Application Security Market - 39% of Growth to Originate from North America- Technavio

NEW YORK, March 13, 2024 /PRNewswire/ -- The global application security market size is estimated to grow by USD 13144.45 mn from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 19.32% during the forecast period. North America held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 39%. In 2022, the North American Application Security Market led, driven by historical data and anticipated growth. Major players like IBM, Cisco, Veracode, Contrast Security, Synopsis, and WhiteHat Security dominate revenue shares. Vast opportunities in North America stem from advanced technology adoption, particularly in cloud-based networking and mobile devices. The market sees growth in solution and service segments, notably in BFSI, Healthcare, Web application security, Mobile application security, Professional services, and Managed services. Solution segments remain dominant, with Services segments expected to expand rapidly.

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Factors Influcing the market

The Application Security market is experiencing significant growth due to the escalating number of cyberattacks. Static Application Security Testing (SAST) and Dynamic Application Security Testing (DAST) are essential tools in mitigating risks. The market can be segmented into On-premise and Cloud segments. Large enterprises and Small and Medium-Sized Enterprises (SMEs) are key buyers. In 2020, there were numerous data breaches, including 9,000 Canadian government accounts and WHO staff login credentials. Zoom, a virtual meeting app, experienced a breach resulting in the theft of about 500,000 user passwords. These incidents underscore the need for robust Application Security solutions.
The Application Security market is segmented into On-premise and Cloud segments based on deployment. On-premise solutions require the installation of hardware and software, while Cloud-based solutions are maintained at the vendor's data center and accessible via subscription. Large enterprises often prefer On-premise solutions for advanced security needs, while Small and Medium-sized Enterprises (SMEs) opt for Cloud-based solutions due to cost effectiveness. The market offers Static Application Security Testing (SAST) and Dynamic Application Security Testing (DAST) solutions in both segments. SAST identifies vulnerabilities in static code, while DAST tests applications in real-time. Cloud-based solutions provide easier deployment and lower costs compared to On-premise solutions.

The Application Security market focuses on solutions that help enterprises adhere to regulatory frameworks such as HIPAA, GDPR, NERC CIP, NIST, and PCI DSS. These solutions include Static Application Security Testing (SAST) and Dynamic Application Security Testing (DAST). The market can be segmented into two main areas: on-premise and cloud. Large enterprises often prefer on-premise solutions for greater control, while Small and Medium-Sized Enterprises (SMEs) may opt for cloud-based services due to cost and ease of implementation. Vendors like Synopsys and Broadcom provide application security solutions to cater to these segments and regulatory requirements.

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Market Sizing

The Application Security Market encompasses solutions for safeguarding software applications against threats. It includes Static Application Security Testing (SAST) and Dynamic Application Security Testing (DAST) tools. The market is segmented into On-premise and Cloud segments, catering to businesses with varying infrastructure preferences. Large enterprises and Small and Medium-Sized Enterprises (SMEs) are key customer groups, requiring robust application security against risks such as unauthorized access, data breaches, injection attacks, XSS, and CSRF.

Customer landscape

• One of the core components of the customer landscape is price sensitivity, an analysis of which will help companies refine marketing strategies to gain a competitive advantage. 
• Another key aspect is price sensitivity drivers (purchases are undifferentiated, purchase is a key cost to buyers, and quality is not important), which range between LOW and HIGH.
• Furthermore, market adoption rates for all regions have been covered. Download the sample to get a holistic overview of the construction scaffolding rental market by industry experts to evaluate and develop growth strategies.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product Type
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix

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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio