Security Testing Market, By Service Type (Network Security Testing, Application Security Testing), Tools (Penetration, Web, Automated Testing Tools), Deployment (Cloud, On-Premise), Industry Vertical (Government, BFSI, Retail) — Forecast till 2027
ID: MRFR/SEM/5242-HCR | February 2021 | Region: Global | 100 pages
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Security Testing Market Synopsis
The security testing market was valued at USD 3.67 billion in 2017 and is expected to reach USD 8.69 billion by 2023 with a CAGR of 15.72%. Also, identification analyses that the data is secure from intruders and misuse. Through the security system, an organization can find all the loopholes in a system. The weakness of any system is revealed to prevent mistakes or errors. With the security testing application, there are plenty of benefits to any organisation. The benefits of this application is preventing loss of information, revenues and protecting information. The need for security testing is increasing due to various reasons.
There are web and mobile-based applications that require high security. Due to cyber attacks and advanced cyber threats securing these applications has become essential. The process of security testing is essential to provide the best user experience for the customers. The security testing solution is capable to identify the attacks and through the modes, cyber threats can occur. Through the application insights figuring exceptional end, a point security solution is possible. Plenty of user information is at stake with any application. However, the SME segment of this market protects such information. According to Security Testing Market Forecast Deployment of security testing will lead to high market value.
COVID ANALYSIS
The coronavirus pandemic is affecting industries from the economic and healthcare end. There is a lack of communication surging this pandemic. It creates advantageous scenarios for cybercriminals to retrieve crucial information. Also, the network data, IT, enterprise and government data breaches are causing massive financial losses. The primary motive is for monetary gain. The number of online scams, phishing and malware practices are immense in the last 5 months.
Due to the lockdowns and restrictions, many industries use online modes for transactions and various operations. Due to this, the adoption rate of security testing is increasing. Also, various banks and financial institutions are investing in security testing applications. It offers a secure network to work and share confidential information. The speedy adoption of security testing will create more opportunities post covid 19.
Market Dynamics
- Crucial Market Drivers
The rise in web-based applications is surging protection from the endpoint. Today, many technologies are rapidly adapting to new technologies. Especially, UOT is ruling the organisations. The connected devices market puts crucial user information at stake. Further, Cybercriminals can easily access information from these new technologies. It is leading to the adoption of security testing. With timely security testing preventing these vulnerabilities is possible. Further, no matter how secure a network is every organisation is facing cyber-attacks.
In recent times, cyber-attacks are highly advanced. Taking preventive steps is crucial to prevent these attacks that cause huge losses. Due to the increasing cyber concerns, many organisations adopt security testing at an earlier stage. This application enables the identification of all the loopholes that can attract cybercriminals. Fixing these security problems in advance can save the organisation from huge losses. Therefore, the high concerns of cyber attacks another crucial demand drive for the security testing market. These market drivers will bring favourable changes to the security testing market.
- Market Growth Opportunities
The initiatives by the government and digitalization will lead to plenty of growth opportunities. In the last few years, the transformation of enterprises to digitalization is immense. According to mart insights, more than 31% of the companies are already adopting digitalization. The use of AI, machine learning and IoT is bringing better changes in organisations. Through AI the businesses can track consumer preferences to make a great impact. Most of the consumers buy products that are according to their preferences.
Even the government encourages digitalization as there are plenty of benefits. The digital infrastructure of any organisation uses AI and IoT. However, these technologies are prone to cyber threats. The increasing rate of digitalization is raising the need for security testing in upcoming years. It is an exceptional opportunity for the security testing market to increase demand and profitability. Due to digitalization, awareness about security testing will increase. New end users will prefer security testing for secure processes and the user experience of customers. All these growth prospects will ultimately enhance security testing market size.
- The Market Restraints
The internal vulnerabilities in security testing applications will hinder the market growth. Software Security Testing can prevent possible cyber attacks and revenue losses by detecting errors in the system. However, this application is used by humans. Carelessness by humans and using the application for personal gain can lead to various problems.
Cybercriminals attack any system through phishing, emails and organisation files. According to Verizon, most of the attacks happen due to internal factors. More than 94% of the emails contain malware. An employee accessing these emails by mistake can lead to dangerous cyber attacks. Proper training for the employees is essential to prevent internal vulnerabilities. These restraints reduce the adoption rate of security testing in many regions.
- The Market Challenges
The cyber security requirements of any organization are continuously evolving. The new cyber attacks are dangerous and highly complex. Professional training is essential for preventing these attacks. The lack of professionals to handle cyber tacks in the organisation is a challenge. Also, there is a lack of experts to operate the cyber security testing application in an organisation.
The lack of professionals is hampering the demand for security testing solutions. The unfilled positions of these professionals are about 3.5 million worldwide. Also, the key players of this market are conducting training programs for IT security professionals. These workshops from the market players are expected to fix this challenge. However, this significant challenge of the security testing market can affect growth in the forecast period.
- Cumulative Growth Analysis
The Security Testing Market Trends is surging in the forecast period. Many factors contribute to this stable demand trend of the market. The rising web-based application is creating a need for security in many regions. Further, the growing cyber-attacks in many organizations are driving demand for security testing.
The internal mistakes by employees are a major restraint of the security testing market. Also, the lack of IT security professionals hampers the market growth. However, the digitalization of industries will lead to more development opportunities for the market. The governmental initiatives improve the overall market growth. Also, the demand for cloud-based security testing that will bring positive changes in the market.
- The Value Chain Analysis
North America is a region with an exceeding demand for security testing. It is a region that will be accountable for maximum security testing market shares. The technological advancements are exceptional in this region. It makes North America the early adopter of IoT, AI and other new technologies in industries.
Due to these developments, the need for security testing is higher. Digitization is expected to propel the growth rate in the forecast period. Also, the demand for cloud-based security solutions creates more revenue for the security testing market. It is a region that will contribute to the profitability of Security Testing Market Size.
Segment Overview
By Type
- Social Engineering
- Application Security Testing
- Device Security testing
- Network Security Testing
By Deployment Mode
- Cloud
- On-premise
By Organisation Size
- Large scale orgnsiation
- Small scale organisation
By End-User
- Education
- BFSI
- Retail
- Telecomm
- IT
- Healthcare
By Region
- Europe
- Asia pacific
- South America
- North America
- The Middle East and Africa
Competitive Landscape
Security testing market competition is severe in the forecast period. There are many key players in the market providing both the hardware and services for various sectors. The efficient services available in the market will lead to competition. Further, market expansion, partnerships and acquisitions are key strategies in the competitive landscape.
Regional Analysis
The crucial regions in the security penetration testing market are Asia Pacific, Europe and North America. North America will hold its dominance with the highest shares. The need for security testing in organisations is rising in this region. Also, due to the presence of top players the market will have much more developments. The Asia Pacific is the next largest security testing market with the fastest growth.
The development of security solutions is high in this region. Due to this, the need to detect potential loopholes is essential in this region. It is a region with a high expansion rate in the forecast period. Further, Europe is a region with merging enterprises. These enterprises both small and large have high requirements for security testing. All these regional players will witness high demand and revenue rates in the forecast period.
The key players of the security testing market are
- Now Secure
- IBM
- ImpactQA
- SecureWorks
- PortSwigger
- Synopsys
- LogRhythm
- Rapid7
- Kryptowire
- Micro Focus
- Data Theorem
- Cigniti
- ScienceSoft
- WhiteHat Security
- Parasoft
- McAfee
- Checkmarx
Recent Developments
- The key players of the security testing market are launching security testing solutions that can also analyse the network traffic. It is a technology that is useful for many organisations.
- The key players are including AWS with cloud security testing. It is accepted to increase productivity.
Market Overview
- Market overview highlights
- Analysis based upon COVID 19
- Explanation upon the Market Dynamics
- Value chain analysis
- Market segmentation overview
- The regional analysis
- Competitive landscape analysis
- Recent Developments
Report Scope:
| Report Attribute/Metric | Details |
|---|---|
| Market Size | USD 8.69 Billion |
| CAGR | 15.72% |
| Base Year | 2019 |
| Forecast Period | 2020-2027 |
| Historical Data | 2018 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Service Type, Tools, Deployment, Industry Vertical |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors |
|
| Key Market Opportunities | Considering the increasing need for data protection, efficient security systems are being deployed across various enterprises and industrial verticals. |
| Key Market Drivers |
|
Frequently Asked Questions (FAQ) :
At 165 CAGR, the security testing market can value at USD 9 Bn by 2023.
IBM Corporation (US), WhiteHat Security (US), Qualys Inc. (US), and Applause App Quality Inc. (US) are some major providers of security testing solutions.
Penetration testing tools, automated testing tools, and web testing tools are tools that are used for security testing.
Network security testing, device security testing, and application security testing are types of service provided under security testing.
The deployment rate of security testing solutions across enterprises is surging. It can impel the security testing market expansion in the year future.
