• Stacy Lawlor

Global Application Security Market Size to grow by US$ 15.75 Bn in 2030

The Global Application Security Market is projected to grow from USD 6.4 billion in 2021 to USD 15.75 billion by 2030 at a CAGR of 16.1% during the forecast period.


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The increasing requirement for measures to safeguard software and associated important data at each stage of the software development lifecycle (SDLC) is projected to have an impact on market growth. Application security's vital role in identifying, correcting, and preventing security vulnerabilities discovered in software applications across their development life cycle is expected to drive industry demand.


With the COVID-19 outbreak's lockdown and social distancing measures, nearly every organization has adopted a work-from-home model, necessitating a significant demand for remote operation and monitoring of the application. In the midst of extraordinary circumstances, the COVID-19 epidemic has spurred demand for application security solutions. Furthermore, security teams within organizations with limited resources are implementing these solutions to solve various web application security concerns, resulting in an increase in demand for effective application security solutions.


The majority of firms all around the world have implemented digital transformation. Despite the economic uncertainties induced by COVID-19, 61 percent of IT and DevOps leaders intend to improve their projects, according to a recent report by OpsRamp, an information technology operations management SaaS platform. Large organizations are using applications to distribute services to their clients as part of digital transformation program. Hackers, on the other hand, are primarily targeting such apps, resulting in a rising market demand. For instance, American global corporation, and Mar Marriott International, Inc., was hacked in March 2020, and more than 5 million customer records were stolen.


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Web and mobile applications that go through several stages of the security development life cycle, such as security design and security coding, are considered application security. Various AI domains, such as machine learning and expert systems, can be used to improve application security by generating, predicting, or applying inferences to foresee security risks, as well as identifying security vulnerabilities and providing security coding correction recommendations. Security auditors can use these technologies to automate the detection of attack threats and the code review process. Several companies, like FuGen X, USM Business Systems, and BR Softech, have used AI and machine learning in their application development initiatives.


North America is dominating the market share of application security market share and is projected to continue to do so in the following years. The expansion of mobile devices and the development in cloud-based networking, as well as the existence of significant important players such as Cisco, IBM, Veracode, Synopsis, Contrast Security, WhiteHat Security, and Qualys, are all contributing to the segment's growth.


Asia Pacific is expected to witness fastest growth rate over the forecast period of application security market due to the increased usage of technologies such as AI and IoT. The rising importance of web security and privacy issues, the improving internet and mobile infrastructure, and the growing threat of cyberattacks are likely to drive market expansion in the region.


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KEY INDUSTRY DEVELOPMENTS:


In February 2021, Qualys Inc. announced the launch of Qualys SaaS Detection and Response (SaaSDR), a new application security platform for SaaS applications.


In February 2021, Checkmarx released Keeping Infrastructure as Code Secure for cloud-native apps, which gives developers more security in Infrastructure as Code. KICS is a static analysis tool that is free and open-source.


In September 2020, Micro Focus will release Hybrid Cloud Management X with the goal of making multi-cloud service delivery easier. The service is a multi-tenant cloud-native management platform that may be used in the public cloud or on-premises.


In June 2020, MicroFocus launched "Fortify on Demand," an application security assessment service for AWS GovCloud. To assist important federal agencies, the service can provide better testing and vulnerability management.


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