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2021

Application Security Market

Application Security Market Size, Share, Competitive Landscape and Trend Analysis Report by Component, Deployment Mode, Organization Size, Type, Testing type Industry Vertical and Region: Global Opportunity Analysis and Industry Forecast, 2021-2030

IC : Information, Infrastructure & Network Security

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Author's: Vikas Gaikwad & Rachita Rake | Onkar Sumant
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Application Security Market Statistics: 2030

The global application security market size was valued at $5,973.00 million in 2020, and is projected to reach $33,941.00 million by 2030, registering a CAGR of 18.7%. Application security is the process of securing applications by finding, fixing, and enhancing the security of apps. It adds security capabilities within applications to prevent security vulnerabilities against threats such as unauthorized modification and access. It involves several proactive steps to discover vulnerabilities as well as to patch them before hackers get a chance to exploit them. The application security solutions offer a number of benefits to the enterprises that include keeping the customer data secure to build customer confidence; protection of sensitive data from leaks; and improvement of trust from crucial lenders and investors.

On the basis of component, the solution segment exhibited dominance in the application security market in 2020, and is expected to maintain its dominance in the upcoming years. The rise in demand for mobile application security as well as web application security drives the growth of this segment. For instance, surge in internet penetration as well as adoption of BYOD policies across the organizations lead to the surge in use of a personal device including smartphones, smart wearable, laptops, and tablets to access organization information. Hence, there is rise in demand for application security solutions to avoid data breaches regarding the mobile application. 

Application-Security-Market-2021-2030

However, the services segment is expected to witness highest growth, as it ensures effective functioning of application security software throughout the process. In addition, the lack of skill sets and experience of in-house security professionals associated with the software security testing has led to the rise in demand for organizations to outsource their security model; thus, boosting the growth of application security industry.

Application Security Market
By Component
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Services segment is projected as one of the most lucrative segments.

By deployment mode, the global application security market share was dominated by the on-premise segment in 2020 and is expected to maintain its dominance in the upcoming years. On-premise-based solutions are known for better maintenance of servers, and continuous system facilitates the implementation of these application security solutions.

Application Security Market
By Deployment Mode
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Cloud segment is projected as one of the most lucrative segments.

North America dominates the application security market share in 2020 and is expected to maintain its dominance in the upcoming years. Growth of this segment is mainly attributed to the proliferation of mobile devices and rise in cloud based networking along with the presence of major key players such as IBM, Cisco, Veracode, Contrast Security, Synopsis, WhiteHat Security, Onapsis, GitLab, and Qualys. Asia-Pacific is expected to observe highest growth rate during the forecast period, owing to the growth in occurrence of security breaches that targets business applications. In addition, the region is anticipated to experience growth in number of SMEs. 

The report focuses on the growth prospects, restraints, and application security market analysis. The study provides Porter’s five forces analysis of the application security industry to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the application security market trends.

Application Security Market
By Region
2030
Asia-pacific 
North America
Europe
LAMEA

North America is projected as one of the most significant region.

Segment review

The application security market is segmented on the basis of component, deployment mode, organization size, type, testing type, industry vertical, and region. By component, it is categorized into solution and services. By deployment mode, it is classified into on-premise and cloud. By organization size, it is classified into large enterprises and SMEs. By type, it is segmented into web application security and mobile application security. By testing type, it is categorized into static application security testing (SAST), dynamic application security testing (DAST), interactive application security testing (IAST), and runtime application self-protection (RASP)). By industry vertical, it is divided into BFSI, healthcare, IT & telecom, manufacturing, government & public sector, retail & e-commerce, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

COVID Impact Analysis

Post COVID-19, the size of the application security market is estimated to grow from 5,973.0 million in 2020 and projected to reach $33,941.0 million by 2030, at a CAGR of 18.7%. The current estimation of 2030 is projected to be higher than pre-COVID-19 estimates. The COVID-19 outbreak has fueled demand for application security solutions in the face of unprecedented circumstances. For instance, a lot of companies are shifting their security efforts toward endpoint security for the work from home systems. In addition, the security teams within the enterprises have no resources to address various web application security issues; thus, boosting demand for effective application security solutions.

Moreover, application providers for distance learning, teleconferencing, online gaming, healthcare, e-commerce, and entertainment have observed an upsurge in usage as well as boost in revenue. Hence, there is rise in need for such applications to improve their security capabilities. On the other hand, proliferation of healthcare and medical applications further creates lucrative growth opportunities for the application security solutions to avoid breach of the medical data. For instance, according to 2020 study by Intertrust, 71% of healthcare as well as medical apps have at least one serious vulnerability that may lead to a breach of medical data.

Top impacting factors    

The global application security market growth is mainly driven by the factors such as increase in security breaches targeting business applications and strict compliance as well as regulatory requirements for application security. In addition, surge in demand for application security in retail and e-commerce organizations along with the upsurge in smartphone adoption fuels the demand for application security. Moreover, increase in shift towards cloud accessed applications has propelled the demand for application security solutions. However, budget constraints for deploying application security are anticipated to hamper the market growth to some extent. On the other hand, integration of AI and ML in application security is expected to provide lucrative opportunities for the market growth during the forecast period.

Rising security breaches targeting business applications 

Most of the businesses around the globe have incorporated some set of digital transformation initiatives. For instance, according to recent study by OpsRamp, an IT Operations management software-as-a-service (SaaS) platform, despite economic uncertainty caused by COVID-19, 61% of IT and DevOps leaders are expected to increase their digital transformation initiatives and projects. Under the digital transformation initiatives, more number of businesses are adopting applications to provide services to their customers. However, hackers are mainly targeting such applications creating the demand for application security solutions. For instance, in March 2020, Mar Marriott International, Inc. an American multinational company had been hacked, and more than 5 million customer records had been stolen.

Integration of AI and ML in application security  

There is rise in trend of using artificial intelligence (AI) in cyber security to enhance existing application security capabilities. A number of AI areas such as machine learning (ML) and expert systems are projected to be leveraged to improve application security to predict, derive, or apply implications to identify security vulnerabilities, forecast security threats, and identify the security coding remediation guidance.
In addition, tools such as user & event behavior analytics (UEBA), when powered by AI, can analyze user behavior on endpoints and servers, and detect anomalies that might direct to an unknown attack. Such features fueled by AI can help to protect organizations before the vulnerabilities are officially reported & patched. Hence, integration of AI & ML is expected to create lucrative growth opportunities for the global application security market.

Key Benefits For Stakeholders

  • This study includes the application security market forecast, analysis, and trends to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and application security market opportunity.
  • The application security market size is quantitatively analyzed from 2020 to 2030 to highlight the financial competency of the application security market.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in app security market share.

Key Market Segments

By Component    

  • Solution
  • Services

By Deployment Mode

  • On-Premise
  • Cloud

By Organization Size

  • Large Enterprises
  • SMEs

By Type

  • Web Application Security
  • Mobile Application Security

By Testing Type

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

By Industry Vertical

  • BFSI
  • Healthcare
  • IT & Telecom
  • Manufacturing
  • Government and Public Sector
  • Retail & E-commerce
  • Others

By Region

  • North America
    • U.S.
    • Canada
  • Europe 
    • UK
    • Germany
    • France
    • Russia
    • Poland
    • Rest of Europe
  • Asia-Pacific 
    • China
    • India
    • Japan
    • South Korea
    • Australia
    • Rest of Asia-Pacific
  • LAMEA
    • Latin America 
    • Middle East
    • Africa

KEY MARKET PLAYERS

  • IBM Corporation
  • Capegemini
  • MicroFocus
  • Cisco Systems Inc.
  • Synopsys
  • Veracode
  • Whitehat Security
  • RAPID7
  • Qualys
  • HCL Technologies

Application Security Market Report Highlights

Aspects Details
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By Component
  • Solution
  • Services
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By Deployment Mode
  • On-Premise
  • Cloud
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By Organization Size
  • Large Enterprises
  • SMEs
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By Type
  • Web Application Security
  • Mobile Application Security
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By Testing Type
  • Static Application Security Testing (SAST)
  • Dynamic Application Security Testing (DAST)
  • Interactive Application Security Testing (IAST)
  • Runtime Application Self-Protection (RASP)
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By Industry Vertical
  • BFSI
  • Healthcare
  • IT & Telecom
  • Manufacturing
  • Government and Public Sector
  • Retail & E-commerce
  • Others
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By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (France, Germany, Italy, Spain, UK, Russia, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, South Korea, Australia, Thailand, Malaysia, Indonesia, Rest of Asia-Pacific)
  • LAMEA  (Brazil, South Africa, Saudi Arabia, UAE, Argentina, Rest of LAMEA)
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Key Market Players

SYNOPSYS, WHITEHAT SECURITY, INTERNATIONAL BUSINESS MACHINES CORPORATION, CISCO SYSTEMS, INC., RAPID7, HCL TECHNOLOGIES, .VERACODE, MICROFOCUS, CAPEGEMINI, QUALYS

Analyst Review

According to the CXOs of leading companies, the application security market is going through enormous transformation and growth. It has become essential for the organizations to keep applications secure by finding, improving, and fixing the security of applications. The need to keep applications safe increases as the cybercriminals have intensified their attacks on the apps. Such attack on the application may expose the users’ information to theft as well as abuse by cybercriminals and may leads to a loss of millions of dollars.

The use of application is continuing to rise around the globe. For instance, as per the recent study, in 2018, more than 105 billion applications were downloaded. Also, it is anticipated that this number will increase exponentially as the number of downloaded applications is projected to increase by 25% between 2018 and 2022. However, there are numerous application security threats that users well as app developers should understand and manage. Furthermore, COVID-19 pandemic has significantly pushed the growth rate of the application security market owing to upsurge in usage and demand for  applications for distance learning, teleconferencing, online gaming, healthcare, ecommerce, and entertainment.

The CXOs further added that the application security market is competitive and comprises number of regional and global vendors competing based on factors such as cost of solutions, reliability, features, and support services. The growth of the market is impacted by rapid advances in the application security offerings, whereas the vendor performance is impacted by COVID-19 conditions and industry development. Owing to the competition, vendors operating in the market are offering advanced application security products and services to improve the experience of their customers. For instance, in September 2020, StackHawk, the software-as-a-service startup announced its general availability to any company that intends to deliver secure software. StackHawk solution empowers software engineers to find and fix application security bugs before they hit production.

Author Name(s) : Vikas Gaikwad & Rachita Rake | Onkar Sumant

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Application Security Market

Global Opportunity Analysis and Industry Forecast, 2021-2030