Security Testing Market Size - By Type (Network Security, Application Security, Device Security), Enterprise Size (SMEs, Large Enterprises), Deployment Model (On-premises, Cloud), Industry Vertical, Regional Outlook & Global Forecast 2024 - 2032
Published Date: March - 2025 | Publisher: MIR | No of Pages: 240 | Industry: Media and IT | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationSecurity Testing Market Size
Security Testing Market size was approximately USD 8.9 billion in 2023 and is anticipated to grow at a CAGR of 20.5% during the forecast period from 2024 to 2032. The increasing occurrence and magnitude of data breaches have driven the need for security testing services. Organizations are more investing in overall security testing to find vulnerabilities, guard confidential information, and ensure compliance with regulations.
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As per IBM July 2023 report, the worldwide average cost of data breaches in 2023 is USD 4.45 million, up by 15% in three years. The average organization savings from widely using security AI and automation are USD 1.76 million compared to organizations that do not. 51% of the companies plan to increase their security spend by investing in Incident Response (IR) planning & testing, employee training, and leveraging advanced threat detection & response tools.
| Report Attribute | Details |
|---|---|
| Base Year | 2023 |
| Security Testing Market Size in 2023 | USD 8.9 Billion |
| Forecast Period | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR | 20.5% |
| 2032 Value Projection | USD 46.1 Billion |
| Historical Data for | 2018 - 2023 |
| No. of Pages | 250 |
| Tables, Charts & Figures | 337 |
| Segments covered | Type, enterprise size, deployment model, and industry vertical |
| Growth Drivers |
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| Pitfalls & Challenges |
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What are the growth opportunities in this market?
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The rise in cyberattacks has raised the demand for security testing services. With the fear of data breaches and system weaknesses, organizations are also ramping up their efforts on cybersecurity. To illustrate, Iranian hackers launched a cyberattack against Israel's railway system in September 2023, using a phishing campaign to hack into the electrical infrastructure. The attack also reportedly hit companies in Brazil and the UAE, highlighting the extent of global reach and possible consequences of such cyberattacks.
The security testing industry is confronted with a big challenge owing to the lack of experienced security experts. The need for effective cybersecurity solutions is on the rise; nonetheless, sufficient professionals are not present to carry out complete security testing. This shortage will slow down the timely detection and reduction of vulnerabilities, thereby keeping organizations vulnerable to probable threats. Filling this skills gap is crucial in order to address the rising demand for security testing services and strengthen digital defenses properly.
COVID-19 Impact
COVID-19 pandemic has had several positive effects on the security testing industry since the abrupt transition to remote work and greater dependence on digital platforms laid bare the vulnerabilities. Due to the increased cyber threats, organizations accelerated their investments in security testing to tighten the defenses. The need for services such as penetration testing, vulnerability scans, and incident response skyrocketed. This highlighted the pivotal role of security testing in the protection of remote workspaces and business continuity.
Security Testing Market Trends
Growing use of cloud technologies is the latest trend in security testing. With more businesses transferring their data and applications to the cloud, they encounter new security challenges. Cloud security testing solves the challenges by testing cloud infrastructure & services, detecting vulnerabilities, and fulfilling compliance requirements. It helps organizations protect sensitive data, maintain the integrity of applications, and mitigate risks associated with cloud-based operations, addressing a fundamental aspect of modern cybersecurity in the digital age.
The security testing industry is also witnessing a notable trend of AI and automation. AI-driven tools and automated processes enhance the efficiency & effectiveness of security testing. For example, in September of 2023, Code Intelligence announced CI Spark, a security testing product based on Large Language Models (LLMs). CI Spark uses LLMs to automatically identify vulnerabilities and suggest test code, leveraging generative AI to automatically build fuzz tests and augment AI-based white-box testing functionality. This trend will enable companies to anticipate and address security concerns, better keeping up with the changing threat environment and thus building a stronger cybersecurity stance.
Security Testing Market Analysis
Discover more about the major segments defining this market
On the basis of deployment model, the cloud segment accounted for more than 68% of the market share in 2023. With more and more businesses embracing cloud technologies, the requirement to protect data and applications in such an environment becomes of prime concern. Cloud security testing services are likely to see growing adoption to protect data privacy, integrity, and regulatory compliance.
With the scalability and flexibility of the cloud, organizations must use strong security testing tools to detect vulnerabilities and defend against the dynamic cyber threats. This will drive the growth of the cloud segment in the market. For example, in June 2023, Honeywell introduced the Honeywell Digital Prime solution, a cloud-based digital twin for secure & efficient testing. The solution enables users to test regularly for better results.
Find out more about the most influential segments driving this market
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By industry vertical, the BFSI segment had 25% of the security testing market share in 2023. The industry processes huge amounts of sensitive data and transactions, which is why it is a favorite target for cyber attacks. In order to protect customer data and build trust, BFSI firms are investing more in security testing services. Regulatory requirements also drive segment growth as institutions need to adhere to strict data protection regulations. In order to address the BFSI industry's specific security issues and its interest in guaranteeing sound cybersecurity practices, the segment is experiencing market growth.
Searching for region specific data?
North America security testing market size accounted for 36% of the revenue in 2023. It has numerous technology-based companies and financial institutions, which are the primary vulnerable targets for cyber attacks. Data privacy regulations and regulatory frameworks like GDPR and CCPA are encouraging organizations to spend on security testing. The growing popularity of cloud-based technologies and IoT devices also contribute to the heightened demand for comprehensive security solutions, and hence, North America stands out as a leading market for security testing services.
Security Testing Market Share
Synopsys, Veracode, and Checkmarx Ltd. hold the largest positions in the security testing market because of their high-end, exhaustive solutions. Synopsys has a broad range of security testing tools such as static and dynamic analysis. Veracode offers cloud-based application security testing with an emphasis on scalability. Checkmarx is a leader in static application security testing. Their established market positions, technical expertise, and strong customer bases position them as market leaders since they emphasize solid security practices amid increasing cyber threats and compliance needs.
Security Testing Market Companies
The major companies operating in the security testing industry are
Security Testing Industry News
- In July 2023, New Relic unveiled the public preview of Interactive Application Security Testing (IAST), enhancing traditional security testing by offering comprehensive visibility, contextual information, and advanced accuracy with minimal false positives.
The security testing market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) from 2018 to 2032 for the following segments
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Market, By Type
- Network Security
- Application Security
- Device Security
- Others
Market, By Enterprise Size
- SMEs
- Large Enterprises
Market, By Deployment Model
- On-premises
- Cloud
Market, By Industry Vertical
- BFSI
- Healthcare
- Education
- IT & Telecom
- Retail & E-commerce
- Others
The above information has been provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Netherlands
- Asia Pacific
- China
- India
- Japan
- South Korea
- Australia
- Southeast Asia
- Latin America
- Brazil
- Mexico
- Argentina
- MEA
- South Africa
- UAE
- Saudi Arabia
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