Categories: Market Research

Security Testing Market Research, Analysis, Growth, Trends, Developments And Forecast 2033

The Security Testing Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Security Testing Global Market Report 2024, The security testing market size has grown exponentially in recent years. It will grow from $10.5 billion in 2023 to $12.8 billion in 2024 at a compound annual growth rate (CAGR) of 21.9%. The growth in the historic period can be attributed to data breaches and cyber attacks, stringent regulatory compliance, mobile device proliferation, awareness of insider threats, rising cybersecurity threats, global supply chain security..

The security testing market size is expected to see exponential growth in the next few years. It will grow to $28.01 billion in 2028 at a compound annual growth rate (CAGR) of 21.6%. The growth in the forecast period can be attributed to zero trust security framework adoption, regulatory emphasis on cybersecurity, remote workforce security, focus on security awareness training, automated vulnerability remediation, shift to continuous security testing.. Major trends in the forecast period include shift-left approach to security testing, rise in adoption of devsecops, focus on automated security testing, continuous monitoring and threat intelligence, application programming interface (api) security testing, cloud security testing solutions, iot security testing..

The rising cybercrimes across the world are expected to propel the growth of the security testing market going forward. Cybercrime refers to any illegal activity that uses a computer, networked device, or network. Security testing helps in avoiding cybercrimes, as it can prevent hackers from obtaining and abusing sensitive data and prevent a company from going out of business. For instance, in June 2022, according to the Federal Bureau of Investigation (FBI), a US-based national security and law enforcement agency, in the FBI’s Internet Crime Report 2021, the public reported a record 84.73k reports of cybercrime to the FBI, a 7% increase over 2020 with losses of more than $6.9 billion. Therefore, rising cybercrimes across the world are driving the growth of the security testing market.

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The security testing market covered in this report is segmented –

1) By Type: Application Security Testing, Network Security Testing, Device Security testing, Social Engineering

2) By Deployment Mode: On-Premises, Cloud

3) By Organization Size: SMEs, Large Enterprises

4) By Verticals: BFSI, Healthcare, IT, Telecom, Retail and eCommerce, Education, Other Verticals

Technological innovations are a key trend gaining popularity in the security testing market. Many companies operating in the security testing are developing new technologies to strengthen their position in the security testing market. For instance, in May 2021, Imvision, a Canada-based API security technology company, launched the world’s first Business Logic Application Security Testing (BLAST) to boost enterprise API security. The BLAST can incorporate and enforce security testing standards within the development cycle, cutting costs and shortening the time needed to fix problems. BLAST uses NLP-based technology to examine each API’s discourse and comprehend the application’s actions. The API business logic has been discovered through API discovery, through which users can simulate attacks to alter the API. This reveals weaknesses and sends insights and recommendations back to developers automatically.

The security testing market report table of contents includes: