According to a recent report published by Allied Market Research, titled, Security Testing Market Share Growing with CAGR of 19.2% Reach USD 36.78 Billion by 2030 . The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
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.
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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.
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Security testing is the most important testing for an application to check whether the confidential data is safe and secure from various types of vulnerabilities. In addition, security testing is very important in software engineering to protect data by all false mean. Security testing is adopted in various automotive and manufacturing organizations in their production units to identify the threats in the system and measure its potential vulnerabilities, so that when the threats are encountered the system does not stop functioning or exploited. Furthermore, the key factors that drive the security testing market trends include 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.
In addition, stringent government regulations to increase the adoption of security testing solutions and services positively impact 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 are anticipated to offer remunerative opportunities for the expansion of the market during the forecast period.
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Competitive Analysis:
The competitive environment of Security Testing Industry is further examined in the report. It includes details about the key players in the market’s strengths, product portfolio, Security Testing Market share and size analysis, operational results, and market positioning. It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.
Region wise, the security testing market was dominated by North America, and is expected to retain its position during the forecast period. This is attributed to increase in adoption of advance technologies such as cloud technology, big data, artificial intelligence, and machine learning for automating the security testing and preventing any accidents with real-time monitoring of machines. However, Asia-Pacific is expected to witness significant growth rate during the forecast period, owing to rise in security testing awareness and growth in number of SMEs adopting cloud-based security testing.
Key Players:
AT&T, Inc.
Cigniti
International Business Machines Corporation
McAfee, LLC
Micro Focus
NTT Security AppSec Solutions Inc.
Rapid7
SecureWorks, Inc.
Synopsys, Inc.,
Veracode and Many More
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