Application Security Market Expected to Reach $33,941.0 Million by 2030

According to a recent report published by Allied Market Research, titled, “Application Security Market By Component, Deployment Mode, Organization Size, Type, Testing Type, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2021-2030,” 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%.

The global application security market growth is mainly driven by the factors such as rise 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 fuel the demand for application security. Moreover, increase in sift towards cloud accessed applications has propelled the demand for application security solutions. However, budget constraints for deploying application security is 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 application security industry growth during the forecast period.

In 2020, the solution segment exhibited the highest application security market share in 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 has led to the surge in use of a personal devices including smartphones, smart wearable, laptops, and tablets to access organization information. Hence, there is surge in demand for application security solutions to avoid data breaches regarding mobile application.

By organization size, the global application security market share was dominated by the large enterprises segment in 2020 and is expected to maintain its dominance in the upcoming years. This is attributed to the rise in adoption of application transformation strategies by large enterprises due to various benefits such as improved flexibility, lower operating costs, better collaboration, and improved time to application security market. The rise in development of applications leads to the need for implementing security across the applications to achieve greater data security and protect applications from vulnerabilities. However, the small & medium enterprise segment is expected to witness the highest growth rate, owing to the fact that small businesses are at a much greater risk of cyber threats as they mostly do not have the resources to defend against cyber-attacks. 

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 the demand for effective application security solutions. 

KEY FINDINGS OF THE STUDY

• By component, in 2020 the solution dominated the application security market size. However, the services segment is expected to exhibit significant growth during the forecast period.
• By deployment mode, the on-premise generated the highest revenue in 2020. However, the cloud segment is expected to exhibit significant growth during the forecast period.
• By organization size, the large enterprises segment accounted for the highest revenue in 2020. However, the SMEs segment is expected to witness highest growth rate in the forecasted period.
• By region, the application security market was dominated by North America region. However, Asia-Pacific is expected to witness significant growth in the upcoming years. 

Some of the key application security industry players profiled in the report include IBM Corporation, Capegemini, MicroFocus, Cisco Systems Inc., Synopsys, Veracode, Whitehat Security, RAPID7, Qualys, and HCL Technologies. This study includes application security market trends, application security market analysis, and future estimations to determine the imminent investment pockets.