Application Security Market size is expected to grow from $6.2 billion to $13.2 billion at a CAGR of 16.1% during the forecast period.

Rise in security breaches targeting business applications, an increase in the usage of mobile and cloud-based technologies, and favorable government regulations are some of the key factors driving market growth.

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Technological advancements, penetration of digital technologies, and Bring Your Own Device (BYOD) trend in organizations have greatly influenced work practices and led to an unprecedented rise in data volumes. These factors have led to the adoption of automatic software-based applications for analyzing data in real time, which have replaced the traditional data mining applications and tools. This, in turn, increases the need to update legacy manual software testing methods. Hence, application security vendors are coming up with new varieties of software tools to detect and prevent all types of errors and vulnerabilities in an application during the SDLC process.

By type, mobile application security segment to grow at a higher CAGR during the forecast period

Mobile application security ensures the confidentiality of the data transferred among mobile applications while ensuring transparency and visibility among business processes. This involves examining the structure of mobile applications and studying how they exchange data in a cohesive manner, as well as identifying the key patches, which can be easily exploited by hackers for financial gains. This enables the IT security team to identify critical application risks and rapidly secure mobile applications from potential threats through various testing capabilities, such as SAST, DAST, RASP, and IAST.

In deployment mode, cloud deployment to grow at a higher CAGR during the forecast period

Cloud deployment is the fastest-growing deployment model in the application security market. SMEs, in particular, have implemented cloud deployment as it enables them to focus on their core competencies, instead of spending their capital on security infrastructure. By using cloud-based security solutions, organizations can avoid costs pertaining to hardware, software, storage, and technical staff. As web and mobile applications are the primary target for attackers, securing these applications are of utmost importance. The cloud-based platform offers a centralized way to secure the web and mobile applications across the organization, throughout the application development life cycle.

North America to hold the largest market size during the forecast period

North America consists of developed countries, with the presence of strong economies, such as the US and Canada, which are technologically advanced with well-developed infrastructures. With the increase in the use of the latest technologies, such as AI and ML, application security is getting advanced with each passing day and the growing economies of North America make it easier for enterprises to invest into these new technologies in huge amounts. The presence of key application security market players in this region is a major factor responsible for the growth. Some of the major players in this region are IBM, WhiteHat Security, and Veracode. In addition to these major vendors, the region also has a significant presence of other vendors, such as Checkmarx, Rapid7, and Trustwave, which makes this region highly competitive.

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Major vendors in the global application security market include IBM Corporation (US), HCL Software (India), Cisco Systems (US), Synopsys (US), Checkmarx (Israel), Veracode (US), MicroFocus (UK), WhiteHat Security (US), Capgemini (France), Rapid7 (US), Onapsis (US), GitLab (US), CAST Software (France), Contrast Security (US), Qualys(US), VMware (US), OneSpan (US), Trustwave (US), Imperva (US), F5, Inc. (US), Acunetix (Malta), NowSecure (US), Pradeo (France), Lookout (US), Data Theorem (US), Zimperium (US), and Kryptowire (US).

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