BANGALORE, India, Sept. 28, 2021 /PRNewswire/ -- The Security Testing Market is Segmented by Type (Network Security, Application Security, Device Security, and Others), Deployment Mode (On-Premise and Cloud), Enterprise Size (Large Enterprises and Small & Medium Enterprises), and Industry Verticals (BFSI, IT & Telecom, Healthcare, Retail & ECommerce, Education, and Others). The report covers global opportunity analysis and industry forecasts from 2021 to 2030. It is published in Valuates Reports under Software Category.
The global security testing market size was valued at USD 6.25 Billion in 2020 and is Projected to reach USD 36.78 Billion by 2030, growing at a CAGR of 19.2% from 2021 to 2030.
Security testing is a type of software testing that identifies vulnerabilities, threats, and risks in a software application and protects it from malicious intruder attacks.
The Major Factor Driving The Growth Of The Security Testing Are:
An increase in web and mobile-based business-critical applications requiring higher secure endpoint protection, as well as enterprises implementing security measures to prevent financial losses due to increased cyberattack sophistication, drives global security testing market growth.
The ability of the security testing market to identify all possible loopholes and weaknesses in the software system, which could result in a loss of information, revenue, or reputation at the hands of employees or outsiders of the organization, is driving its growth.
Stringent government regulations aimed at increasing the adoption of security testing solutions and services have a positive impact on security testing market growth.
Trends Influencing The Growth Of The Security Testing Market
In the aftermath of the COVID-19 pandemic, businesses are allowing employees to work from home using their own devices, such as laptops and smartphones, to access company data, as well as providing company-specific web and mobile-based applications for use. These external devices operate on the employee network, which is vulnerable to various cyberattacks due to insufficient security. As a result, companies are adopting security testing solutions to improve security and reduce various types of cyber-attacks, propelling the market's growth. Furthermore, growing cyberattacks, in-house data thefts, and other theft issues among organizations drive security testing market growth.
The increased number of cyberattacks on enterprises and government organizations attempting to access critical data has resulted in the implementation of stringent government guidelines aimed at protecting both companies and their client's sensitive data. Furthermore, in the aftermath of the COVID-19 pandemic, growing remote workforces all over the world have increased the number of cyberattacks on critical data of the organization, which in turn drives Security Testing Market growth. Furthermore, governments are enacting various regulations, such as standardizing security testing solutions in organizations and improving security testing training, which is propelling the Security Testing Market growth.
Furthermore, increased adoption of cloud-based security testing, as well as technological evolution and implementation of new technologies, such as DevOps, DevSecOps, and Agile in software security testing, are expected to provide lucrative opportunities for the Security Testing Market expansion during the forecast period.
Based on enterprise size, Large enterprises have the largest Security Testing Market share in terms of enterprise size because they have a large amount of data and even a minor data breach can cause the company a huge financial loss as well as a loss of image.
Based on deployment type, the cloud segment is expected to grow significantly in the coming years, owing to a paradigm shift in deployment methods from on-premise to cloud-based models among SMEs and some large-scale organizations. Furthermore, leading market players have been introducing various strategies to assist enterprises in transitioning from on-premise models to cloud-based models, providing a lucrative opportunity for the market.
Based on region, North America dominated the security testing market in 2020 and is expected to maintain its position throughout the forecast period. This is due to the presence of developed economies such as Canada and the United States, which place a premium on innovating existing solutions. However, Asia-Pacific is expected to exhibit the highest CAGR of 21.0% during 2021-2030.
- Mobile Application Security Testing Market contains segmentation By Type (On-Premises Mobile Application Security Testing, Cloud Mobile Application Security Testing), By Application (Government & Defense, BFSI, IT & Telecom, Healthcare, Retail, Manufacturing, Others) and Regional
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