Application Security Market Size, Share & Trends Analysis growing at a CAGR of 18.7% from 2024 to 2030
The global application security market size was estimated at USD 7.57 billion in 2023 and is projected to reach USD 25.10 billion by 2030, growing at a CAGR of 18.7% from 2024 to 2030. Factors such as preserving customer data security to foster customer confidence, safeguarding sensitive data from breaches, and enhancing confidence among key lenders and investors are the primary factors driving the growth of the market.
Key Market Trends & Insights
- North America dominated the market in 2023.
- The North America household vacuum cleaner market held 28.9% of the global share in 2023.
- Asia Pacific is anticipated to witness significant growth in the market.
- Based on component, the solution segment led the market and accounted for a revenue share of more than 67.0% in 2023.
- Based on end use, the BFSI segment accounted for the largest revenue share in 2023.
- Based on solution, the Web application security segment accounted for the largest revenue share in 2023.
Market Size & Forecast
- 2023 Market Size: USD 7.57 Billion
- 2030 Projected Market Size: USD 25.10 Billion
- CAGR (2024-2030): 18.7%
- North America: Largest market in 2023
- Asia Pacific: Fastest growing market
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In addition, the growing number of security breaches that target business applications, the growing popularity of mobile and cloud-based technologies, and the strict compliance and regulatory requirements for application security are the factors also propelling the growth of the market. Furthermore, there is a significant opportunity for growth in the market due to the increased demand for Software as a Service (SaaS)-based application security solutions.
The growing cybersecurity threats are one of the main factors propelling the market. In addition, due to the increasing reliance on the internet and digital technology, applications are now a prime target for cyberattacks. Organizations are increasingly making significant investments in strong application security solutions to safeguard sensitive data and uphold customer confidence as cybercriminals become increasingly skilled in their techniques. Thus, application security is becoming more and more crucial as companies become more conscious of the threats that hackers pose. With increased sophistication, hackers can now readily take advantage of application vulnerabilities to steal confidential data. Consequently, the market for application security is growing.
The next-gen application security platform discovers and visualizes all services, dependencies, application programming interfaces (APIs), and data flows. Thus, companies are leveraging application security platforms. For instance, in June 2023, Bionic, an application security platform developer, launched two new product features, Business Risk Scoring and Bionic Signals, to its application security platform, to assist engineers in streamlining the security threats they manually identify on a daily basis. Using information ingested from well-known security tools, Bionic Signals contextualizes vulnerabilities that pose the greatest risks to operational applications. Based on the quantity of associated vulnerabilities, their potential to compromise sensitive data due to architecture dependencies, and their potential to be exploited within the architecture’s attack surfaces, Bionic Business Risk Scoring determines the relative risk of an application. When combined, these capabilities give engineering teams the rich data, context, and visibility they need to quickly identify, prioritize, and address critical threats before they affect the business. Thus, driving the growth of the market.
Businesses are increasingly using AI-driven methods to automate security application protection against open-source and third-party dependencies. In addition, end-users can improve their security posture, protect sensitive data from software supply chain attacks, and gain a better understanding of the behavior of their open-source libraries due to the innovative solution’s advanced zero-trust capabilities. Thus, driving the growth of the market.
Market Characteristics
The growth of the market is high, and the growth’s pace is accelerating. The market is characterized by a high degree of innovation owing to the rapid advancements in various technologies Artificial Intelligence (AI), Machine Learning (ML), and big data analytics, among others. Further, emerging AI and cloud platforms are disrupting the current market and creating new opportunities for the stakeholders in the market.
Several key players are acquiring companies with substantial SaaS capabilities and market-leading dynamic application security testing (DAST) technology to expand their application security testing portfolios.
The market is also subject to numerous rules and regulations such as the Central Consumer Protection Authority, Health Insurance Portability and Accountability Act, and General Data Protection Regulation. Companies are entitled to comply with these rules regardless of their industry.
