Security Testing Market By Tools (Automated Testing Tools, Penetration Testing Tools), By Organization Size (Large Companies, Small And Medium Businesses), By Type (Network Security Testing, Social Engineering), By Deployment Model (Cloud-Based, On-Premise), By Vertical (BFSI, Healthcare), And Regio

Security Testing Market Valuation – 2024-2031

The Security Testing Market expansion increasing government data security compliances, increased cloud use by small and medium-sized organizations as well as large enterprises, and growing cyberattack threats are some of the primary reasons driving growth. The market size surpass USD 9.61 Billion valued in 2023 to reach a valuation of around USD 34.26 Billion by 2031.

Furthermore, in the Security Testing Market increasing development of mobile-based, web-based, and desktop-based applications, as well as their high rate of deployment in various industry sectors, growing government investments to accelerate the Security Testing Market, and increasing adoption of application security testing by all types of organizations to detect Advanced Persistent Threats (APT) and vulnerabilities, will exacerbate. The rising demand for cost-effective and efficient time attendance software is enabling the market grow at a CAGR of 19% from 2024 to 2031.

Security Testing MarketDefinition/ Overview

Security testing is an important part of the software development process. Its major job is to detect and remove vulnerabilities, weaknesses, and risks that may harm a software application. Consider it a security guard for your software, meticulously inspecting its defenses for any flaws or gaps that a bad actor could exploit.

Security testing extends beyond simply confirming that the product works properly. It investigates the application’s security measures, assesses its capacity to survive various attacks and determines whether it meets set security criteria.

This testing procedure may include simulating hacker assaults, examining the application’s code for security problems, and using specialized tools to search for vulnerabilities. By proactively identifying and addressing these security flaws before the program is deployed, developers can dramatically reduce the risk of data breaches, unauthorized access, and malfunctions caused by malicious behavior.

Will Rise in Cyber-attacks Increase Application of Security Testing Solutions?

The Security Testing Market provides faster, more efficient solutions for increasing

applications in the rising frequency and severity of cyberattacks are growing number and sophistication of cyberattacks is a primary driver of the Security Testing Market. As hackers create new tactics to exploit vulnerabilities, enterprises acknowledge the importance of rigorous security testing in order to stay ahead of the curve. Security breaches may be extremely costly, both financially and reputationally, so preventive procedures such as security testing are critical.

Many industries face stringent data privacy and security rules, such as GDPR (General Data Protection Regulation) and HIPAA (Health Insurance Portability and Accountability Act). These requirements frequently require regular security testing to verify compliance and avoid costly fines or penalties. Security testing enables firms to demonstrate their commitment to data protection while also meeting regulatory requirements.

The expanding trend of digital transformation and cloud adoption broadens enterprise’s attack surfaces. As more applications and data come online, the requirement for comprehensive security testing grows. Security testing assists firms in identifying and addressing vulnerabilities in their cloud-based infrastructure and apps, thereby limiting the risks associated with digital transformation.

How are New Technologies Challenging Security Testing Market?

The Security Testing Market faces several significant challenges that impact its effectiveness and growth. One major concern is the changing nature of cyber threats and attack routes. As hackers create more complex strategies to exploit vulnerabilities, security testing methods must adapt and change to keep up. This necessitates ongoing research and development efforts to uncover new risks and create effective testing procedures for dealing with them.

Modern IT environments are complicated and diverse. With the rise of cloud computing, mobile devices, Internet of Things (IoT) devices, and hybrid architecture, doing comprehensive security testing across all layers and components of an organization’s IT ecosystem has become increasingly difficult. Ensuring the interoperability and compatibility of security testing tools and procedures across varied contexts is a key challenge for security professionals.

Category-Wise Acumens

How Small And Medium Businesses (SMEs) Segment is Categorized the Significant Growth for the Security Testing Market?

The Security Testing Market, namely the segment catering to Small and Medium-sized Enterprises (SMEs), is expected to have substantial expansion, with a higher Compound Annual expansion Rate (CAGR) during the forecast period. SMEs are increasingly preferring cloud-based solutions over traditional on-premises networking choices due to their inherent flexibility and cost-effectiveness. This choice arises from the capacity of cloud-based solutions to provide scalable and configurable security measures that adhere to SMEs’ budgetary limits while addressing their changing needs.

Cyber attackers frequently target SMEs in order to infiltrate applications and obtain unauthorized access to important customer information, payment details, and other sensitive data. Recognizing the potential consequences of such breaches, there is an increasing need for SMEs to strengthen their defenses and safeguard their business applications from vulnerabilities. Deploying advanced security testing solutions is emerging as a critical approach for SMEs to strengthen their cyber defenses and protect their precious assets from hostile exploitation.

Cyber criminals routinely target SMEs with the goal of infiltrating apps and gaining unauthorized access to sensitive data such as client information and payment details. Recognizing the potential impacts of such breaches, there is a growing need for SMEs to tighten their defenses and protect their business applications from vulnerabilities. Deploying advanced security testing solutions is emerging as a vital strategy for SMEs to enhance their cyber defenses and protect their valuable assets from hostile exploitation.

How does the BFSI Vertical Hold the Largest Market Size for Security Testing Market?

The banking, financial services, and insurance (BFSI) vertical is expected to hold the biggest market share in the Security Testing Market over the projection period. This dominance is supported by significant operational transformations in the BFSI sector aimed at improving the client experience through improved technological adoption.

However, these advancements have increased the BFSI vertical’s susceptibility to cybersecurity threats, as hackers seek to exploit vulnerabilities and gain unauthorized access to sensitive information such as personal data, financial accounts, and credit card details.

In response to these expanding cyber threats, financial institutions in the BFSI sector are actively pursuing comprehensive security solutions to eliminate vulnerabilities and protect their assets and customers’ data. Continuous investigation and use of security testing solutions are emerging as critical tactics for the BFSI sector to strengthen its cyber defenses and protect the integrity and security of its operations.

By investing in thorough security testing, BFSI institutions may efficiently detect and address vulnerabilities in their systems and applications, increasing resistance tocyber-attacks and maintaining the trust and confidence of their customers and stakeholders.

Gain Access into Security Testing Market Report Methodology

Country/Region-wise Acumens

Will United States Hold the Highest Market Share for the Security Testing Market?

The United States is the main market for security testing demand, which is predicted to grow at a CAGR of more than 20% from 2023-2031. The country’s market is predicted to achieve a value of USD 21.1 Billion. Unprecedented levels of cyber-attacks have led to an increase in government rules for security testing. In 2021 alone, 45 states and Puerto Rico introduced or discussed approximately 250 cybersecurity-related bills and resolutions, with 36 states passing them.

In 2022, the US Department of Justice announced changes to their policy regarding charges under the Computer Fraud and Abuse Act, stating that “good-faith security research” will no longer be charged. This policy provides security testers and owners with legal protection against hacking for testing purposes. The US security testing business is estimated to have an absolute dollar opportunity of USD 17.8 Billion.

Will Europe Prove Favorable for the Security Testing Market?

In the Security Testing Market, Europe emerges as a developing region, accounting for a significant 25.1% market share and a market value of USD 10.8 Million. This expansion is being driven by legal initiatives such as the General Data Protection Regulation (GDPR), which was introduced by the European Union (EU) in 2018. The GDPR, a comprehensive privacy and safety law, emphasizes the necessity of security testing and recommends its regular implementation. However, the law gives flexibility for interpretation by leaving out particular information, allowing specialist courts to make educated conclusions about security testing techniques.

Despite its withdrawal from the European Union (EU), the UK maintains strict data privacy regulations through the implementation of the UK GDPR. This law, like its EU counterpart, specifically acknowledges and recommends the use of security testing procedures. Notably, a 2021 statement from regulatory authorities underlines the significance of regular penetration testing as part of overall security testing methods. This legislative landscape emphasizes the importance of security testing in protecting sensitive data and preserving privacy norms in European markets, boosting demand for advanced security testing solutions and services.

Competitive Landscape

The Security Testing Market is a dynamic and competitive space, characterized by a diverse range of players vying for market share. These players are on the run for solidifying their presence through the adoption of strategic plans such as collaborations, mergers, acquisitions, and political support.

The organizations are focusing on innovating their product line to serve the vast population in diverse regions. Some of the prominent players operating in the Security Testing Market include

Qualys, Inc., Cisco Systems, Inc., Intertek Group PLC, Hewlett Packard Enterprise Company, Applause, Inc., IBM Corporation, UL LLC, Checkmarx Ltd., Whitehat Security, Inc., Veracode, Inc., Synopsys, Inc., Open Text (Micro Focus), Rapid7, Trustwave Holdings, Inc., SecureWorks Inc., Cigniti, McAfee, LLC, Parasoft, Data Theorem, Inc., ImpactQA, NowSecure, Kryptowire.

Latest Developments

• In October 2023, Checkmarx, a leading supplier of cloud-native enterprise application security solutions, will announce its Checkmarx Technology Partner program. This initiative enables enterprises to easily upgrade the primary AppSec platform by incorporating a variety of features from technology partners.
• In July 2023, New Relic announced a public IAST preview. This security testing tool improves insights, reduces false positives, and enables guided remediation. Engineers and security teams can use a free 30-day trial to prioritize genuine dangers, resolve issues faster, and ship secure code with confidence.
• In April 2023, Synopsys launched Software Risk Manager, an ASPM solution. It standardizes application security testing across projects and connects with a variety of AST tools, including Synopsys’ commercial and open-source offerings. This enables security and development teams to apply common application security rules.
• In June 2022, Inspectiv reported that company has raised USD 8.6 Million in funding in its Series A round, increasing the total amount raised to USD16 Million. The company intends to use the cash raised to further their research efforts into the application of artificial intelligence in security research and monitoring.

Report Scope

Security Testing Market, By Category

Tools

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

Organization Size

• Large Companies
• Small And Medium Businesses

Type

• Application Security Testing
• Network Security Testing
• Device Security Testing
• Social Engineering

Deployment Model

• Cloud-Based
• On-Premise

Vertical

• Government
• It And Telecom
• Banking, Financial Services, And Insurance (BFSI)
• Retail
• Healthcare
• Energy And Utilities

Region

• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

Research Methodology of Market Research

To know more about the Research Methodology and other aspects of the research study, kindly get in touch with our sales team.

Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players• The current as well as future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes an in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post sales analyst support

Customization of the Report

• In case of any  please connect with our sales team, who will ensure that your requirements are met.