Security Testing Market Size, Share & Trends Analysis Report 2020-2027
Global Security Testing Market was valued at USD 4.32 Billion in the year 2019, and it is anticipated to attain a CAGR of 26.8% over the forecast period to reach a market size of 7.15 billion by 2027. The key factors responsible for this exponential growth are increasing penetration of the Internet of Things (IoT) and BYOD (Bring Your Own Device). Moreover, increasing cybersecurity threats in Corporate premises has increased the need for improving data security and protection; thus, many companies are focusing on improving their data security.
The increasing adoption of Technology such as smartphone tablets and other communication devices in both public and private sectors as well as the government sector has increased a serious threat to the economy. The various government is focusing on adopting stringent data protection regulations to curb the threat.
Growing vulnerability in the current systems has proven that the current it and anti-Malware and antivirus programs are inefficient to cope with the modern threats. These programs are highly inefficient in protecting the sensitive data stored in the databases from cyberattacks. Therefore large organizations are deploying security testing tools to test the vulnerability of their data and create appropriate cybersecurity plans to protect that data from cyberattacks. Security testing tools can also be utilized for the identification and fixing of data vulnerabilities present in the databases.
The market has been segmented based on deployment type into on-premise, cloud, and hybrid. The cloud deployment segment is gaining attention since the last few years as cloud deployment is considered as a more secure option compared to on-premise deployment. However, the segment is still dominating the Global Security testing market, which companies are slowly moving towards the cloud and most of them are still using the on-premise solutions.
Hybrid deployment in walls hybrid deployment involves deployment of only the important and secured data such as customer information, payment details, etc. on a private cloud network. Therefore, this particular segment is expected to boost at a high growth rate in the upcoming few years.
Based on the type of security testing the market has been segmented into network security testing and application security testing. The application security testing segment is anticipated to grow at a higher CAGR in the upcoming few years, owing to the increase in the adoption of mobile applications and improvement in internet connectivity in developing countries.
The network security testing segment is expected to attract a moderate growth rate between 2020 and 2027, which involves testing and identification of potential vulnerabilities in the network infrastructure and fixing the vulnerabilities to provide a secure network across the organization.
Based on the type of tool used for security testing the market has been segmented into a web application testing tool, code review tool, penetration testing tool, software testing tool, and other testing Tool. The web application testing tool segment is anticipated to grow at a faster pace as the development and deployment of web applications is growing exponentially since the last few years.
Is the software testing tool segment is expected to attain a moderate growth rate as companies are you moving towards web application than deploying a standalone software as the former offers greater user experience and flexibility.
The type of individual the market has been segmented into government, BFSI, Healthcare, manufacturing, IT and Telecom, retail, and other end-user industries. The IT and telecom sector is the largest segment for security testing, as the companies in this sector offer numerous security testing services to Other industries. The importance of data security is very high in the BFSI sector for the demand for security testing is high in this particular sector.
The large scale adoption of E-commerce and e-tailing services significantly increased demand for customer data protection and payment security solutions. Which year millions of transactions are done online on E-Commerce websites, therefore, it becomes necessary for this website to implement strict customer data protection policies and utilize tools that ensure the data security. To grow at a high growth rate in upcoming previous moving to increasing adoption of e-commerce worldwide.
Global Security testing market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America region dominated the market in 2019, as the region is a dominant Technology hub with the presence of almost all major IT companies in Silicon Valley. The government has implemented stringent laws to protect and government data.
The importance of security testing is also increasing Asia Asian countries such as India; as India is the prime IT outsourcing hub for all major IT companies based worldwide. The Asia-pacific market is anticipated to witness sharp growth in the CAGR in the upcoming few years. Europe’s security testing market is growing at a moderate pace however the growth is anticipated to increase in the upcoming few years moving to an increase in the IT Adoption in the region.
The Global Security testing market is highly competitive and concentrated with a few dominant players leading the market. The companies in this market focus on strategic initiatives such as partnership and collaboration, mergers and acquisitions, and new product development to capture greater market share. Companies such as Accenture PLC, Cisco Systems Inc., Hewlett Packard Enterprise company, IBN Corporation, and McAfee LLC. Greater than market share in the Global Security testing market.
In the Global Security Testing Industry, the Asia Pacific region accounted for the highest Industry share in 2018 and is also considered as the fastest growing industry in the forecasted period owing to their Industry demands. At a country level, China and India in Asia-Pacific are projected to grow strongly in the coming years and China is expected to lead the demand for Security Testings in the Asia Pacific region.
Major market players in Security Testing Industry are Cisco Systems, Inc., Hewlett Packard Enterprise Company, International Business Machine Corporation, Qualys, Inc., Intertek Group PLC, Whitehat Security, Inc., Veracode, Inc., Checkmarx Ltd., UL LLC, Applause, Inc. and a brief overview of 11 companies is also provided in the report.
|Base year for estimation||2019|
|Actual estimates/Historical data||2017 – 2019|
|Forecast period||2020 – 2027|
|Market representation||Revenue in USD Billion & CAGR from 2020 to 2027|
|Regional scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Country scope||U.S., Canada, UK, Germany, France, China, India, Japan, South Korea, Taiwan, Brazil, Mexico, UAE, and KSA|
|Report coverage||Market size estimates and forecast, company market share analysis, competitive landscape, market dynamics, drivers, restraints, opportunities & challenges, qualitative analysis and trends|
|25% free customization scope (equivalent to 9 analysts working days)||Do you have any additional requirements? We can incorporate the same at no extra cost.|
Get a tailor-made report suitable to your budget. Connect with us to buy specific chapter, a country level report or just the datasheet of this report.