Application Security Market Expected To Expand USD 47.3 Billion by 2033 With 19.4% CAGR : Dimension Market Research

New York, June 10, 2024 (GLOBE NEWSWIRE) -- Market Overview

The Global Application Security Market size is expected to reach USD 9.6 billion by 2024 and is further anticipated to reach USD 47.3 billion by 2033 at a CAGR of 19.4 % according to Dimension Market Research.

Application security encompasses measures and protocols designed to protect software applications from threats and vulnerabilities throughout their entire lifecycle. It ensures that applications remain free from defects and vulnerabilities that attackers could exploit to gain unauthorized access, steal data, or disrupt services. Security practices in this field include code review and security, penetration testing, and regular updates and patches.

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These practices collectively maintain the confidentiality, integrity, and availability of both the application and its data. The application security market is expanding due to the critical need to secure customer data, build trust, and protect sensitive information from breaches.

Important Insights

• The Global Application Security market is expected to grow by USD 47.3 billion by 2033 from 2025 with a CAGR of 19.4 %.
• By Component, the solution is expected to hold the largest market share in 2024 & is anticipated to dominate throughout the forecasted period. This dominance is due to increasing demand for mobile and web application security.
• Static application security testing is anticipated to dominate the application security market with the largest revenue share in 2024, due to its ability to address and identify vulnerabilities early in the software development life cycle.
• In terms of deployment, the on-premise is expected to take the lead in the global application security market, commanding the largest share in terms of revenue in 2024. Organizations prefer these deployments as they have complete control over their data.
• The large enterprises are anticipated to maintain their market dominance in the forecasted period, building on their significant past market share in 2024. They are engaged in many business-critical tasks, like ordering goods and services or processing payments, which makes various applications vulnerable to security threats.
• Banking, Finance Services, and Insurance (BFSI) are anticipated to capture the largest revenue share in 2024, they are more prone to application attacks.
• North America is expected to dominate the application security market with a revenue share of 41.7% in 2024, due to the rise in cloud-based security networking and mobile device usage, along with the presence of major companies.

Latest Trends

• Application Security market is experiencing a notable trend with the adoption of DevSecOps practices globally. It smoothly integrates security practices and tools into the DevOps workflow.
• Integration ensures that security measures are embedded in the application development and deployment processes from the beginning. It shows the importance of a proactive & collaborative approach to application security.

Competitive Landscape

The application security market is highly competitive, with numerous key players competing for market leadership. Companies continually innovate, developing advanced security solutions to address the growing challenges and threats within the application security sector.

It drives innovation and progress, helping organizations protect their critical applications and data from emerging threats. Leading global players, such as Veracode, Qualys, Inc., HCL Technologies Limited, Synopsys, Inc., Open Text, Imperva, and others, are focused on expanding their geographical reach.

Some of the prominent market players:

• CAST Software
• Checkmarx
• Cisco Systems, Inc.
• F5, Inc.
• GitLab
• HCL Technologies Ltd
• International Business Machines Corporation
• MicroFocus
• Onapsis
• Rapid7
• Others

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Application Security Market Scope 

Drivers

• The rise in cybersecurity threats is a major factor driving the growth of the global application security market. Application systems of large organizations are prime targets for cyberattacks due to their extreme reliance on digital technology and the internet, which drives the growth of the application security market.
• Companies are investing heavily in robust application security solutions to protect sensitive data and uphold customer trust. Businesses are adopting next-generation application security platforms for their comprehensive visibility into services, dependencies, APIs, & data flows.

Restraints

• There is a shortage of qualified individuals with the necessary skills to develop and implement security systems which hinder an organization's ability to effectively manage security technologies.
• The constantly evolving threat landscape necessitates continuous learning and upskilling for security professionals.
• Modern application environments, with containers and multi-cloud setups, add complexity to ensuring comprehensive security, which obstructs the growth of this market.

Opportunities

• The increasing use of AI and ML in web and mobile-based security processes presents an opportunity for the application security market. It enhances security by providing advanced threat detection and analyzing large data sets to identify attack patterns.
• These technologies improve security system efficiency, enabling organizations to stay ahead of evolving cyber threats in real-time. This drives the demand for innovative application security solutions.

Market Analysis

The Banking, Finance Services, and Insurance (BFSI) sector is expected to hold the largest revenue share in 2024, as it is particularly prone to application attacks. Banks & financial institutions manage and store vast amounts of sensitive consumer financial data, including account numbers, trading transactions, credit & debit card details, payment information, and transaction records.

Strong security solutions are important for identifying & mitigating vulnerabilities to protect these applications. Security solutions integrated with machine learning are increasingly adopted to identify security gaps and protect against vulnerabilities, as well as to assist agents in effectively resolving customer queries.

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Application Security Market Segmentation

By Component

• Solution
  • Web Application Security
  • Mobile Application Security
• Services
  • Professional Services
  • Managed Services

 By Testing

• Static Application Security Testing (SAST)
• Dynamic Application Security Testing (DAST)
• Interactive Application Security Testing (IAST)
• Runtime Application Self-Protection (RASP)

By Deployment

• Cloud
• On-premise

By Enterprise

• Large Enterprises
• Small & Medium Enterprises

By End Use

• IT & Telecom
• BFSI
• Healthcare
• Manufacturing
• Retail
• Government & Defense
• Others

Regional Analysis

North America is predicted to dominate the global application security market, accounting for a 41.7% revenue share in 2024. This dominance is driven by the rise in cloud-based security networking, increased mobile device usage, and the presence of major companies in this region.

Additionally, rising security breaches targeting business applications and the anticipated growth of SMEs in the region have fueled the market expansion. The increasing incident of hackers using stolen credentials can access enterprise web-based email and other applications which further highlights the need for robust security measures in this region.

By Region

North America

• The U.S.
• Canada

Europe

• Germany
• The U.K.
• France
• Italy
• Russia
• Spain
• Benelux
• Nordic
• Rest of Europe

Asia-Pacific

• China
• Japan
• South Korea
• India
• ANZ
• ASEAN
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Argentina
• Colombia
• Rest of Latin America

Middle East & Africa

• Saudi Arabia
• UAE
• South Africa
• Israel
• Egypt
• Rest of MEA

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Recent Developments

• March 2024: GitLab Inc., known for its AI-powered DevSecOps platform, announced its acquisition of Oxeye, a cloud-native app security provider that aimed at strengthening GitLab's Static Application Security Testing (SAST) and software composition analysis tools.
• March 2024: StackHawk, a company integrating app security testing into software delivery, launched StackHawk Pro and StackHawk Enterprise on the Microsoft Azure Marketplace, providing apps and services for use on Azure.
• November 2023: Require Security Inc., a cybersecurity firm, introduced Falcon, a Runtime Application Security Protection app that offers high-level security for companies relying on open-source libraries, safeguarding them against potential threats and vulnerabilities.
• November 2023: Snyk expanded its offerings by partnering with Amazon Web Services (AWS) to enable global enterprises to implement developer security from code to cloud which introduced new integrations with AWS services like Amazon EventBridge, AWS Security Hub, and AWS CloudTrail Lake, providing a unified experience and enhancing vulnerability management across their
• October 2023: Checkmarx Ltd., a cloud-based app security provider, unveiled its Checkmarx Technology Partner program, allowing businesses easy access to various tech partner features to expand the AppSec platform.
• July 2023: New Relic, Inc., a web tracking and analytics company, launched Interactive Application Security Testing (IAST), offering guided remediation, advanced detection accuracy, and improved visibility and context to security findings.

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