Global Security Testing Market to Reach US$ 54.3 Billion by 2032, Propelled by the Rising Cases of Cybercrimes

September 26, 2022 | Technology & Media

The latest report by IMARC, titled “Security Testing Market Report by Type (Application Security Testing, Network Security Testing, Device Security Testing, Social Engineering, and Others), Testing Tool (Web Application Testing Tool, Code Review Tool, Penetration Testing Tool, Software Testing Tool, and Others), Deployment Mode (On-premises, Cloud-based), End User (BFSI, Healthcare, IT and Telecom, Retail and E-Commerce, Education, and Others), and Region 2024-2032”, finds that the global security testing market reached a value of US$ 10.9 Billion in 2023. Security testing refers to a system that discovers threats, vulnerabilities, and risks in a software application, thus preventing malicious acts from intruders. Security tests are used to uncover all possible weaknesses and loopholes of the software system, which may possibly lead to a loss of information, reputation, and revenue. In recent years, security testing has gained momentum as it maintains the functionality of an information system. As a result, it is majorly employed in the small, medium, and large-scale industries.

Global Security Testing Market Trends:

One of the primary factors driving the market is the rising cases of cybercrimes due to the growing trend of automation in various industry verticals and rapid digitalization. Additionally, the increasing trend of work-from-home models, on account of the sudden outbreak of coronavirus disease (COVID-9), has offered network connections to various devices with different security controls, thus increasing security concerns. This, along with the extensive adoption of cloud-based security testing and the development and innovation of new technologies, is creating a positive market outlook. Furthermore, the growing penetration of mobile applications and the Internet of Things (IoT) has escalated the demand for security testing to provide integrity, confidentiality, authentication, authorization, and non-repudiation. Apart from this, governments of various nations are focusing on the introduction of various new technologies in software security testing, including DevSecOps, DevOps, and Agile. Moreover, with the exponential growth in the e-commerce industry, organizations are opting for security testing solutions that help reduce the threat landscape by assisting developers in fixing these security threats. Looking forward, IMARC expects the market value to reach US$ 54.3 Billion by 2032, expanding at a CAGR of 18.9% during the forecast period (2024-2032).

Market Summary:

  • Based on the type, the market has been divided into application security testing, network security testing, device security testing, social engineering, and others. Currently, network security testing represents the largest market segment.
  • On the basis of the testing tool, the market has been segmented into web application, code review, penetration testing, software testing, and other tools. Penetration testing tools currently dominate the market.
  • Based on the deployment mode, the market has been bifurcated into on-premises and cloud-based. At present, cloud-based security testing accounts for the majority of the overall market share.
  • On the basis of the end user, BSFI exhibits a clear dominance in the market. Other major segments are healthcare, IT and telecom, retail and e-commerce, and education.
  • Region-wise, North America (the United States and Canada) holds the leading position in the market. Other major regions include Asia-pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Itay, Spain, Russia and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
  • The competitive landscape of the market has also been analyzed, with some of the key players being Accenture plc, Applause App Quality Inc., Checkmarx Ltd., Cisco Systems Inc., HelpSystems LLC, Hewlett Packard Enterprise Development LP, International Business Machines Corporation, McAfee LLC, Nippon Telegraph and Telephone Corporation, OffSec Services Limited, Qualys Inc. and Veracode Inc.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Type, Testing Tool, Deployment Mode, End User, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Accenture plc, Applause App Quality Inc., Checkmarx Ltd., Cisco Systems Inc., HelpSystems LLC, Hewlett Packard Enterprise Development LP, International Business Machines Corporation, McAfee LLC, Nippon Telegraph and Telephone Corporation, OffSec Services Limited, Qualys Inc. and Veracode Inc.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
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Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Global Security Testing Market to Reach US$ 54.3 Billion by 2032, Propelled by the Rising Cases of Cybercrimes
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