Network Security Testing Market Expected to Reach $10.8 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Network Security Testing Market," The network security testing market size was valued at $1.8 billion in 2021, and is estimated to reach $10.8 billion by 2031, growing at a CAGR of 19.6% from 2022 to 2031.

Network security testing is the process of discovering faults and vulnerabilities in an organization's networks and security systems, helping apply remedies to assist strengthen those security measures and satisfying compliance and regulatory standards. Different organizations handle network security testing in different ways, each with their own set of testing measures, goals, and solutions to attain their security and privacy goals. Furthermore, key factors that drive the growth of the network security testing market include rise in demand for work from home and remote working policies during the period of the COVID-19 pandemic that aided in propelling the demand for global network and enterprise security solutions, hence empowering the growth of the network security testing industry. However, higher installation costs and maintenance challenges of network security testing platforms can hamper the network security testing market. On the contrary, the integration of advanced tools such as machine learning and data analytics with network security testing solutions suites is expected to offer remunerative opportunities for expansion of the network security testing industry during the forecast period.

On the basis of deployment model, the on-premise segment dominated the overall network security testing market in 2021 and is expected to continue this trend during the forecast period. This is attributed to complex security demands of various corporations needing custom security testing solutions. However, the cloud segment is expected to witness the highest growth owing to its easier deployment and scaling capabilities, which is expected to further fuel the growth of the global network security testing industry.

Region wise, the network security testing market was dominated by North America in 2021, and is expected to retain its position during the forecast period, owing to its highly advanced technology sector which is expected to drive the market for network security testing within the region during the forecast period. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to its growing digital capabilities and a highly competitive market space, which is anticipated to fuel the network security testing market growth in the region in the coming few years.

The integration of advanced technologies such as artificial intelligence in network security testing software help the providers to identify risks and fraud, boost the revenue, and add value to their customer. AI-based network security testing software has increased the efficiency in risk identification and helps in creating a better business insight. In addition, increased adoption of unified endpoint management solutions in the business to remotely manage and control all new terminations to streamline workflows, increase productivity, achieve long-term savings, improve employee satisfaction, and minimize error provide lucrative opportunity for the market.  Furthermore, cloud-based network security testing software adds a wide range of technologies, including machine learning and IoT-integration that help organizations become more data-driven and better strategized. More number of such innovations are expected to provide lucrative opportunities for the expansion of the global market.

KEY FINDINGS OF THE STUDY

• By deployment model, the on premise segment accounted for the largest network security testing market share in 2021.
• By region, North America generated the highest revenue in 2021.
• By enterprise size, the large enterprise segment accounted for the largest network security testing market forecast in 2021.

The key players profiled in the network security testing market analysis are AT&T, Checkmarx Ltd., Cigniti, Core Security, Data Theorem, Inc., IBM, ImpactQA, Kryptowire, LogRhthym, Inc., McAfee, LLC, Micro Focus, NowSecure, Parasoft, PortSwigger Ltd., Rapid7, ScienceSoft USA Corporation, SecureWorks, Inc., Synopsys, Inc., and Veracode. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.