Application Security Market Size Reach USD 33,941 million by 2030, Top Driving Factors Escalate Market Growth Worldwide

According to the report, the global application security market generated $5.97 billion in 2020, and is expected to reach $33.94 billion by 2030, growing at a CAGR of 18.7% from 2021 to 2030.

Application security refers to the measures taken to ensure the safety of applications, encompassing the processes of identifying, rectifying, and fortifying app security. This involves integrating security features directly into applications to thwart potential vulnerabilities against threats such as unauthorized access and alterations. The approach entails proactive measures to detect and resolve vulnerabilities, preempting exploitation by malicious actors. Enterprises benefit from application security solutions in various ways, including safeguarding customer data to bolster confidence, preventing leaks of sensitive information, and bolstering trust among vital stakeholders such as investors and lenders.

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The global application security market growth is mainly driven by the factors such as rise in security breaches targeting business applications and strict compliance as well as regulatory requirements for application security. In addition, surge in demand for application security in retail and e-commerce organizations along with the upsurge in smartphone adoption fuel the demand for application security. Moreover, the increase in shift towards cloud-accessed applications has propelled the demand for application security solutions. However, budget constraints for deploying application security is anticipated to hamper the market growth to some extent. On the other hand, the integration of AI and ML in application security is expected to provide lucrative opportunities for the application security industry growth during the forecast period.

In 2020, the solution segment exhibited the highest application security market share in and is expected to maintain its dominance in the upcoming years. The rise in demand for mobile application security as well as web application security drives the growth of this segment. For instance, surge in internet penetration as well as the adoption of BYOD policies across organizations has led to the surge in the use of personal devices including smartphones, smart wearables, laptops, and tablets to access organization information. Hence, there is a surge in demand for application security solutions to avoid data breaches regarding mobile applications.

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By organization size, the global application security market share was dominated by the large enterprises segment in 2020 and is expected to maintain its dominance in the upcoming years. This is attributed to the rise in the adoption of application transformation strategies by large enterprises due to various benefits such as improved flexibility, lower operating costs, better collaboration, and improved time to application security market. The rise in the development of applications leads to the need for implementing security across the applications to achieve greater data security and protect applications from vulnerabilities. However, the small & medium enterprise segment is expected to witness the highest growth rate, because small businesses are at a much greater risk of cyber threats as they mostly do not have the resources to defend against cyber-attacks.

Post-COVID-19, the size of the application security market is estimated to grow from 5,973.0 million in 2020 and is projected to reach $33,941.0 million by 2030, at a CAGR of 18.7%. The current estimation of 2030 is projected to be higher than pre-COVID-19 estimates. The COVID-19 outbreak has fueled demand for application security solutions in the face of unprecedented circumstances. For instance, a lot of companies are shifting their security efforts toward endpoint security for work-from-home systems. In addition, the security teams within the enterprises have no resources to address various web application security issues; thus, boosting the demand for effective application security solutions.

Based on on-premise, the deployment segment held the lion's share in 2020, accounting for nearly three-fifths of the application security market. On-premise-based solutions are known for better maintenance of servers, and continuous system facilitates the implementation of these application security solutions. This factor drives the growth of the segment. Furthermore, the cloud segment would cite the fastest CAGR of 21.3% during the forecast period. A rising number of organizations around the globe are moving their application workloads to the cloud to become more agile, lower costs, and reduce time to market. This in turn boosts the demand for cloud segment.

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Based on components, the solution segment dominated the market in 2020, accounting for more than three-fifths of the application security market. The rise in demand for mobile application security as well as web application security drives the growth of this segment. On the other hand, the services segment is expected to register the highest CAGR of 20.1% during the forecast period, as it ensures the effective functioning of application security software throughout the process.

Asia-Pacific is expected to observe the highest growth rate during the forecast period, owing to the growth in the occurrence of security breaches that target business applications. In addition, the region is experiencing growth in the number of SMEs. These enterprises are increasingly investing in cybersecurity, due to issues of security breaches. This factor is further boosting the growth of the market in Asia-Pacific. Furthermore, the rise in the trend of digital transformation among enterprises across Asia-Pacific creates lucrative growth opportunities for the market. For instance, as per the 2020 study by Ernst and Young, a multinational professional services network found that in the next two years, 87% of companies in the Asia-Pacific region will be well advanced on their digital transformation journeys.

Key market players:

• Synopsys
• Veracode
• Whitehat Security
• RAPID7
• Qualys
• HCL Technologies
• IBM Corporation
• Capegemini
• MicroFocus
• Cisco Systems Inc.

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