The Global Security Testing Market to Develop at CAGR of 24.28% by 2028

Triton Market Research presents the Global Security Testing Market segmented by Testing Tools (Penetration Testing Tool, Web Application Testing Tool, Code Review Tool, Software Testing Tool, Other Testing Tools), Deployment Mode (Cloud, On-Premise), End-user (Manufacturing, BFSI, Retail, Government, IT & Telecom, Healthcare, Other End-user Industries), Type (Application Security Testing [Cloud Application Security Testing, Mobile Application Security Testing, Enterprise Application Security Testing, Web Application Security Testing], Testing Type [Interactive Application Security Testing, Static Application Security Testing, Runtime Application Self Protection, Dynamic Application Security Testing], Network Security Testing [VPN Testing, Firewall Testing, Other Service Types]), and Geography (Asia-Pacific, Middle East and Africa, Latin America, Europe, North America). It further discusses the Market Summary, Industry Outlook, Key Insights, Porter's Five Forces Analysis, Market Attractiveness Index, Vendor Scorecard, Key Market Strategies, Drivers, Restraints, Opportunities, Competitive Landscape, Methodology & Scope, Global Market Size, Forecasts & Analysis (2021-2028).

Triton's report established that the global security testing market is likely to observe growth by 24.28% of CAGR during the examined period of 2021-2028.

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Security testing includes software that focuses on detecting potential threats within systems that can result in the loss of crucial information for enterprises. These testing tools are employed in various end-user industries, such as healthcare, government, manufacturing, and retail.

The surge in the adoption of cloud-based services, transforming business environments, and rising IoT connections are major factors opening several opportunities for the security testing market. In recent years, emerging applications and business models, along with the decline in device costs, have significantly driven the adoption of IoT connections. This has led to the rise in the number of connected devices, including cars, wearables, and machines. Hence, the growth in IoT connections has increased cyber threats, thereby augmenting the need for efficient security testing solutions. However, the lack of testing knowledge and shortage of skilled cyber security personnel are limiting the expansion of the security testing market.

North America holds the largest share in the security testing market. In the United States, the growing number of companies and data centers has increased the risk of data breaches. This is anticipated to increase the demand for security testing tools across the country. Additionally, the country has observed substantial growth in the adoption of connected devices, surging the threats of cyber attacks. These factors amplify the need for effective security testing solutions to mitigate such risks. Above all, the growing number of data breaches, exposing confidential user data, has enhanced the need for cyber security across the region. Therefore, employing security testing solutions to tackle cyber attacks is likely to position the security testing market on a growth path.

The leading enterprises involved in the security testing market are Applause App Quality Inc, Paladion Networks Pvt Ltd, Hewlett-Packard Company, McAfee LLC, Core Security Technologies Inc, Veracode Inc, Checkmarx Ltd, Offensive Security LLC, Maveric Systems Ltd, IBM Corporation, Cisco Systems Inc, ControlCase LLC, Rapid7, and iViZ Security Inc.

The market penetration by new entrants is low, owing to the low awareness about security solutions and tools. However, technological advancements and rising cyber security concerns are expected to increase the market for security testing solutions over the estimated period. This indicates that the threat of new entrants remains relatively moderate in the studied market. Furthermore, the competition among the existing market players depends on multiple elements, such as market focus, global players, general profitability, and others. Here, the current players are developing novel security testing solutions, augmenting the intensity of the competitive rivalry. Hence, the competition among the existing players is likely to remain high.

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