In terms of revenue, the Global Application Security Market is expected to reach 22.54 USD Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 18.30% from 2022 to 2028. The market is majorly driven by factors such as increasing security breaches targeting business applications, and stringent compliance and regulatory requirements for application security. Additionally, demand for Software as a Service (SaaS)-based application security solutions are also mounting at an unprecedented level. Thus, offering the special opportunity for Application Security Market and driving the market growth over the forecast period.
- Under the component segment, the software tools sub-segment is anticipated to dominate the segment for Application Security Market and grow at a substantial Compound Annual Growth Rate (CAGR). The growth is attributed to an increase in the number of data breaches as well as demand for mobile app security services along with increasing adoption of AI in mobile-based security processes.
- Cloud-based sub-segment held a market significant share in 2021 for the deployment mode segment for Application Security Market. The growth is attributed to increasing popularity among small and medium-scale enterprises.
- Asia Pacific is the largest regional segment. This is due to major players engaged in the market in the region. Additionally, stringent compliance and regulatory requirements for application security are further propelling the market growth.
Some of key players in Application Security Market include, HCL Software (India), IBM Corporation (US), Synopsys (US), Cisco Systems (US), Veracode (US), Checkmarx (Israel), WhiteHat Security (US), MicroFocus (UK), Rapid7 (US), Capgemini (France), GitLab (US), Onapsis (US), Contrast Security (US), CAST Software (France), VMware (US), Qualys (US), Trustwave (US), OneSpan (US), Imperva (US), Acunetix (Malta), F5, Inc. (US), Pradeo (France), NowSecure (US), Data Theorem (US), Lookout (US), Kryptowire (US), and Zimperium (US)..
Nowadays, the trend is shifting hastily towards digitalization. Especially, since the COVID-19 outbreak, the trend of online working and the use of application has been witnessed steep growth. Thus, along with the increasing use of applications, Security breaches is one of the major concern. Thus, increasing the demand for the application security devices market. According to the Identity Theft Resource Center's 2021 Data Breach Report, there were 1,862 data breaches in 2021, surpassing both 2020's total of 1,108 and the previous record of 1,506 set in 2017. Additionally, demand for Software as a Service (SaaS)-based application security solutions is also increasing at a rapid pace, thus, further propelling the market growth.
Asia Pacific is expected to emerge as potential market for Application Security Market. This is due to the presence of major players in the region. Additionally, stringent compliance and regulatory requirements for application security are further propelling the market growth. However, Asia Pacific is anticipated to grow at the fastest CAGR over the forecast period. The market growth is attributed to the low budget for cybersecurity organizations in this region. Owing to this, the use of open source applications for security testing purposes is high with have high risks.