Report Code: A12529 | Pages: 310 | ||
Tables: 61 | Charts: 75 |
|
The global security testing market size was valued at $6.25 billion in 2020, and is projected to reach $36.78 billion by 2030, growing at a CAGR of 19.2% from 2021 to 2030. A security testing is a type of software testing that reveals vulnerabilities, threats, and risks in a software application and prevents malicious attacks from intruders. Furthermore, growth of the security testing market is due to its ability to identify all possible loopholes and weaknesses of the software system, which might result in a loss of information, revenue, repute at the hands of the employees or outsiders of the organization. The security testing market has huge opportunities in the small, medium, and large-scale industries.
The COVID-19 outbreak has considerably boosted growth of the security testing market, owing to the growing favourable government regulations for providing security to critical data of organizations to both private and public organization and for supporting new practices for working remotely and maintaining social distancing.
Surge in web and mobile-based business critical applications requiring higher secure endpoint protection and enterprises implementing security measures to prevent financial losses due to increased sophistication in cyberattacks boosts global security testing market growth. In addition, stringent government regulations to increase the adoption of security testing solutions and services positively impacts the growth of the market. However, factors such as lack of skilled security professionals and higher cost involved in conducting security tests are expected to hamper the market growth. On the contrary, increase in adoption of cloud-based security testing and evolution of technologies and implementation of new technologies, such as DevOps, DevSecOps, and Agile in software security testing is expected to offer remunerative opportunities for the expansion of the market during the forecast period.
By enterprise size, the large enterprises hold the largest market size as large enterprises has huge amount of data and even small amount of data breach can cause the companies huge loss financially and loss of image. In addition, large enterprises have huge amount of money dedicated for IT department for security concerns. These are the factors leading the security testing market among large enterprises. However, the SMEs segment is expected to grow at a higher CAGR during the forecast period as hackers are targeting SMEs with the prime motive to penetrate through the applications to access customer information, payment details, and other confidential information. In addition, with the innovation of cloud-based security testing, SMEs are able to afford security testing and are more flexible to change according to future demands.
Region wise, the security testing market was dominated by North America in 2020, and is expected to retain its position during the forecast period. This is attributed to the presence of the developed economies, such as Canada and the U.S., which are emphasizing on innovating the existing solutions. In addition, this region contributes a major share in generation of data; thus, data security and protection share are in high demand in this region. Moreover, the early adoption of technologies such as Internet of Things, AI, and penetration of automation in various industry verticals, such as manufacturing, healthcare, transportation, and logistics, drive the growth of the security testing market in this region. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to rise in investments by local governments and emerging new start-ups in countries such as China, Japan, India, South Korea, and other.
The report focuses on growth prospects, restraints, and trends of the global security testing market analysis. The study provides Porter’s five forces analysis to understand impact of various factors, such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers, on the global security testing market share.
The global security testing market is segmented on the basis of type, deployment mode, organization size, industry vertical, and region. By type, the market is divided into network security, application security, device security, and others. By deployment mode, it is categorized on-premise and cloud. On the basis of enterprise size, it is classified into large enterprises and small & medium enterprises. Depending on industry vertical, it is fragmented BFSI, healthcare, IT & telecom, retail & e-commerce, education, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in the global security testing industry are AT&T, Inc., Cigniti, International Business Machines Corporation, McAfee, LLC, Micro Focus, NTT Security AppSec Solutions Inc., Rapid7, SecureWorks, Inc., Synopsys, Inc., and Veracode. These players have adopted various strategies to increase their market penetration and strengthen their position in the global security testing industry.
The COVID-19 pandemic has impacted all the industry globally. The COVID-19 has positively impacted the growth of the market, owing to various government, public, and other organization adopting work from home culture for their employees. In addition, various IT & telecom industries are adopting security testing solution for improving the loss suffered, owing to the pandemic situation and to improve their market share. In addition, there is a significant increase in cyber-crime and data breaches in enterprises during the lockdown. Furthermore, factors such as remote/virtual work environments, rise in work from home coupled with resultant decrease in in-person contacts, and increase reliance on technology & data are expected to accelerate tech adoption, which, in turn, is likely to boost the adoption of security.
With the wake of COVID-19 pandemic enterprises are allowing employees to work from home with their own devices, such as laptops and smartphones to access company data as well as also provide company-specific web and mobile-based applications for usage. These external devices work on network of the employees, which is susceptible to various cyberattacks due to insufficient security, thus to provide enhance security and to reduce various types of cyber-attacks companies are adopting security testing solutions, which propels the growth of the market. In addition, growing cyberattacks, in-house data thefts, and other theft issues among the organizations drive the growth of the market. Furthermore, increase in adoption of security testing in large and medium size enterprises for providing higher secure endpoint protection for various mobile and other devices across the enterprises drives the growth of the market.
Increase in cyberattacks on the enterprises and government organizations for accessing critical data has led to implementation of stringent government guidelines for protecting both the companies and client’s sensitive data. In addition, with the wake of COVID-19 pandemic, growing remote workforces all across the globe have increase the number of cyberattacks on critical data of the organization, which in turn drives the growth of the market. Furthermore, governments are implementing various regulations such as standardizing security testing solutions in organization and improving training regarding security testing, which propel the growth of the market. For instance, more than 45 states in the U.S. and Puerto Rico introduced or considered more than 250 bills or resolutions that deal significantly with cybersecurity. With the bill, it has become mandatory for organizations to create task forces, councils, or commissions to study or advise on cybersecurity issues and providing necessary precautions. These factors drive the growth of the security testing market.
Key Benefits For Stakeholders
Key Market Segments
By Type
By Deployment Mode
By Enterprise Size
By Industry Vertical
By Region
Key Market Players
Security Testing Market Report Highlights
Aspects | Details |
---|---|
By Type |
|
By Deployment Mode |
|
By Enterprise Size |
|
By Industry Vertical |
|
By Region |
|
Key Market Players | INTERNATIONAL BUSINESS MACHINES CORPORATION, NTT SECURITY APPSEC SOLUTIONS INC., SYNOPSYS, INC., CIGNITI, MCAFEE, LLC, VERACODE, SECUREWORKS, INC., MICRO FOCUS, AT&T, RAPID7 |
Loading Table Of Content...
Security testing is a type of software testing that uncovers vulnerabilities, threats, risks in a software application and prevents malicious attacks from intruders. The purpose of security tests is to identify all possible loopholes and weaknesses of the software system, which might result in a loss of information, revenue, repute at the hands of the employees or outsiders of the organization. In addition, security testing services also helps organizations identify the network and system weakness and later provides solutions for reducing these risks. Furthermore, security testing involves identification of various types of risk, which include low risk, high risk, and medium risk. Furthermore, increase in adoption of IoT devices across several industries such as manufacturing, electrical & electronics, food & beverage, automotive, and process controls is expected to drive growth of the market.
Key providers of security testing market such as AT&T, Cigniti, International Business Machines Corporation, and McAfee, LLC account for a significant share in the market. For instance, on May 2021, AT&T has launched cybersecurity solution to help U.S. federal, state and local government agencies detect and respond faster to digital risks. The AT&T Unified Security Management (USM) platform combines threat detection, incident response, and compliance management, which is helpful in reducing errors in software and applications. According to the industry experts, the security testing market is expected to witness increased adoption in the coming years, owing to rise in adoption of IoT and AI based devices in industries as it prevents hazards in various sectors. North America is expected to dominate the market during the forecast period while emerging countries in Asia-Pacific and Latin America are projected to offer significant growth opportunities.
Start reading instantly.
This Report and over 71,295+ more Reports, Available with Avenue Library. T&C*.
Enterprise
License/PDF
Library
Membership
*Taxes/Fees, if applicable will be added during checkout. All prices in USD
To ensure high-level data integrity, accurate analysis, and impeccable forecasts
For complete satisfaction
On-demand customization of the scope of the report to exactly meet your needs
Targeted market view to provide pertinent information and save time for readers
Get insights on topics that are crucial for your business. Stay abreast of your interest areas.
Get Industry Data AlertsTo ensure high-level data integrity, accurate analysis, and impeccable forecasts
For complete satisfaction
On-demand customization of the scope of the report to exactly meet your needs
Targeted market view to provide pertinent information and save the time of readers