According to the latest report by IMARC Group, titled, “Security Testing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, The global security testing market size reached US$ 7.4 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 23.9 Billion by 2027, exhibiting a growth rate (CAGR) of 21.7% during 2022-2027.
Market Overview:
Security testing refers to a process utilized to identify loopholes and flaws in the security mechanisms that protect data and maintain the functionality of an information system. Such testing systems offer confidentiality, authentication, authorization, integrity, non-repudiation, etc. They also safeguard software, applications, data, resources, etc., against threats, malicious attacks, and vulnerabilities. Moreover, security testing aids in detecting possible security hazards that can lead to the loss of information or damage to an organization’s reputation. Some of the key areas of security testing include network, client-side application, system software, server-side application securities, etc.
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Market Trends
The sudden outbreak of the COVID-19 pandemic and the implementation of lockdowns across the globe are encouraging organizations to adopt remote working models for maintaining business continuity. In line with this, the growing security concerns, enabled by the increasing digitization of work functions and operations, are driving the security testing market. Additionally, the escalating threat of cybersecurity attacks resulting in substantial financial losses to individuals, enterprises, and government agencies, is also bolstering the product demand. Besides this, the growing prominence of online banking services and e-commerce platforms, coupled with the rising product demand from the banking, financial services, and insurance (BFSI) sector, is expected to drive the global security testing market over the forecasted period.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
- 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
- Veracode Inc.
The report has segmented the market based on type, testing tool, deployment mode and end user.
Breakup by Type:
- Application Security Testing
- Network Security Testing
- Device Security Testing
- Social Engineering
- Others
Breakup by Testing Tool:
- Web Application Testing Tool
- Code Review Tool
- Penetration Testing Tool
- Software Testing Tool
- Others
Breakup by Deployment Mode:
- On-premises
- Cloud-based
Breakup by End User:
- BFSI
- Healthcare
- IT and Telecom
- Retail and E-Commerce
- Education
- Others
Breakup by Region:
- North America
- Asia-Pacific
- Europe
- Latin America
- Middle East and Africa
Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
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