The global Application Security Software market size is expected to reach close to USD 27.71 Billion by 2029 with an annualized growth rate of 16.87 % through the projected period.
With the increasing theft and security breaches, every country set its own rules and regulations to maintain cybersecurity and its private space. Strict schemes and policies have been implemented globally which is said to be boosting the growth of the global security market
Covid-19 Impact & Market Status
The Covid-19 pandemic made all the world work digitally through the internet, mobile applications, and software. The increase in the use of mobiles, smartphones, and computers lead to the need for application security software to prevent security breaching and data loss. The market value of the global security software market has increased rapidly during the Covid-19 period. The pandemic made people realize the influence of technology and its safe use of the same. The majority of the people have leaned towards working from home as it is convenient. Also, applications for education, distant learning, online gaming, and healthcare have boosted the demand for application security software.
Technology Applications in the Application Security Software
The rise in the use of emerging technologies like Artificial Intelligence (AI) and Machine Learning (ML) is used to enhance the application security software capabilities. These technologies are used to predict or derive and identify any security vulnerabilities, security threats, and coding guidance. These systems are leveraged only to improve the application securities. Additionally, tools like UEBA (User & Event Behavior Analytics (UEBA) analyze user behavior on servers and endpoints and detect vulnerabilities that might be harmful and can attack directly the security software system. These tools powered by AI protect the vulnerabilities and create growth opportunities for the global application security software market. These technologies are helpful for mobile-based and web-based applications during their development lifecycle.
Banking and Financial Segment to Hold the Highest Market Share
The banking and Finance segments are Omni-present industries that have the highest possibility of security breaches as all the data is present digitally in their software. This segment handles lots of sensitive data like confidential customer data, transaction details, card details, account numbers, and payment information. Security solutions help scan the security gaps and protect the systems from any kind of viruses.
As every business, transaction, and data is conducted over the internet, the need for application security software is important and necessary due to security data breaches and vulnerabilities.
Application security software is applied in sectors like healthcare, IT & Telecom, government, media & entertainment, education, retail, and energy & utilities. These sectors need security features like encryption, authentication, authorization, and logging which are very important.
There are several benefits of applications security such as reducing risk for parties, customer data being highly confidential and it helps keep the data secure, protect the data from getting leaked, and gain the trust of their customers. These factors collectively have led to the growth of the application security global market by US$ 14.2billion with a CAGR of 16.5% within the forecast period.
Application security software helps in making the systems secure and virus free so no hackers could encroach on the territory and get access to the confidential data. This data is used to keep track of customers especially, in the healthcare sector, retail, manufacturing, etc. Helps retain the customer base for retail, IT & Telecom, manufacturing, and government sectors.
The Asia Pacific is said to be rapidly growing in this industry due to the frequent security breaches which target business and security applications. Emerging technologies like (ML) (AI) have been used increasingly to detect threats and bugs. The accuracy of these technologies has increased their adoption.
Application security is a process of developing, testing, and adding security features to stop security breaches and unauthorized use of software access. Developers include encryption, authentication, and authorization and ensure only confidential users have access to it. There are several types of application security like (SAST) Static Application Security Testing, (IAST) Interactive Application Security Testing, (RASP) Run-time Application Security Protection, and (DAST) Dynamic Application Security Testing.
Additionally, budget restraints occur when companies do not use the security software to its full potential, they can be harmful as they are not updated frequently. Companies find it costly to invest in many applications which results in easy hacking as it is easy to crack unused applications.
Factors like insufficient funds and partial utilization of the application security software can hinder the growth of the global market. This software is not given enough consideration in workplace cybersecurity and not all aspects are utilized beyond business activities. However, developers have been working on how to integrate tools that help avoid bugs that lead to software vulnerabilities making it easier for hackers to enter. Companies have started understanding the importance of well-equipped IT infrastructure and started investing in the applications to use it up to its full potential.
The major market players in the global application security software are IBM, Cisco Systems, Capgemini, WhiteHat Security, HCL Software, MicroFocus, Oracle, Qualys, GitLab, and Synopsys. Each of these companies is competing with each other in developing their security software catering to the needs of healthcare, retail, finance, manufacturing, energy, and government sectors
Latest Innovations in the Global Application Security Software Market: A Snapshot
New emerging technologies and trends have helped boost the global application security market. Some of the recent developments are:
- MicroFocus developed an offering, software named Hybrid Cloud Management, which helped simplify the multi-cloud delivery services. This software can run on cloud-based or on-premises deployment. It is a very useful platform and helps resolve issues very quickly.
- OpsRamp, in January 2021, developed a platform that offers to help customers manage the multi-cloud and hybrid IT environments and meet the needs for cloud-based applications. Due to this, there was a rise in collaboration tools, video conferencing, and IT resources.
- Also, in June 2020, MicroFocus introduced an application security testing service name “Fortify on Demand”. It helps enhance testing.
Application Security Software Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 14.2billion|
|Growth Rate||CAGR of 16.5% during 2021-2028|
|Segment Covered||Deployment Model, Industry, End-Use, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and South Africa|
|Key Players Profiled||IBM, Cisco Systems, Capgemini, WhiteHat Security, HCL Software, MicroFocus, Oracle, Qualys, GitLab, and Synopsys|
Key Segments of the Global Application Security Software Market
Deployment Model Overview, 2022-2029 (USD Billion)
Industry Overview, 2022-2029 (USD Billion)
- Web application security
- Mobile application security
End-Use Overview, 2022-2029 (USD Billion)
- IT & Telecom
- Media & Entertainment
- Energy & Utilities
Regional Overview, 2022-2029 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
The Middle East and South Africa