Security Testing Market 2021-2030, Global Size, Share, Growth, Trends, Regional Analysis, Forecast Report

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. A security testing is a type of software testing that reveals vulnerabilities, threats, and risks in a software application and prevents malicious attacks from intruders. Furthermore, growth of the security testing market is due to its ability 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. The security testing market has huge opportunities in the small, medium, and large-scale industries.

The COVID-19 outbreak has considerably boosted growth of the security testing market, owing to the growing favourable government regulations for providing security to critical data of organizations to both private and public organization and for supporting new practices for working remotely and maintaining social distancing.

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The 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 boosts global security testing market growth. In addition, stringent government regulations to increase the adoption of security testing solutions and services positively impacts 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 is expected to offer remunerative opportunities for the expansion of the market during the forecast period.

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By enterprise size, the large enterprises hold the largest market size as large enterprises has huge amount of data and even small amount of data breach can cause the companies huge loss financially and loss of image. In addition, large enterprises have huge amount of money dedicated for IT department for security concerns. These are the factors leading the security testing market among large enterprises. However, the SMEs segment is expected to grow at a higher CAGR during the forecast period as hackers are targeting SMEs with the prime motive to penetrate through the applications to access customer information, payment details, and other confidential information. In addition, with the innovation of cloud-based security testing, SMEs are able to afford security testing and are more flexible to change according to future demands.

Region wise, the security testing market was dominated by North America in 2020, and is expected to retain its position during the forecast period. This is attributed to the presence of the developed economies, such as Canada and the U.S., which are emphasizing on innovating the existing solutions. In addition, this region contributes a major share in generation of data; thus, data security and protection share are in high demand in this region. Moreover, the early adoption of technologies such as Internet of Things, AI, and penetration of automation in various industry verticals, such as manufacturing, healthcare, transportation, and logistics, drive the growth of the security testing market in this region. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to rise in investments by local governments and emerging new start-ups in countries such as China, Japan, India, South Korea, and other.

The report focuses on growth prospects, restraints, and trends of the global security testing market analysis. The study provides Porter’s five forces analysis to understand impact of various factors, such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers, on the global security testing market share.

Segment review

The global security testing market is segmented on the basis of type, deployment mode, organization size, industry vertical, and region. By type, the market is divided into network security, application security, device security, and others. By deployment mode, it is categorized on-premise and cloud. On the basis of enterprise size, it is classified into large enterprises and small & medium enterprises. Depending on industry vertical, it is fragmented BFSI, healthcare, IT & telecom, retail & e-commerce, education, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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The key players profiled in the global security testing industry are AT&T, Inc., Cigniti, International Business Machines Corporation, McAfee, LLC, Micro Focus, NTT Security AppSec Solutions Inc., Rapid7, SecureWorks, Inc., Synopsys, Inc., and Veracode. These players have adopted various strategies to increase their market penetration and strengthen their position in the global security testing industry.

Impact of COVID-19 on Security Testing Market (Pre and Post Analysis)

The COVID-19 pandemic has impacted all the industry globally. The COVID-19 has positively impacted the growth of the market, owing to various government, public, and other organization adopting work from home culture for their employees. In addition, various IT & telecom industries are adopting security testing solution for improving the loss suffered, owing to the pandemic situation and to improve their market share. In addition, there is a significant increase in cyber-crime and data breaches in enterprises during the lockdown. Furthermore, factors such as remote/virtual work environments, rise in work from home coupled with resultant decrease in in-person contacts, and increase reliance on technology & data are expected to accelerate tech adoption, which, in turn, is likely to boost the adoption of security.

By Type

o Network Security
o Application Security
o Device Security
o Others

By Deployment Mode

o On-premises
o Cloud

By Enterprise Size

o Large Enterprises
o Small & Medium Enterprises

By Industry Vertical

o BFSI
o IT & Telecom
o Healthcare
o Retail & E-Commerce
o Education
o Others

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