by Application security products are used by organizations to protect critical data and systems from malware and cyber threats. Application security solutions provide security testing, application programming interface (API) protection, web application firewalls, software supply chain protection and more. They help enterprises comply with regulations and ensure continued operations despite growing security challenges.
The global Application Security Market is estimated to be valued at US$ 8.71 Bn in 2024 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rising cyber threats have accelerated the demand for advanced application security solutions. Cybercriminals are increasingly targeting organizations through software vulnerabilities, phishing attacks and using stolen credentials. They aim to steal sensitive data for financial gain or disrupt critical operations. As cyber incidents continue to impact businesses globally, organizations are investing more in application security testing, encryption, identity management and breach detection tools. Application security vendors are enhancing their offerings by leveraging technologies like AI, automation and cloud-based deployment models. They are helping enterprises safeguard applications throughout development and deployment. This is expected to drive sustained growth in the application security market during the forecast period.
Segment Analysis
Application security is segmented into web application security, mobile application security, cloud application security and others. Among these, web application security dominated the market in 2023 accounting for around 35% share. This is mainly because web applications are easily accessible over internet and are prone to vulnerabilities and attacks. Threat actors have easy access to exploit vulnerabilities in web applications.
Key Takeaways
The Global Application Security Market Size is expected to witness high growth.
Regional analysis: The North America region accounted for largest share in 2023 due to presence of many application security vendors and rapid adoption of cloud and web based applications. The Asia Pacific region is expected to grow at fastest pace during forecast period driven by increasing investments in digital transformation projects involving development of web and mobile applications across industries in countries like China, India.
Key players operating in the Application Security market are Hot Sauce Harry€TMs Inc., The Kraft Heinz Company, McCormick & Company Inc., Sempio Food Company, Delmaine Foods, Edward & Sons Trading Co., Cajun Powder Sauce, General Mills Inc., and Bull-Dog Sauce Co. Ltd. The global Applicataion Security market is moderately fragmented with presence of many global as well as regional players. The key players focus on new product innovations and mergers & acquisitions to strengthen their market position. For instance, in 2023 McCormick & Company Inc. acquired Cholula Hot Sauce to expand its hot sauce portfolio.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
