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| Application Security Market |
The Application Security Market is estimated to be valued at US$ 8.71 Bn in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Application security encompasses techniques, technologies, and best practices
used to secure applications against cyberattacks during their development and
deployment. It helps prevent security vulnerabilities present in the software
and its codes. It protects applications from different threats such as
denial-of-service (DoS) attacks, SQL injections, and cross-site scripting
(XSS). Rapid digitalization and growing need for secure cloud-based
applications have fueled the demand for application security solutions.
Market key trends:
One of the key trends in the application security market is the rising adoption
of cloud-based security solutions. There is an increasing shift from on-premises
to cloud-based application services owing to benefits such as low costs,
scalability, and easy accessibility. Cloud-based security solutions provide
protection for data and applications hosted on the cloud. They help in securing
cloud environments with features like threat detection, application programming
interface (API) security, bot management, and compliance. Integration of
artificial intelligence and machine learning capabilities in cloud security
offerings is further augmenting their demand across various end-use industries.
Porter's Analysis
Threat of new entrants: Low barriers of entrance like need for technical
expertise and capital investments keep the threat of new entrants low.
Bargaining power of buyers: Large enterprises have high bargaining power due to
their ability to demand service level agreements and pricing concessions.
Bargaining power of suppliers: A few large vendors dominate the market giving
them higher bargaining power over customers.
Threat of new substitutes: Alternatives like in-house application security
teams pose minor threat.
Competitive rivalry: Intense competition exists among key security vendors to
offer comprehensive solutions.
SWOT Analysis
Strength: Comprehensive solution portfolios and global reach are key strengths.
Expertise in identifying vulnerabilities early boosts market share.
Weakness: High costs of solutions limits adoption among small businesses. Lack
of skilled resources hampers ability to address complex threats.
Opportunity: GrowingInstances of security breaches and regulatory compliances
drive demand. Adoption of cloud-based offerings and automation presents
opportunities.
Threats: Shortage of trained security professionals is a notable threat.
Changing attack patterns challenge capabilities of existing solutions.
Key Takeaways
The global Application
Security Market Share is expected to witness high growth, exhibiting CAGR of 18% over the forecast period,
due to increasing digital transformation initiatives that heavily rely on web
and mobile applications.
North America dominates the market currently owing to stringent data protection
laws and heavy investments in application security by organisations across
industries in the region like healthcare, BFSI and government. Asia Pacific is
poised to grow at the fastest pace due to rising adoption of digital services
and ongoing modernisation of legacy systems in countries like China and India.
Key players operating in the application security market include IBM
Corporation, WhiteHat Security, Inc.( NTT Security Corporation), Oracle
Corporation, Veracode (Thoma Bravo), Qualys Inc., Micro Focus International
PLC, Positive Technologies, Checkmarx Ltd, Fasoo.com Inc., Synopsys Inc.,
Contrast Security, Rapid7 Inc. and SiteLock LLC. Vendors are focused on
developing advanced solutions leveraging technologies like AI, automation and
cloud to address the dynamic application threat landscape. Strategic
partnerships remain important for sustained growth.
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