The global security testing market has been expanding with high revenue in recent years and is anticipated to expand USD upto 17 billion at a CAGR of 23% during the forecasted period. The growing use of IoT devices and Bring Your Own Device (BYOD) is driving market development. As IoT-connected devices grow more prevalent in our everyday lives, it is critical that they be tested and a minimal level of security established.
With the widespread adoption of mobile devices and ICT, many government and public-sector organizations rely on information infrastructure services. However, due to the growth in cybersecurity threats, this reliance has become a susceptible element for many commercial companies. The majority of businesses (and countries) recognize that cyber security is one of the most important economic security problems they face.
A conventional technique like anti-malware software is no longer enough for securing significant information. To solve this issue, a number of forward-thinking businesses are protecting their sensitive data with a cybersecurity plan that includes the use of security testing tools. Such security testing procedures are used to fix and identify system flaws.
Security testing is a testing type that tries to determine system vulnerabilities and defend the security of the system's resources and data from possible attackers. The goal of security testing any system is to identify any possible gaps and weaknesses in the system that might result in a loss of information, income, or reputation at the hands of workers or outsiders to the business.
While many businesses seek easy security solutions through cloud deployment, the complexity of cyber threats forces them to explore beyond traditional security testing techniques to meet their security demands. Strong security measures must be implemented at every stage of the software development lifecycle, which necessitates cloud cooperation. As a result, businesses are required to use their security technologies. As a result, hybrid systems have emerged as the most practicable business choice. Large businesses must follow a slew of internal and compliance standards. Security testing teams are required to use automated security technologies as part of the development process for solutions and apps.
The prominent players of the global security testing market are IBM (US), Synopsys (Canada), Checkmarx (Israel), SecureWorks (US), Rapid7 (US), WhiteHat Security (US), Micro Focus (UK),Veracode (US), and McAfee (US). The overview, financials, revenue created, R&D investment, market potential, new market initiatives, company strengths and weaknesses, geographical presence, product launch, application dominance, and product width and breadth are among the information covered. The data presented above is only relevant to the firm's emphasis on security testing.
Security Testing Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 17 billion|
|Growth Rate||CAGR of 23% during 2021-2028|
|Segment Covered||Testing Type, Deployment Mode, Organization Size, Vertical, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||IBM (US), Synopsys (Canada), Checkmarx (Israel), SecureWorks (US), Rapid7 (US), WhiteHat Security (US), Micro Focus (UK),Veracode (US), and McAfee (US)|
Key Segments of the Global Security Testing Market
Testing Type Overview, 2018-2028 (USD Billion)
- Application Security
- Device Security
- Network Security
- Social Engineering
Deployment Mode Overview, 2018-2028 (USD Billion)
Organization Size Overview, 2018-2028 (USD Billion)
- Large Enterprises
Vertical Overview, 2018-2028 (USD Billion)
- IT and Telecom
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
The Middle East and Africa
Reasons for the study
- The research looks into important developments in the global security testing industry, as well as organic and inorganic growth approaches.
- The industry's industrial chain structure, raw material costs, manufacturing base, and marketing channel analysis are all discussed.
- It examines probability, mergers and acquisitions, and analyst viewpoints and opinions.
What does the report include?
- Current and future security testing market trends are extensively explored in order to assess overall attractiveness and identify profitable trends in order to acquire a stronger foothold in the constantly expanding dimensions of the global security testing market.
- The study entails an examination of main drivers, constraints, and opportunities, as well as an assessment of their impact.
- The significance of customers and suppliers in the security testing industry is demonstrated by Porter's Five Forces analysis.
Who should buy this report?
- Strategy managers, researchers, and government agencies seek market data to help in the planning of future operations.
- Managers in the security testing business who want to talk about current and future worldwide market statistics.
Enterprises are embracing technologies such as the Internet of Things (IoT) and bring your own device (BYOD), which have heightened attack vulnerabilities. Enterprises enable workers to bring their own devices, such as laptops and cellphones, to access corporate data, and they also give company-specific online and mobile-based apps. These devices operate on the user's private network, which is vulnerable to numerous assaults owing to inadequate protection. If any of these devices or applications is compromised, important company data will be disclosed and misused.
Timely security testing of such devices and apps for checking vulnerabilities can aid in the prevention and mitigation of possible cyber attacks. According to Veronis' cybersecurity statistics, the amount of data compromised from sources such as IoT and smartphones is rising dramatically. According to the same report, most businesses have unsecured data and insufficient security testing processes in place, putting them vulnerable to data loss.
There has been a dramatic shift in business digitalization in recent years. The majority of businesses are utilizing technologies such as AI and IoT to build a digital infrastructure. According to Smart Insights, 34% of firms have already experienced digital transformation, and according to Accenture, 75% of consumers are more inclined to buy from a brand that knows their identity and purchase history and suggests items based on their preferences, as recorded by AI.
Various governments in APAC and the Middle East are launching digitization projects. Manual government operations, such as income tax filing and passport and driving license applications, have also experienced a significant shift as a result of digitization, making processing easier for both people and government personnel. Connected gadgets and data centres are expanding as a result of digitalization.
Organization Size Segment
Rather than investing in on-premises networking solutions, SMEs choose cloud-based solutions since they are more flexible and cost-effective. Attackers target SMEs with the primary goal of breaking into the apps and gaining access to client information, payment data, and other sensitive information. As a result, key business applications must be protected against vulnerabilities, which may be accomplished by implementing security testing solutions.
The BFSI vertical will have the biggest market size in the coming years. To improve client experience, the BFSI vertical has experienced substantial operational adjustments. Because of the increasing use of technology, the vertical is vulnerable to various vulnerabilities, which hackers may exploit to get sensitive information such as personal information, bank accounts, and credit card numbers. Financial institutions are always researching security solutions to prevent such vulnerabilities, which will boost the security testing industry in the future.
North American security testing market is likely to offer the maximum market share throughout the estimate period, due to its technical sophistication, presence of important market competitors and the a high number of early adopters. Factors such as the large-scale deployment of smart devices such as smartphones, smart TVs, and smart automobiles, as well as the increased adoption of IoT and AI-based technologies as a result of digitization initiatives and rising demand for cloud-based security testing, are expected to drive the security testing market demand.