Application Security Market is Estimated to Soar at a Stellar 14.14% CAGR from 2024 to 2031 as Cyberattacks Become More Sophisticated

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Application Security Market is Estimated to Soar at a Stellar 14.14% CAGR from 2024 to 2031 as Cyberattacks Become More Sophisticated

June 14
08:28 2024
Application Security Market is Estimated to Soar at a Stellar 14.14% CAGR from 2024 to 2031 as Cyberattacks Become More Sophisticated
Skyquest Technology
Application Security Market Size, Share, Growth Analysis, By Deployment Type(On-premises, and cloud), By Organization Size(Large Enterprises, and Small & Medium Enterprises), By Verticals(BFSI, Healthcare, IT & Telecom, Manufacturing), By Component(Software Tools (Static Application Security Testing (SAST), Dynamic Application Security Testing (DAST), Interactive Application Security Testing (IAST), Runtime Application Self-Protection (RASP))), By Region – Industry Forecast 2024-2031

Application Security Market size was valued at USD 5.28 Billion in 2022 and is poised to grow from USD 6.08 Billion in 2023 to USD 17.51 Billion by 2031, growing at a CAGR of 14.14 % during the forecast period (2024-2031).

The growing use of applications in the increasingly digital landscape and high demand for security of the same are to bolster the demand for application security. The rising incidence of cyberattacks and data breaches has led to the implementation of strict mandates for application security thereby creating new opportunities for market players.

Application security providers are projected to focus on providing protection from all kinds of threats and attacks as the threat landscape evolves rapidly. The use of advanced application security testing solutions is also estimated to push companies to improve their offerings. The rising use of third-party applications by enterprises and individuals for their high-value proposition is also a key trend that will bolster the demand for novel application security solutions in the future. Increasing complexities of application and regulatory frameworks are also propelling the demand for improved application security solutions going forward.

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New Launch Remains Top Priority for All Application Security Companies

Focus on creating application security solutions that can pass through rigorous application security testing approaches will be of paramount importance for all companies. The growing sophistication of cyberattacks will also push application security providers to innovate and bolster their offerings. New companies can target applications used by individuals to penetrate the market before moving on to dealing with business and enterprise application security. Application security market players can also integrate artificial intelligence and machine learning to improve the threat detection and response capabilities of application security solutions. Start-ups and upcoming application security providers should also focus on raising new capital to finance their business expansion and R&D efforts. Specialized application security solutions for cloud, edge, and Internet of Things (IoT) technologies will also gain prominence in the market by the end of the study period.

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  • In April 2024, an early-stage start-up focused on improving application security testing called NightVision announced that it had raised USD 5.4 million in a financing round. The company intended to use this capital to strengthen its presence in the dynamic application security testing business which it entered in 2022.
  • In April 2024, an AI-powered predictive risk scoring capability for application security testing for organizations was launched by Invicti. The company intended to address the current challenges of application security and capitalize on the emphasis on risk management as well.
  • Ghost Security, a company focusing on dealing with cyberattacks on APIs and applications with a novel approach, launched a new flagship product to bolster application security for cloud applications back in August 2023. Ghost Platform provides a scalable and centralized solution for organizations to manage all their cloud-native applications.
  • In an oversubscribed Series A funding round, Endor Labs, a leading software company based in the United States, raised USD 70 million back in August 2023. The company intended to utilize this newly raised capital to bring a reform in application security.

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 Growing digitization and rising reliance on applications around the world are setting up the application security market for big opportunities. The growing sophistication of cyberattacks is promoting the demand for advanced application security solutions. Application security companies need to target innovation in the cloud space to stand out in the market at present and secure a dominant stance in the future as well.

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