.
Segments
The global application security market has been segmented on the basis of
Applications
- Web Application Security
- Mobile Application Security
Components
- Services
- Deployment Modes
Organization Sizes
- Small & Medium Enterprise
- Large Enterprise
Security Testing Types
- Static Application Security Testing
- Dynamic Application Security Testing
- Interactive Application Security Testing
- Run Time Application Self Protection
End-users
- Healthcare
- BFSI
- Education
- Retail
- Government
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the global application security market are IBM; Oracle; Synopsys Inc.; Veracode; Qualys Inc.; and Checkmarx. In February 2021, Qualys Inc. announced the launch of Qualys SaaS Detection and Response (SaaSDR), a new application security platform for SaaS applications. Checkmarx released Keeping Infrastructure as Code Secure (KICS) in February 2021 for cloud-native apps, which allowed developers to ensure more security in Infrastructure as Code. KICS is a static analysis tool that is free and open-source.
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