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Global Security Testing Market to Reach US$ 23.9 Billion by 2027, Propelled by the Rising Cases of Cybercrimes

Published on Sep 26, 2022

The latest report by IMARC, titled “Security Testing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, finds that the global security testing market size reached US$ 7.4 Billion in 2021. 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.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of the associated industries. These observations will be integrated into the report.

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$ 23.9 Billion by 2027, expanding at a CAGR of 21.7% during the forecast period (2022-2027).

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.
     

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