Application security refers to security measures used at the application level to protect data or code included inside the app from being stolen or hijacked. It includes security concerns throughout application development and design as well as methods and procedures to secure apps after they are deployed. Since today's apps are frequently available over several networks and connected to the cloud, they are more vulnerable to security threats and breaches. There is increasing demand and motivation to assure security not only at the network level but also within applications. One explanation for this is that hackers are targeting applications more frequently than in the past. Application security testing can expose application-level flaws, assisting in the prevention of these attacks. Cybersecurity consulting services offer solutions for detecting various offline and online threats and malware for various end-users, as well as ensuring business survival.
Segments of the Market
The overall application cyber security consulting market is segmented into application type, solution, and industry vertical. Based on application type, the market is sub-segmented into mobile application security, cloud application security, and web application security. Based on solution, it is segmented into disaster recovery, anti-malware and anti-virus, mobile device management, firewalls, authentication and authorization, intrusion detection and protection systems (ID/IP), network access control, data loss prevention, encryption, DDoS mitigation, security information and event management (SIEM), whitelisting, and others. Further, the industry vertical is sub-segmented into BFSI, aerospace and defense, retail, IT and telecom, healthcare, energy and utilities, and others.
Market Drivers for Application Security and Industry Demand
According to OMR Research, the global application cyber security consulting market is projected to grow at a significant CAGR during the forecast period (2023-2029). The expanding prevalence of multiple modern technologies such as artificial intelligence (AI), increasing e-commerce activities, increasing retail outlets that employ applications for different company processes, and others are major factors driving the market's global expansion. Thousands of specialized software programs built for specific purposes help the retail business. According to IBM, the average retail chain employs around 450 such apps, which is more than in many other sectors. With the rise of digitalization, several new uses are projected to emerge. Additionally, mobile app technology has become crucial for increasing consumer interaction and providing customers with a variety of customized purchasing experiences. Furthermore, merchants are expected to continue to improve the experience of online shopping by investing in mobile applications, in-store beacons, in-app purchasing capabilities, mobile payments in shops, and mobile marketing. Such circumstances are propelling retail market expansion.
A growing number of technology application developers and service providers are concentrating on providing sophisticated cyber security consulting services employing expanded AI capabilities. Wipro, for instance, launched strategic cyber security consulting services in Europe in November 2022. In order to expand its consulting services across the area, the business bought Edgile, Capco, and Ampion. These companies are active in sophisticated AI-based consulting services.
Furthermore, several AI-specific domains, such as machine learning and expert systems, will potentially improve application security by generating, forecasting, or applying inferences to discover security vulnerabilities, foresee security threats, and make suggestions for security code correction. Furthermore, these technologies are being used by security experts to automate attack risk detection and code review. Many companies, such as BR Softech, FuGen X, and USM Business Systems, employ machine learning and AI in their application development initiatives.
Recent Developments in the Application Security Segment of the Market
Companies in the application security space include Accenture, Synopsys, Inc., IBM, and others. These companies contribute to the market’s growth via various activities such as new technological advancements, investments, expansions, mergers and acquisitions, and others. Some of the recent activities in the market include-
• In January 2023, Vanta, the top trust management platform, announced the acquisition of Trustpage in order to help businesses all over the world use trust as a competitive advantage. With the addition of Trustpage, Vanta is expediting the development of new products while expanding the use of its industry-leading trust management platform, which helps thousands of companies across the world monitor, enhance, and showcase their security in order to build and deepen trust.
• In January 2023, CYGNVS Inc., supported by $55 million in series A investment, presented its ground-breaking guided cyber crisis platform, designed to help enterprises stay connected, confident, in control, and compliant while they prepare for and respond to any cyber disaster. CYGNVS is SOC2 Type 2 certified and ISO 27001 compliant, and it was developed from the ground up, incorporating industry-leading security standards such as multi-factor authentication (MFA), encryption of all data in transit and at rest, and best practices for separation and isolation.
• In October 2022, Oracle released the Oracle Database 23c Beta, which supports all workloads, data types, and development methodologies. The "App Simple" codename for Oracle Database 23c places a focus on application and development simplicity. The position of Oracle in terms of performance, security, and dependability for mission-critical workloads is further strengthened by significant advances throughout the database services and product line.