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on June 20, 2024
The latest report by IMARC Group, titled “ Security Testing Market Report by Type (Application Security Testing, Network Security Testing, Device Security Testing, Social Engineering, and Others), Testing Tool (Web Application Testing Tool, Code Review Tool, Penetration Testing Tool, Software Testing Tool, and Others), Deployment Mode (On-premises, Cloud-based), End User (BFSI, Healthcare, IT and Telecom, Retail and E-Commerce, Education, and Others), and Region 2024-2032“, The global security testing market size reached US$ 10.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 54.3 Billion by 2032, exhibiting a growth rate (CAGR) of 18.9% during 2024-2032.
Factors Affecting the Growth of the Security Testing Industry:
- Increasing Cybersecurity Threats:
The increasing prevalence of cyber threats is one of the primary drivers of the security testing market. As cyber-attacks become more sophisticated and frequent, organizations are compelled to invest heavily in robust security measures to protect their sensitive data and infrastructure. This includes regular security testing to identify vulnerabilities before malicious actors can exploit them. High-profile data breaches and cyber incidents have heightened awareness about the importance of proactive security measures, prompting businesses to allocate more resources to security testing services. Consequently, the growing awareness and need to stay ahead of cyber threats significantly boost the demand for security testing solutions.
- Regulatory Compliance Requirements:
Regulatory compliance is another crucial factor driving the security testing market. Governments and industry bodies worldwide have implemented stringent regulations and standards to ensure data protection and cybersecurity. Compliance with regulations such as the General Data Protection Regulation (GDPR), the Health Insurance Portability and Accountability Act (HIPAA), and the Payment Card Industry Data Security Standard (PCI DSS) necessitates regular security assessments and testing. Non-compliance can result in severe penalties and reputational damage, compelling organizations to prioritize security testing to meet these requirements. As regulatory landscapes continue to evolve, the need for security testing to maintain compliance remains a key growth driver for the market.
- Rapid Digital Transformation:
The rapid digital transformation across various industries is a significant factor fueling the growth of the security testing market. As organizations adopt new technologies such as cloud computing, Internet of Things (IoT), and artificial intelligence (AI), their attack surfaces expand, introducing new security challenges. The integration of digital solutions increases the complexity of IT environments, necessitating comprehensive security testing to safeguard against potential vulnerabilities. Furthermore, the shift toward remote work and the proliferation of digital services have heightened the demand for robust security testing solutions to ensure the safety and integrity of digital infrastructure. This ongoing digital transformation trend ensures sustained growth for the security testing market as organizations continuously seek to protect their evolving technological ecosystems.
Competitive Landscape with Key Player:
- Accenture plc
- Applause App Quality Inc.
- Checkmarx Ltd.
- Cisco Systems Inc.
- HelpSystems LLC
- Hewlett Packard Enterprise Development LP
- International Business Machines Corporation
- McAfee LLC
- Nippon Telegraph and Telephone Corporation
- OffSec Services Limited
- Qualys Inc.
- Veracode Inc.
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/security-testing-market/requestsample
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Type:
- Application Security Testing
- Network Security Testing
- Device Security Testing
- Social Engineering
- Others
Network security testing holds maximum number of shares due to the critical need to protect organizational networks from a growing array of sophisticated cyber threats and breaches.
Breakup by Testing Tool:
- Web Application Testing Tool
- Code Review Tool
- Penetration Testing Tool
- Software Testing Tool
- Others
Penetration testing tools dominate the market as they are essential for proactively identifying and addressing security vulnerabilities within the systems of an organization before, they can be exploited by malicious actors.
Breakup by Deployment Mode:
- On-premises
- Cloud-based
Cloud-based represents the largest segment due to its scalability, cost-efficiency, and ability to provide real-time updates and comprehensive coverage across diverse IT environments.
Breakup by End User:
- BFSI
- Healthcare
- IT and Telecom
- Retail and E-Commerce
- Education
- Others
BFSI held the majority of the market share on account of the industry's heightened vulnerability to cyber threats, stringent regulatory requirements, and the rising need for secure financial transactions and customer data protection.
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
North America's dominance in the security testing market is attributed to its advanced technological infrastructure, high adoption rate of cybersecurity solutions, and stringent regulatory requirements for data protection.
Global Security Testing Market Trends:
The adoption of DevOps and Agile development methodologies has significantly accelerated the software development lifecycle, necessitating continuous security testing to integrate security seamlessly into the development process. This shift ensures that security vulnerabilities are identified and addressed early, enhancing the overall security posture of applications. As organizations strive for faster delivery of high-quality software, the demand for integrated security testing solutions grows, driving the global security testing market. Additionally, the proliferation of cloud computing and cloud-based applications has introduced new security challenges, making security testing crucial to protect data and applications in the cloud environment. Organizations are increasingly migrating their operations to the cloud to leverage scalability and cost benefits, which necessitates rigorous security testing to mitigate risks associated with cloud vulnerabilities. This trend toward cloud adoption fuels the growth of the global security testing market as companies seek to secure their cloud infrastructure.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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