The global application security market, driven by spikes in cybersecurity breaches, is expected to top $33 billion by 2030, clipping along at a compound annual growth rate of 18.7%, according to a new report from researcher Valuates.
Valuates segments the app security market by the following modifiers:
- Solutions and services
- Cloud/on premise
- Organization size
- Web security/mobile application security
- Testing type
- Industry vertical
- Region of the world
Five-fold Growth Seen
Valuates pegged the application security market at $6 billion in 2020, which means if its predictions and market assumptions hold, the segment will have shown a five-fold growth in a 10-year period. In terms of market share, North America controls the majority of the application security market in 2020 and is predicted to continue to do so in the years to come based on the proliferation of mobile devices and the increase in cloud-based networking that will contribute to this market's growth, Valuates said.
Due to the rise in security breaches that target commercial applications, Asia-Pacific is predicted to experience the fastest growth rate during the projection period. The number of SMEs in the area is also predicted to increase.
The market is driven by a number of factors, Valuates said. Chief among them are:
- A rise in security breaches that target business applications
- Stringent compliance and regulatory requirements for application security
Secondary market influencers include:
- An upsurge in smartphone adoption and the demand from retail and e-commerce enterprises
- Demand has increased as more apps are accessed through the cloud
- More organizations are embracing applications to offer services to their clients as part of digital transformation projects
- The need for application security solutions is being driven by hackers who primarily target these types of apps
The Impact of ML and AI
Valuates believes that the integration of machine learning and artificial intelligence will also prod the application security market forward. Here’s its reasoning:
- AI is becoming increasingly popular in cybersecurity as a way to improve existing application security capabilities.
- In order to predict, derive or apply implications to identify security vulnerabilities, forecast security threats, and identify the security coding remediation guidance, a number of AI areas, including ML and expert systems, are projected to be leveraged to improve application security.
Let us not gloss over the impact of COVID on the need for application security solutions. With the growth in remote and/or at home working, many businesses on relying on endpoint security. endpoint security.
Additionally, the lack of resources available to company security teams to solve a variety of web application security challenges has increased the need for efficient application security solutions.