Market Overview
The reliance on the Internet for daily tasks has opened organizations and enterprises with a host of vulnerabilities. In order to counter the growing menace of cyberattacks, companies are relying on new methods for protecting their assets. Security testing is a type of software testing capable of discerning bugs or threats to the existing system architecture. Various types of security testing include risk assessment, posture assessment, security scanning, vulnerability scanning, ethical hacking, and others. The global security testing market report by Market Research Future (MRFR) covers the latest opportunities and threats encompassing the market.
Market Scope
The global security testing market is poised to touch a stupendous valuation of USD 8.69 Billion by 2023, expanding at a 15.72% CAGR over the forecast period (2018-2023). It is driven primarily by automation in the industrial sector. Migration to cloud services coupled with development of mobile and web applications is likely to drive market growth. Recent news of cyberattacks of enterprises is expected to propel the demand in the security testing market.
The rising trend of bring your own device (BYOD) policy in organizations which lets employees access emails and work at their own convenience is predicted to trigger the security testing industry demand. This is buttressed by the preference of smartphones or personal laptops for office work. Furthermore, policies such as the General Data Protection Regulation (GDPR)But low awareness levels of online attacks combined with installation of freeware can be detrimental to the market.
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Segmentation
The security testing market is segmented by service type, tool, deployment, and industry vertical.
By service type, the market is segmented into device security testing, network security testing, and application security testing industry. Application security testing is expected to gain traction over the assessment period owing to the rising dependence on applications for productivity or recreation. Development of policies which prioritize application security on a consistent basis is expected to bode well for the segment.
By tool, the market is segmented into penetration testing tools, automated testing tools, web testing tools, and others.
By deployment, the market is segmented into cloud and on-premise deployment.
By industry vertical, the market is segmented into healthcare, retail, government and public sector, BFSI, IT & telecommunication, and others. The government and public sector is predicted to be bountiful for the security testing market as sensitive data contained in government servers are vulnerable to threats. But the BFSI sector is anticipated to spark demand within the market due to safeguards required for protection against financial institutions.
Key Players
Prime players include UL LLC, WhiteHat Security, Qualys, Inc., Hewlett Packard Enterprise, IBM Corporation, Cisco Systems, Inc., Intertek Group Plc., Applause App Quality, Inc., Veracode, Checkmarx, and others.
Regional Outlook
The security testing market is dominated by North America due to various small and medium enterprises and large behemoths adopting various automation solutions. The North American region is expected to thrive owing to the U.S. and Canada.
Europe, on the other hand, is expected to exhibit a stable CAGR over the assessment period thanks to mushrooming of various data centers. Major contributing nations include Germany, the U.K., and the Netherlands. Change in data privacy regulations coupled with their strict implementation by these nations would be monumental in driving the regional security testing market.
Asia Pacific, on the other hand, is touted to exhibit a strong CAGR over the review period due to several policies focusing on digitization and adoption of wireless services. Continuous upgradation of telecommunication systems combined with introduction of new communication technologies in South Korea, China, and India can contribute to the market growth.
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Industry News
May 2019 – The evolution of communication networking technologies has in turn sparked the development of hardware and its security. Spirent Communications, one of the developers in security solutions, has decided to integrate the NetSecOPEN suite of programs into its cybersecurity platform for heightening its defenses. It can perform tests for security based on current standards.
About Market Research Future:
Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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