Application security is the process of making applications more secure by detecting, enhancing, and fixing the security of applications. It is a type of security that scans all kinds of threats, credibility, and faults and protects the applications from attackers. The key purpose of the application security is to browse all types of defects from the software network that can cause the loss of confidential data or information. Protecting applications is becoming very crucial as hackers are increasingly targeting applications across the globe.
Impact of COVID-19 on the Application Security Industry
The global application security market is witnessing a massive growth amidst the outbreak of the COVID-19 pandemic. Owing to COVID-19 crisis, all the organizations across the world are facing several challenges. Nearly all the people are totally dependent on networking to stay connected with each other. During the pandemic, health care professionals have come across a lot of pressure in order to stay connected with patients through call, chats, and emails. Thus, to secure all types of online transactions, conversational data, and information, application security plays a very crucial role.
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Moreover, several firms are coming up with strategic steps to help the society amidst the chaotic situation of the COVID-19 pandemic. For instance, in May 2020, ImmuniWeb, a significant AI platform for application security testing, announced that it will provide ‘free cost web and mobile security testing services’ during the COVID-19 pandemic. The company also claimed to provide free services and solutions to businesses that are shifting their workflows to the digital space. The aforementioned support and company developments are anticipated to generate investment opportunities for application security tools in the global marketplace, amidst the COVID-19 crisis.
Key Developments in the Industry
The key companies operating in the industry are adopting several growth strategies & business tactics such as mergers & acquisitions, collaborations, partnerships, and launches to maintain a strong position in the overall market, which is subsequently assisting the application security market to grow across the world.
For instance in January 2021, IBM, an American multinational technology and consulting firm, collaborated with Wildcraft to drive greater customer advocacy.
Moreover, in January 2021, Cisco Systems, American multinational technology conglomerate, collaborated with Eolo to lessen the digital divide in Italy.
Also, in December 2020, Lookout, the leader in mobile security, announced the discovery of Goontact, a new spyware targeting, often used for targeting iOS and Android users in several Asian countries.
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Analysis of Global Application Security Market
As per a report by Cybint, an international cyber education leader, nearly 62% of the organizations experienced phishing and social engineering attacks in 2018. Moreover, in February 2020, HCL Technologies Limited, an Indian multinational information technology services and consulting company, announced that they are going to launch ‘HCL Appscan’. It is a security testing tool that ensures that a business is protected from cyber-attacks. Moreover, this tool has the ability to detect and remediate application vulnerabilities in each phase of the development lifecycle. This helps in reducing the organization’s exposure to the cyber threat. Such novel launches related to application security are anticipated to create exponential demand for the application security technologies, in the global marketplace in the coming years. However, the higher cost of application security tools is anticipated to hinder the growth of the global application security market.
As per a newly published report by Research Dive, the global application security market is predicted to garner $9779.8 million by 2027. Geographically, North America market for application security is estimated to dominate the global industry, owing to the growing penetration of cloud based networking and mobile devices across the world. The key players operating in the global industry include Kryptowire, IBM, Zimperium, Cisco Systems, LOOKOUT, Data Theorem, Acunetix, Hewlett Packard Enterprise Development LP, NowSecure, and WhiteHat Security, Inc.
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