Security Testing Market

Security Testing Market Size & Growth (2021–2026)

The size of the Security Testing Market was around USD 5.57 Billion by revenue, at the end of 2020. It is expected to grow at a CAGR of 20.74% to reach close to USD 15.74 Billion by the end of the forecast period. This market is a rapidly-growing with majorly driven by the rising demand from IT & Telecom and BFSI industry verticals across the world, for the security of applications.

Recent Developments

Intel, a primary key participant of the security testing market, has announced the plans to open-source a new firmware security testing tool. The name of the device is HBFA known as Host -Based Firmware Analyzer. This project is expected to be formally introduced at the RSA 2019 security conference, San Francisco.

Drivers and Restraints:

The strict and mandatory rule from the governments of different countries which regulates compulsory testing is a significant driver to the growth of the market. Also, increased adoption of cloud-based web and mobile based applications which call for the need for improvement of security due to the interference of third-party is considered to be a major driving factor to the security testing market.

However, the high costs associated with the innovation and deployment cost affecting the budgets are the primary restraining factor to the security testing market in the forecast period. Also, the lack of awareness about cybersecurity and increased adoption of a freeware security application may pose some friction to the growth of the market for security testing market.

REPORT COVERAGE:

Request Sample

Market Segmentation

Security Testing Market - By Type

• Network
• Application
• Device

Application testing segment is the fastest growing and has accounted for the highest share in the market. This progress is attributed to the increased wed and mobile applications being susceptible to vulnerabilities and threats.

Security Testing Market - By Tool

• Penetration Testing
• Web Testing
• Automated Testing
• Code Review

The web penetration testing segment of tools for security testing is the largest in terms of value and volume in 2018 and is calculated to have the fastest growth rate in the forecast as mentioned earlier period. The growth is assisted by the growing cyberattacks on critical hardware and software applications of organizations.

Security Testing Market - By Deployment Mode

• Cloud
• On-Premises

Among the mentioned the cloud segment of deployment mode is the fastest growing in the forecast period due to the convenience it provides to both sides of the users.

Security Testing Market - By Organization Size

• SMEs
• Large Enterprises

The SMEs segment is anticipated to lead the market for security testing.

Security Testing Market - By Industry

• Government and Public Utilities
• BFSI
• Healthcare
• IT & Telecom
• Others.

BFSI and IT& Telecom sectors are estimated to be the top leading segments in the market for security testing. This is attributed to the implementation of technology in the banking and financial segment of the world.

Security Testing Market - By Region

By geography, the market is segmented as

• Latin America
• Europe
• Asia Pacific
• North America
• Middle-East & Africa.

North America region leads the global Security Testing market by both value and volume, as of 2019. The situation of all the market key players in this region is the main reason for its leading market position. However, this region is only the second fastest growing in the world following the Asia Pacific region. Europe is the second lead for Security Testing market in the year 2019. The presence of a vast customer base in and around this region is helping in the growth of the Security Testing market in Europe. Also, the technological supremacy of Europe and North America over the rest of the world is the vital condition which facilitates them to develop in this emerging field, creating the eye-catching performance in the market.

The Asia Pacific region is the next largest market share holder in the year 2019, in terms of value and volume. This region is expected to be the fastest growing regional market for Security Testing owing to the future opportunities offered in this region and interest shown from the top leading key companies in the Asia Pacific region, mainly towards India, China, and Japan which is the cause for such growth rate. The regional advantages offered this region, such as ease of setup and cheap resources, and a large number of skilled populations is a significant reason for this region’s advancement in the market.

On the other hand, the Middle East & Africa and Latin America regions, being in the low developing countries due to the contribution of low GDP countries, have fewer opportunities for market growth. Hence, the Security Testing Market grows at a slow pace in these regions.

Security Testing Market Key Market Players:

By the end of 2019 Capgemini SE, Cisco Systems Inc., Wipro Limited, Hewlett Packard Enterprise, Valency Networks Pvt Ltd, IBM Corporation, Hexaware Technologies Limited, Qualys Inc., Symetrics, WhiteHat Security, Beyond Security, TraceSecurity, Applause App Quality Inc., Accenture, Cognizant Technology Solutions Corp, Rohde & Schwarz UK Ltd, Infosys Limited, CloudBees, Tata Consultancy Services Limited, McAfee, Veracode, Zensar Technologies Limited, Checkmarx, PortSwigger, UL LLC, Cenzic, and Intertek Group Plc are the leading shareholders of the market for Security Testing.