Press release
Security Testing Market Expected to Surpass $27,593.9 Million and Grow at 20.7% CAGR During the 2020-2027
Security Testing Market
Security testing market is expected to grow by 2027 due to rising government regulations for adopting security testing services. Cloud sub-segment expected to be highly beneficial. The market in the Asia-Pacific region is predicted to be lucrative by 2027.
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๐๐ฒ๐ง๐๐ฆ๐ข๐๐ฌ ๐จ๐ ๐ญ๐ก๐ ๐๐๐ซ๐ค๐๐ญ
๐๐ซ๐ข๐ฏ๐๐ซ๐ฌ: Rapid technological advancements along with increasing cybercrimes across the world are some of the prime factors estimated to drive the growth of the global security testing market during the forecast period. Additionally, growing government regulations for the adoption of security testing solutions is also anticipated to boost the market growth by 2027.
๐๐ฉ๐ฉ๐จ๐ซ๐ญ๐ฎ๐ง๐ข๐ญ๐ข๐๐ฌ: The increasing adoption of cloud-based technologies and growing advancements in cybersecurity are some factors expected to create ample growth opportunities for the global security testing market by 2027. Moreover, companies' growing focus on cloud-based security testing that provides centralized protection, minimizes administration, and is cost-effective is also predicted to augment the market growth.
๐๐๐ฌ๐ญ๐ซ๐๐ข๐ง๐ญ๐ฌ: High cost of security testing tools is the major hindering factor for the market growth.
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The outbreak of the Covid-19 catastrophe has positively affected the global security testing market unlike most industries. Hospitals and healthcare professionals were under tremendous pressure and greatly relied on phones, chats, emails, and virtual medicine portals or websites to attend patients remotely. Moreover, patients all over the world preferred online payment transactions and online conversational data to consult medical help or counselling. Furthermore, some prominent market players are also coming forward with their strategic plans to help the society fight the devastating corona virus. All these activities boosted the demand for sturdy security testing software and services, thus driving the market growth.
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The report has fragmented the global security testing market into multiple segments based on testing type, deployment, organization size, vertical, and regional analysis.
By testing type, the application security testing sub-segment is projected to have the largest market share and garner a revenue of $8,782.3 million during the forecast timeframe. This growth is attributed to the growing cases of cybercrimes across the world that has forced organizations to adopt robust security testing software and look for any vulnerabilities. Moreover, strategic collaborations by key market players to offer advanced application security testing platforms is also estimated to propel the sub-segment's growth.
By deployment, the cloud sub-segment of the global security testing market is anticipated to have the fastest growth rate and generate a revenue of $14,111.7 million during the analysis timeframe due to the rising adoption of cloud-based services by organizations to ensure data safety. Moreover, cloud-based solutions also provide other benefits like easy set-up, low maintenance costs, easy access to information, and much more. Also, the high availability of advanced cloud security testing tools is also expected to uplift the sub-segment's growth.
By organization size, the SMEs sub-segment is predicted to have the highest growth rate and register a revenue of $12,447.1 million by 2027 due to growing incidences of cyberattacks in different ways like infringement of data and payment. And so, companies involved in security testing solutions are implementing continuous advancements to provide SMEs enhanced security services. These factors are predicted to boost the sub-segment's growth by 2027.
By vertical, the BFSI sub-segment is projected to have a noteworthy growth rate and generate $8,522.2 million during the analysis years due to the ability of security testing software and tools to monitor hidden bugs or vulnerabilities and defects. Furthermore, strategic partnerships and acquisitions by key market players to help the BFSI organizations is yet another factor to augment the sub-segment's growth by 2027.
By regional analysis, the security testing market in the Asia-Pacific region is estimated to have a noteworthy growth rate of 21.4% CAGR by 2027 due to the increasing adoption of security testing platforms by SMEs and large organizations owing to the rising cyberattacks. In addition, several governments have planned to increase the budget for data security. These factors are projected to propel the market growth in the Asia-Pacific region by 2027.
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Some prominent security testing market players include McAfee, Cisco Systems, AT&T, Cigniti Technologies Limited, IBM, Hewlett Packard Enterprise Development LP, Google (Alphabet), Data Theorem, Inc., SecureWorks, F-secure,โฏamong others. These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships and collaborations to sustain market growth.
For example, in May 2022, Datadog, a cloud monitoring-as-a-service provider, announced its acquisition of Hdiv Security, a security testing software company, to integrate the latter's application security capabilities into its cloud security platform. This will allow Datadog developers to monitor risks in their applications. The report also summarizes several crucial aspects, such as the financial performance of key market players, SWOT analysis, product portfolio, and the latest strategic advancements.
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