Application Security Market Size is Projected to Reach USD 40.62 Billion by 2032, Growing at a CAGR of 16.6%: Straits Research

Application Security Market Size, Share & Trends Analysis Report By Application (Web Application Security, Mobile Application Security), By Component (Service, Managed, Professional), By Deployment (Solution) (Cloud, On-premise), By Organization Size (Small and Medium Enterprises, Large Enterprises), By Types of Security Testing (Static Application Security Testing (SAST), Dynamic Application Security Testing (DAST), Interactive Application Security Testing (IAST), Run-Time Application Self Protection (RASP)), By End-user Industry (Healthcare, BFSI, Education, Retail, Government, Other End-user Verticals) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2024-2032


New York, United States, Sept. 25, 2024 (GLOBE NEWSWIRE) -- As per the Latest Report by Straits Research, the global application security market size was valued at USD 10.20 billion in 2023. It is projected to reach from USD 11.89 billion in 2024 to USD 40.62 billion by 2032, growing at a CAGR of 16.6% during the forecast period (2024-2032).

The Application security solutions mitigate the security risks associated with the operation of various applications, including web and mobile applications. It was projected that web apps would continue to be the leading source of proven security vulnerabilities. With enterprises connecting over the internet to a growing number of business-critical apps, the risk of a security compromise has steadily increased. As a result, the market for application security has witnessed an increase in demand for web applications in tandem with the rise in vulnerabilities.

Download Free Sample Report PDF @ https://straitsresearch.com/report/application-security-market/request-sample

Favorable Government Regulations to Drive the Global Application Security Market

As the hazards involved with data breaches increased, governments in numerous nations implemented restrictions. Every country, area, and organization working on a global scale has its structure, legislation, and standards to establish an environment that offers sufficient opportunities to preserve cyberspace security.

According to Search Compliance, some researchers estimate that 90% of already deployed software contains application layer security vulnerabilities. As a result, fraudsters are employing apps to infiltrate business infrastructure, implant malware, and exfiltrate data, and app security policies are emerging to counteract this new threat. The transition of cybersecurity from a reactive measure to one that compensates for predictive and prescriptive effects is visible in the formulation of stringent rules to prevent data theft in numerous nations throughout the globe. With such demands on the horizon, the global usage of market-researched solutions has increased.

Increased Number of Third-party Applications to Provide Opportunities for the Global Application Security Market

Third-party app growth, user installation, and app permissions are driven mainly by their ability to entice consumers with innovations. Using third-party SaaS applications can dramatically expand the functionality and capabilities of a company's public cloud environment, but they can also present security risks. Most apps have access to read, write, and delete sensitive data, which can significantly impact security, business, and compliance risk.

Third-party app stores have grown due to an increase in the number of apps and the cost of making them available through certified app stores, as mandated by legislation. Multiple third-party applications are incredibly susceptible to attacks and data breaches. Aptoide is the largest, claiming a global user base of 150 million and one million apps. The third-party app shop stated that a hacker who claimed to have stolen 39 million client records and released 20 million of their credentials, including login emails and hashed passwords, on a prominent hacker forum, had breached it. As such occurrences increased, the necessity for application security gained widespread acceptance.

Regional Insights

North America accounted for the highest market share and is estimated to grow at a CAGR of 16.3% during the forecast period. Numerous enterprises in the North American region utilize a variety of applications for a variety of purposes, including labor, education, leisure, and retail. Financially-motivated attacks against the web application infrastructure of North American organizations are highly detrimental. According to Verizon's 2020 data breach investigations report, North America accounted for 69% of all events and 55% of all data breaches in the company's 2020 dataset. Approximately 20% of attacks also targeted web application infrastructure. In addition, the most prevalent kind of hacking was the exploitation of stolen credentials, which were then used to compromise enterprise web-based email and other web applications. With an increasing number of enterprises using cloud-based solutions, the use of compromised credentials has risen accordingly. Consequently, application security services and software are required.

Europe is the second largest region and is estimated to reach an expected value of USD 9 billion by 2030, registering a CAGR of 16.6%. Europe has also experienced a considerable rise in the number of data breaches. According to the Data Breach 2020 study by the European Union Agency for Cybersecurity (ENISA), Cloud/Web applications are a channel for hostile actors' attempts to breach data or essential activities. The theft of passwords for web-based email portals is a prime example. Other instances of this vector include exploiting application server vulnerabilities to inject/deliver information-stealing malware or other attacks. More than a thousand staff and members of the European Parliament were affected by a significant data breach in May 2020. The data comprised 1,200 elected officials and staff accounts and 15,000 additional accounts of EU affairs experts. The unsecured data contains information on thousands of individuals, including several committee members. These breaches in the region have necessitated the implementation of application security solutions.

Asia-Pacific is the third largest region. Asia-Pacific is one of the world's largest regions in terms of internet penetration. The significant market trends in the APAC region include an increase in security breaches aimed at businesses, the number of small and medium-sized enterprises (SMEs), the low budget for cybersecurity, and growth in the use of open-source software for security testing, among others. Asia is home to about half of the world's internet users, and more people are turning to the internet as the Covid-19 coronavirus continues to lock down countries such as India. China and India have significant populations that use the internet primarily via mobile devices. This level of internet access increases the likelihood of data breaches and necessitates application security solutions.

To Gather Additional Insights on the Regional Analysis of the Application Security Market @ https://straitsresearch.com/report/application-security-market/request-sample

Key Highlights

  • The global application security market size was valued at USD 10.20 billion in 2023. It is projected to reach from USD 11.89 billion in 2024 to USD 40.62 billion by 2032, growing at a CAGR of 16.6% during the forecast period (2024-2032).
  • By application, the global application security market is segmented into web application security and mobile application security. The web application security segment accounted for the largest market share and is estimated to grow at a CAGR of 12.6% during the projected period.
  • By service, the global application security market is segmented into managed and professional. The managed segment accounted for the largest market share and is estimated to grow at a CAGR of 17.3% during the forecast period.
  • By deployment, the global application security market is segmented into cloud and on-premise. The on-premise segment accounted for the highest market share and is estimated to grow at a CAGR of 14.3% during the forecast period.
  • Based on organization size, the global application security market is segmented into small and medium enterprises and large enterprises. The large enterprise segment accounted for the highest market share and is estimated to grow at a CAGR of 16.4% during the forecast period.
  • By types of security testing, the global application security market is segmented into Dynamic Application Security Testing (DAST), Interactive Application Security Testing (IAST), Static Application Security Testing (SAST), and Run-Time Application Self Protection (RASP). The Static Application Security Testing segment accounted for the largest market share and is estimated to grow at a CAGR of 15.5% during the forecast period.
  • By end-user industry, the global application security market is segmented into healthcare, BFSI, education, retail, government, and other end-user verticals. The BFSI segment dominated the market share and is estimated to grow at a CAGR of 17.3% during the forecast period.

Competitive Players

  1. IBM Corporation
  2. Oracle Corporation
  3. Micro Focus International PLC
  4. Checkmarx Ltd
  5. Veracode (Thoma Bravo)
  6. Synopsys Inc.
  7. WhiteHat Security Inc.( NTT Security Corporation)
  8. Rapid7 Inc., Qualys Inc.
  9. SiteLock LLC
  10. Contrast Security
  11. Positive Technologies
  12. Fasoo.com Inc.

Recent Developments

  • September 2022 - Oracle stated that SUBARU Corporation had migrated its simulation and 3D visualization workloads responsible for enhancing collision safety performance and driving performance to Oracle Cloud Infrastructure (OCI). High-Performance Computing (HPC) on OCI enabled SUBARU to optimize its development cycle, acquire considerable savings, and cut operational expenses by decreasing computing timescales by around 20%.
  • September 2022 - Oracle announced that Amazon Web Services now offers MySQL HeatWave (AWS). MySQL HeatWave is the only solution that integrates OLTP, analytics, machine learning, and automation based on machine learning within a single MySQL database.

Market Segmentation

  1. By Application
    1. Web Application Security
    2. Mobile Application Security
  1. By Component
    1. Service
    2. Managed
    3. Professional
  1. By Deployment (Solution)
    1. Cloud
    2. On-premise
  2. By Organization Size
    1. Small and Medium Enterprises
    2. Large Enterprises
  1. By Types of Security Testing
    1. Static Application Security Testing (SAST)
    2. Dynamic Application Security Testing (DAST)
    3. Interactive Application Security Testing (IAST)
    4. Run-Time Application Self Protection (RASP)
  1. By End-user Industry
    1. Healthcare
    2. BFSI
    3. Education
    4. Retail
    5. Government
    6. Other End-user Verticals
  1. By Region
    1. North America
    2. Europe
    3. Asia-Pacific
    4. Latin America
    5. Middle East & Africa

Get Detailed Market Segmentation @ https://straitsresearch.com/report/application-security-market/segmentation

About Straits Research Pvt. Ltd.

Straits Research is a market intelligence company providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision-makers. Straits Research Pvt. Ltd. provides actionable market research data, especially designed and presented for decision making and ROI.

Whether you are looking at business sectors in the next town or crosswise over continents, we understand the significance of being acquainted with the client’s purchase. We overcome our clients’ issues by recognizing and deciphering the target group and generating leads with utmost precision. We seek to collaborate with our clients to deliver a broad spectrum of results through a blend of market and business research approaches.

For more information on your target market, please contact us below:

Phone: +1 646 905 0080 (U.S.)

+91 8087085354 (India)

+44 203 695 0070 (U.K.)

Email: sales@straitsresearch.com

Follow Us: LinkedIn | Facebook | Instagram | Twitter