Application Security Market Poised for Massive Growth, Expected to Reach USD 47.3 Billion by 2033
New York, June 10, 2024 (GLOBE NEWSWIRE) — The global market for application security is set to witness significant growth, with projections indicating a potential expansion to USD 47.3 billion by 2033, at a CAGR of 19.4%. Application security measures are crucial in safeguarding software applications from potential threats and vulnerabilities throughout their lifecycle. These practices ensure the integrity, confidentiality, and availability of both the application and its data, protecting them from unauthorized access and data breaches.
The market is expected to be dominated by solutions, particularly in the areas of mobile and web application security, with static application security testing leading the market in terms of revenue share in 2024. On-premise deployment is anticipated to have the largest share in the global application security market, as organizations seek to maintain control over their data. Additionally, large enterprises, particularly those in the Banking, Finance Services, and Insurance (BFSI) sector, are expected to play a significant role in driving market growth.
The North American region is poised to lead the application security market, with a revenue share of 41.7% in 2024, fueled by the increasing adoption of cloud-based security networking and mobile devices. The market is highly competitive, with key players such as Veracode, Qualys, Inc., HCL Technologies Limited, and others focusing on innovation to address evolving security challenges.
Recent trends indicate a shift towards DevSecOps practices globally, emphasizing a proactive and collaborative approach to application security. The integration of security measures into the development and deployment processes from the outset highlights the importance of a comprehensive security strategy.
As the market continues to evolve, the adoption of AI and ML in security processes presents new opportunities for enhancing application security. These technologies enable organizations to detect threats more effectively and stay ahead of evolving cyber threats in real-time.
Overall, the application security market is set for substantial growth, driven by the increasing need to protect sensitive data, build customer trust, and mitigate security threats in an evolving digital landscape.
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