Security Testing Market is Expected to Reach a valuation of US$ 27 Bn from 2022 to 2032

The global Security Testing Market was valued at US$ 7.9 Bn in 2021 and is expected to reach US$ 27 Bn by 2032, finds Future Market Insights in a recent market survey. As per the findings of the report, revenue through BFSI is projected to remain the key contributor to revenue.

BFSI require the processing of large amounts of very sensitive data, and their software requires frequent testing in order to ensure the safety of this data. The increases in digitalization, home transactions, and remote workers are also expected to drive demand.

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United States to Command the Larger Proportion of Security Testing Sales throughout the Analysis Period

The United States is the leading market for Security Testing demand, having witnessed CAGR of 13.7% from 2017 - 2021 and accounting for over 35% of the market demand. The market is expected to grow in the future as well, with a forecasted market value of US$ 9.4 Bn, with an absolute dollar opportunity of US $6.3 Bn. The rise in government regulations requiring testing to promote cybersecurity is the key driver for demand.  

"Security Testing providers are closely working on research and development to combat the ever-changing cybercrime techniques of cybercriminals" comments an analyst at Future Market Insights.

Security Testing Market: Competition Insights

At present, Security Testing providers are focused on harnessing new technology and addressing recent cybersecurity breaches. The key companies operating in the market include IBM, SecureWorks, Synopsys, Rapid7, Micro Focus, Cigniti, AT&T, WhiteHat Security, Veracode, Checkmarx, McAfee, Core Security, Parasoft, ScienceSoft, Data Theorem, Kryptowire ,LogRhythm, PortSwigger, ImpactQA, and NowSecure

Some of the recent development in Security Testing are as follows:

In June 2022, Synopsys, Inc. announced the acquisition of WhiteHat Security for US$ 330 Mn. Whitehat is a provider of application security testing SaaS.
In June 2021, HelpSystems and Cybellum announced a partnership to offer an automated automotive security scanning and vulnerability management analysis solution
In April 2021, IBM Security announced a collaboration with HCL Technologies for the unification and streamlining of threat management though an SOC platform.
In August 2021, FireEye introduced FireEye XDR. The platform aims to help security teams to detect and respond to threats in a more efficient and streamlined manner. FireEye Helix offers an integration by offering SOAR and SIEM capabilities via Mandiant-powered threat intelligence.
In July 2020, Checkmarx partnered with Gaming Innovation Group. Through this, GiG developers will be able to access a source code scanning tool to aid in security testing.
In September 2020, Indium Software announced the launching of its unified smart testing platform uphoriX, which combines functional testing, performance testing, security and compatibility. The testing is automated over the cloud and compatible with testing tools.

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Market Segments Covered in Security Testing Market Analysis

By Type:

Application Security Testing
Network Security Testing
Device Security Testing
Social Engineering

By Deployment Size:

On-premises
Cloud

By Organization Size:

Large Enterprises
SMEs

By Vertical:

SMEs
Large Enterprises
IT
Telecom
Retail and E-Commerce
Education
Others

By Region:

North America
Europe
Asia Pacific
Middle East and Africa
Latin America

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.