Chicago, July 01, 2024 (GLOBE NEWSWIRE) -- The global Application Security Market is expected to grow from USD 33.7 billion in 2024 to USD 55.0 billion by 2029 at a compound annual growth rate (CAGR) of 10.3% during the forecast period, , according to a new report by MarketsandMarkets™.
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Increased reliance on applications and rising cyber threats are driving the need for robust security measures, especially for cloud-based applications and APIs. Market growth is fueled by evolving threats, tighter regulations, and the adoption of cloud and mobile technologies. Emerging trends like AI and machine learning further shape the landscape.
Application Security Market Dynamics:
Drivers:
- Rise in security breaches targeting business applications.
Opportunities:
- Adoption of artificial intelligence and machine learning in application security
Restraints:
- Budget constraints and return on investments
List of Application Security Companies:
- IBM (US)
- HCL (India)
- Synopsys (US)
- Microfocus (UK)
- Capgemini (France)
- Onapsis (US)
- Cloudflare (US)
- Guardsquare (Belgium)
- Checkmarx (US)
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Trend: Favourable government regulations
Organizations are increasingly aware that applications are prime targets for cybercriminals due to rising security threats. Insecure applications present significant risks, leading regulators and industry bodies to mandate compliance with application security standards throughout the SDLC. Following best practices for application security and meeting compliance requirements can help reduce development costs. The OWASP Application Security Verification Standard (ASVS) Project, for instance, offers guidelines for testing web application security controls and provides developers with a list of secure development requirements.
Trend: Increase in use of mobile and cloud-based technologies.
Over the past decade, digital transformation has significantly impacted businesses of all sizes, from small enterprises to large corporations. This shift has driven a widespread move towards online platforms for business operations, process optimization, and customer engagement. As a result, the use of cloud-based services and web applications has surged, enabling greater connectivity and accessibility. However, this growth has also expanded the attack surface for cybercriminals. Each transaction, communication, and data exchange via web applications introduces potential vulnerabilities. This situation highlights the crucial need for robust web application security to protect sensitive data and maintain the integrity of online operations. As businesses increasingly depend on web applications, ensuring their security is essential. By implementing strong web application security measures, organizations can reduce cyber threat risks, protect sensitive information, and maintain the trust and confidence of their customers and stakeholders in an interconnected world.
By vertical, the Government and Public Sector have the highest CAGR during the global forecast.
Government agencies and public sector institutions manage critical infrastructure, sensitive citizen data, and essential services, making strong application security (AppSec) crucial for maintaining public trust and safeguarding systems. These organizations are prime targets for cyberattacks due to their vital role in society. Integrating modern AppSec solutions with the complex legacy systems commonly used in the public sector is a significant challenge. Government entities must adhere to strict data privacy regulations and security standards, necessitating AppSec solutions that ensure compliance. With limited budgets and smaller IT teams, public sector agencies require cost-effective AppSec solutions that are user-friendly and easy to manage. The increasing adoption of cloud-based technologies in government introduces new security challenges and opportunities. AppSec solutions must effectively secure cloud-based applications while also ensuring compliance with government cloud security regulations. Overall, tailored, efficient, and compliant AppSec solutions are essential for protecting government systems and the sensitive data they handle, thereby preserving public trust and the integrity of critical services.
SMEs have the highest CAGR during the forecast period by organization size.
Small and Medium-sized Enterprises (SMEs) are becoming a significant segment in the application security (AppSec) market. While traditionally viewed as less vulnerable than large enterprises, the evolving threat landscape and increasing reliance on applications are prompting SMEs to prioritize security. The recent surge in cyberattacks targeting SMEs has heightened security awareness and driven investment in AppSec solutions. Recognizing the importance of proactive security measures, SMEs are increasingly prioritizing AppSec to protect their valuable data and applications. They require easy-to-use and affordable AppSec solutions that can scale with their business growth. The rise of Managed Security Service Providers (MSSPs) is empowering SMEs by offering affordable access to AppSec expertise and tools, helping them overcome limited internal security resources. This shift underscores the growing acknowledgment among SMEs that robust application security is essential for safeguarding their operations in a rapidly changing digital landscape.
Opportunity: Adoption of application security in small and medium-sized businesses leads to increase in demand for application security market
Application breaches are not limited to big businesses; they also affect Small and Medium-sized Businesses (SMBs). Cybercriminals mostly target SMBs due to the lack of sufficient security measures for the detection of advanced threats. The low level of awareness and emerging threats are challenging SMBs. According to Osterman Research, 81% of SMEs have suffered a security breach during the previous 12 months. It is difficult to make SMEs aware of these incidents since these breaches are rarely made public. Most SMEs restrain investing in appropriate security measures. Accenture believes that 43% of cyberattacks are aimed at SMBs, which is an alarming situation for such kinds of businesses. With the rise in the BYOD trend and the adoption of web and mobile-based applications for business operations, SMEs are deploying application security solutions to identify security gaps and mitigate risks. SMEs are looking for cloud-based application security solutions to save money, time, and resources.
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