Categories: IT & Communication Technology

Security Testing Market Research Analysis 2024-2033 | Growth, Size, Demand, Analysis, Insights

Overview and Scope

Security testing refers to a system that focuses on identifying all potential holes and weaknesses in the system that could result in the loss of data or the organization’s reputation. This provides numerous benefits to the customer, such as select features such as real-risk evaluation and cyber defense ability testing.

Sizing and Forecast

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..

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Segmentation & Regional Insights

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

North America was the largest region in the security testing market in 2023. Asia-Pacific is expected to be the fastest-growing region in the security testing market report forecast period. The regions covered in the security testing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth

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.

Key Industry Players

Major companies operating in the security testing market report are AT&T Inc., Cigniti Technologies Limited, International Business Machines Corporation, McAfee Corp, Micro Focus, Rapid7, Cisco Systems Inc., SecureWorks Inc., F-Secure Corporation, Data Theorem Inc., Hewlett Packard Enterprise Development LP, NTT Security AppSec Solutions Inc., Synopsys Inc., Veracode, Now Secure, Parasoft, ScienceSoft, WhiteHat Security, Kryptowire LLC, Accenture PLC, Aon plc, AppSec Labs, Bishop Fox, Capgemini SE, Check Point Software Technologies Ltd., Coalfire Systems Inc., Cybercom Group AB, Deloitte Touche Tohmatsu Limited, Ernst & Young Global Limited, FireEye Inc., Fortinet Inc., HCL Technologies Limited, Infosys Limited

The security testing market report table of contents includes: