Security Testing Market Report 2023, Industry Trends and Forecast Till 2028

The latest report by IMARC Group, titled “ Security Testing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The global security testing market size reached US$ 9.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 29.1 Billion by 2028, exhibiting a growth rate (CAGR) of 21.6% during 2023-2028.

Factors Affecting the Growth of the Security Testing Industry:

• Escalating Cybersecurity Threats:

The rising cybersecurity threats represent primary drivers propelling the growth of the security testing market. Organizations across industries are confronting an increasingly complex landscape of cyberattacks, including malware, ransomware, phishing, and zero-day vulnerabilities. The evolving tactics employed by threat actors demand robust and proactive security testing measures. Security assessments, penetration testing, and vulnerability scanning are integral components in identifying and mitigating vulnerabilities within an organization's infrastructure, applications, and network. As the frequency and sophistication of cyberattacks continue to escalate, organizations are compelled to invest in comprehensive security testing to fortify their defenses, protect sensitive data, and uphold their reputation in the face of relentless cyber threats. This, in turn, is propelling market growth.

• Rapid Digital Transformation and IoT Adoption:

The rapid pace of digital transformation and the widespread adoption of Internet of Things (IoT) devices introduce a profound shift in the threat landscape, making security testing indispensable. With organizations embracing cloud computing, mobile applications, and IoT technologies, the attack surface has expanded exponentially. Security testing ensures that vulnerabilities across diverse platforms and devices are identified and addressed. From assessing the security of cloud infrastructure to evaluating the resilience of IoT devices, security testing plays a pivotal role in securing the interconnected digital ecosystem. As organizations leverage these technologies to enhance operational efficiency and customer experience, there has been a rise in the need for comprehensive security testing to reduce the inherent risks associated with digital transformation, thus fueling market growth.

• Regulatory Compliance Requirements:

The implementation of stringent data protection regulations and industry-specific compliance standards mandate organizations to implement robust security measures and conduct regular security testing. Regulations like the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA) impose strict requirements on the protection of personal data, necessitating organizations to prioritize security testing for data security and privacy compliance. Non-compliance with these regulations can result in severe financial penalties and reputational damage. As a result, organizations are compelled to invest in security testing as a strategic imperative to meet compliance mandates, demonstrate data protection, and mitigate legal and financial risks associated with regulatory violations. The intersection of regulatory scrutiny and the imperative to protect sensitive data amplifies the significance of security testing in the modern business landscape.

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 represented the leading segment due to the increasing emphasis on safeguarding digital networks and the critical role of network security assessments in identifying vulnerabilities and ensuring data protection.

Breakup by Testing Tool:

• Web Application Testing Tool
• Code Review Tool
• Penetration Testing Tool
• Software Testing Tool
• Others

Penetration testing tools accounted for the largest market share owing to their effectiveness in simulating cyberattacks and uncovering vulnerabilities.

Breakup by Deployment Mode:

• On-premises
• Cloud-based

Cloud-based represented the largest segment as it offers scalability, flexibility, and ease of access to security testing solutions.

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 robust cybersecurity ecosystem, a high number of cybersecurity-focused organizations, and the continuous emergence of innovative security solutions.

Global Security Testing Market Trends:

The global security testing market is primarily driven by the heightening demand for rigorous security testing solutions due to the escalating frequency and sophistication of cyberattacks, data breaches, and security vulnerabilities. Organizations across industries are investing heavily in security assessments to identify and mitigate vulnerabilities, protect sensitive data, and ensure compliance with regulatory requirements. Apart from this, the rapid adoption of cloud computing, IoT devices, and mobile technologies has expanded the attack surface, necessitating comprehensive security testing to safeguard digital assets and customer data, thus fueling market growth. Furthermore, the implementation of stringent data protection regulations, such as GDPR and CCPA, that compel organizations to prioritize security testing to avoid hefty fines and reputational damage is supporting market growth.

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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