The security testing market was valued at USD 4.48 billion in 2022 and is expected to register a CAGR of 27.2% during the forecast period.
– The increasing adoption of IoT devices and BYOD (Bring Your Own Device) is stimulating market growth. As IoT-connected devices become an integral part of our daily lives, it is crucial that these devices undergo testing and establish a minimum baseline for security.
– With the penetration of mobile devices and ICT, various government and public enterprises are dependent on information infrastructure services. However, this dependency has become a vulnerable factor for numerous business enterprises, due to the rise in cybersecurity threats. Majority of the companies (and countries) realize that cyber threat is one of the most serious economic security challenges they face.
– It is becoming increasingly evident that traditional methods, such as anti-malware software, are no longer sufficient to keep sensitive information safe. To address this challenge, various progressive companies are fortifying their sensitive information with the cybersecurity strategy by using security testing tools for better protection. These security testing (ST) tools are used to identify and fix vulnerabilities in the system.
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Scope of the Report
Security testing is a type of software testing that intends to uncover vulnerabilities of the system and determine that its data and resources are protected from possible intruders. Security testing of any system is about finding all possible loopholes and weaknesses of the system that may result into a loss of information, revenue, and repute at the hands of the employees or outsiders of the organization.
Key Market Trends
Hybrid Segment to Gain Significant Importance over the Forecast Period
– While many companies are looking for simple security solutions through cloud deployment, the complicated nature of cyber threats is forcing enterprises to look beyond conventional security testing mechanisms to address their security needs. There is a need to incorporate strong security practices in every step of the software development lifecycle, which requires collaboration over the cloud.
– On the other hand, the companies are also required to run their security tools, and as a result, hybrid solutions have emerged as the most feasible solution for organizations.
– Large enterprises are subject to many compliance and internal regulations, and the security testing teams (both internal and outsourced) are required to use automatic security tools as part of the process of building applications and solutions.
– The recent proliferation of SaaS providers in the market has greatly impacted the enterprise architecture of the testing service providers.
North America to Hold Major Share
– The North American region is a technology hub. Therefore, the Federal government has made very stringent rules regarding security testing services. Moreover, it is made compulsory for industries, such as BFSI, to adhere to compliance testing.
– According to ITU, North America features as the most pro-active and committed region, in terms of cybersecurity-based initiatives. The GCI score given to the major countries (United States – 0.91 and Canada – 0.81) further reinforces their commitment toward building a robust cybersecurity framework, coupled with enhanced security testing methodologies.
– Moreover, the United States is increasingly focusing on cybersecurity at both the national and state level, notably for financial services firms. In addition, the region is home to prominent cloud service providers, such as Microsoft and Amazon, which is expected to play a significant role in the growth of cloud-based security testing.
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