From 2017 to 2027, the global market for security testing will grow at a CAGR of 19.2%, the market recorded a revenue of US$ 6.25 Bn in the year 2020. The purpose of security testing is to identify vulnerabilities, threats, and risks in software applications to prevent malicious attacks from intruders.
Small, mid-sized, and large-scale industries all have great opportunities to capitalize on the security testing market. The overall market growth is based on the ability to identify all possible loopholes and weaknesses of the software system, which might result in a loss of information and revenue.
Industry Dynamics of Security Testing Market
- Growth in the security testing market is due to rapid growth of web- and mobile-based business-critical applications requiring secure endpoint protections and enterprises looking to reduce financial losses through implementing security measures that prevent cyber-attacks.
- Security testing solutions and services have benefited from stringent government regulations that boost the market growth.
- In terms of factors affecting market growth, lack of qualified security professionals and higher costs for running security tests are expected to hold the market back.
- In the forecast period, an increase in the adoption of cloud-based security testing and the evolution of technologies and implementing new technologies, like DevOps, DevSecOps, and Agile, will offer lucrative growth opportunities for the market.
Regional Outlook of Security Testing Market
In 2020, the North America security testing market dominated and was expected to maintain its position during the forecast period. Canada and the United States have developed economies that emphasize re-inventing existing solutions. Moreover, this region generates a significant amount of data, so data security and protection are highly demanded. Additionally, various industry verticals, such as manufacturing, healthcare, transportation, and logistics, have shown a strong increase in automation and the adoption of the Internet of Things. These factors enhance the growth of the security testing market in this region. As a result of local government investments and start-ups in countries including China, Japan, India, and Korea, Asia-Pacific is expected to grow significantly during the forecast period.
Aim of the report
The outline of the report segments Global Security Market based on type, deployment mode, organization size, industry vertical, and region.
Segmentation based on Type
- Network security
- Application security
- Device security
Segmentation based on Deployment Mode
Segmentation based on Organization size
- Small Enterprises
- Medium Enterprises
- Large Enterprises
Segmentation based on Industry Vertical
- Retail & e-commerce
- IT & telecom
Segmentation based on region
- North America
COVID-19 Impact on Security Testing Market
By 2027, the security testing market is growing at a pace of 19.2% CAGR. Pre-COVID-19 forecasts for the security testing market look more optimistic than those projected for 2027. Since the COVID-19 outbreak, the security testing market has been greatly boosted owing to favourable government regulations for securing critical data of companies and various private and public organizations and also for supporting new practices related to working remotely and maintaining social distancing.
Key Competitors in the Global Security Testing Market
- AT&T, Inc.
- NTT Security AppSec Solutions Inc.
- International Business Machines Corporation
- McAfee, LLC
- Micro Focus
- Synopsys, Inc.
- SecureWorks, Inc.
As these players penetrate the market and achieve market leadership, they have adopted different strategies to enhance their position further. Some of the key strategies adopted by companies in the global marketplace are product launches, acquisitions, joint venture, and collaboration among others.