July 19, 2024
Security Testing Market
Ict

Increased adoption of cloud computing is anticipated to open up the new avenue for Security Testing Market

The Security Testing Market is estimated to be valued at US$ 4.18 Bn in 2023 and is expected to exhibit a CAGR of 16% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Security testing is the process of evaluating the security vulnerabilities in software, hardware, or operational systems. It is an important phase of security development lifecycle to ensure that application codes are free from bugs and vulnerabilities that can be exploited by hackers. Security testing identifies security weaknesses in computer systems, networks, applications, and the policies and procedures that govern them before they are deployed. It involves activities such as application security testing, network security testing, web security testing, cloud security testing and others.

Market Dynamics:

Rising investments in cybersecurity is one of the major drivers propelling the growth of security testing market. With increasing cyber threats and growing concern around data privacy and security, enterprises are investing heavily in strengthening their security infrastructure and capabilities. According to Cybersecurity Ventures, global spending on cybersecurity is expected to grow from US$ 150 billion in 2020 to over US$ 1.75 trillion from 2020 to 2025. Growing adoption of digital technologies among enterprises and increasing complexity of cyber-attacks are also fueling the demand for advanced security testing solutions and services. With the proliferation of internet of things and connected devices, there is a need for continuous security monitoring and testing, which is further supporting market growth.

Segment Analysis

The global security testing market is dominated by the application security testing segment. This segment held more than 35% share of the overall market in 2022. Application security testing ensures the security of web, mobile and cloud applications. It identifies potential vulnerabilities in application code, configuration and interfaces. With increasing digitalization and adoption of digital technologies, the number of applications have increased exponentially across organizations. Application security testing helps organizations safeguard these applications and prevent data breaches.

PEST Analysis

Political: Stringent data privacy and cybersecurity regulations across countries are driving organizations to adopt security testing solutions. For example, GDPR in European Union.

Economic: Global digitization is generating massive amounts of data. Organizations are investing heavily in security testing to protect this data from cyberthreats and ensure business continuity.

Social: Rising cybercrimes and data breaches are increasing security concerns among common users. This is prompting organizations to strengthen their security infrastructure using testing solutions.

Technological: Emerging technologies like cloud, IoT, mobility are introducing new avenues for attacks. Security testing helps verify if technologies are deployed securely before going live. Automatic testing using AI/ML is also gaining traction.

Key Takeaways

The Global Security Testing market Size is expected to witness high growth, exhibiting CAGR of 16% over the forecast period, due to increasing digitization and growing sophistication of cyber threats. The market size is projected to reach US$ 12.56 Bn by 2030 from US$ 4.18 Bn in 2023.

Regional analysis: North America dominated the market with over 30% share in 2022 followed by Europe. Asia Pacific is expected to be the fastest growing region on back of increasing technology adoption and startup culture in countries like India and China.

Key players: Key players operating in the security testing market are Synopsys, Micro Focus, IBM, Rapid7, TietoEVRY, Trustwave, SecureWorks, Cigniti, WhiteHat Security, Veracode. These players are focusing on investments in AI/ML and cloud-based security testing solutions to gain competitive edge.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it