Security Testing Market - Forecast(2024 - 2030)

Security Testing Market Overview:

Security Testing Market size is estimated to reach $29 billion by 2030, growing at a CAGR of 17.6% during the forecast period 2024-2030. The escalating cyber threat landscape, rapid adoption of digital transformation, the increasing adoption of cloud computing and mobile applications are propelling the Security Testing Market growth.

Additionally, the growing demand for cloud security testing is creating substantial growth opportunities for the Security Testing Market. These factors positively influence the Security Testing industry outlook during the forecast period.

Market Snapshot:

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Security Testing Market - Report Coverage:

The “Security Testing Market Report - Forecast (2024-2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Security Testing Market.

COVID-19 / Ukraine Crisis - Impact Analysis: 

• The COVID-19 pandemic catalyzed the demand for security testing as remote work and increased digital interactions exposed vulnerabilities. Organizations rushed to ensure secure remote access, leading to a surge in security testing services. However, budget constraints and disrupted operations in some sectors slowed market growth. The pandemic highlighted the need for robust cybersecurity measures, fueling long-term investment in security testing to withstand evolving cyber threats.

• The Ukraine crisis had limited direct impact on the security testing market, but its geopolitical implications led to increased awareness of potential cyber disruptions. Heightened tensions motivated organizations to reinforce their cybersecurity strategies, including more thorough security testing to safeguard against state-sponsored cyberattacks. The crisis underscored the importance of proactive security measures, driving interest in advanced security testing tools and strategies to ensure digital resilience in the face of geopolitical uncertainties.

Key Takeaways:

• Fastest Growth Asia-Pacific Region

Asia-Pacific is expected to grow with the highest CAGR of around 20.5% during the forecast period 2024-2030 owing to rapid digitalization, widespread adoption of cloud services and the surge in IoT devices have created an expansive attack surface. Heightened cyber threats have magnified the importance of security testing. Additionally, the region's diverse industries, from finance to manufacturing, are recognizing the need for proactive cybersecurity measures. This confluence of factors has accelerated demand for comprehensive security testing services, positioning Asia-Pacific as a burgeoning hub for security solutions providers and innovation in the field.

• Small and Medium-Sized Enterprises (SMEs) Register the Fastest Growth

Small and Medium-Sized Enterprises (SMEs) segment is expected to grow with the highest CAGR of 19.4% during the forecast period. The dynamic cybersecurity landscape has prompted SMEs to prioritize their digital security. Recognizing the potential impact of breaches on their reputation and operations, SMEs are increasingly investing in security testing. Cost-effective solutions tailored to their scale and budget constraints are in high demand. This surge in awareness and need for proactive measures positions SMEs as the fastest-growing segment in the security testing market, fostering a robust ecosystem of security solutions catering to their specific requirements.

•  BFSI is Leading the Market

BFSI held the largest market share in 2023 owing to its crucial role in managing financial transactions and sensitive data. With increasing cyber threats and stringent regulatory standards like PCI DSS and Basel III, the BFSI industry invests substantially in security testing. Protecting customer trust and financial assets drives continuous evaluation of vulnerabilities. This sector's dominant position within the market reflects its commitment to maintaining a robust cybersecurity posture amidst evolving threats, making it a significant driver of security testing advancements.

• The Escalating Cyber Threat Landscape

The relentless surge in sophisticated cyber threats, including ransomware, data breaches, and evolving attack vectors, serves as a catalyst propelling the security testing market. Organizations, acutely aware of the potential financial losses, reputational damage, and regulatory consequences of security breaches, are compelled to prioritize robust security testing. This proactive approach allows them to identify vulnerabilities, shore up defences, and pre-emptively address weaknesses in their digital infrastructure. The escalating cyber threat landscape has become a pivotal driver, making security testing an indispensable strategy in the battle against cybercrime.

• The Surge in Adoption of Digital Transformation  

The swift integration of digital technologies, cloud computing, and IoT devices has expanded the attack surface for cyber threats. This accelerating digital transformation across industries necessitates vigilant security testing to identify vulnerabilities in the evolving landscape. Organizations, in their pursuit of efficiency and innovation, must also ensure the resilience of their systems. The demand for security testing arises from the need to safeguard critical data, protect customer trust, and maintain operational continuity amidst rapid technological change. The security testing market thrives as a crucial ally in the journey of digital transformation.

• Shortage of Skilled Security Testers Hamper the Market Growth

The scarcity of proficient security testers poses a significant challenge to the security testing market. The complexity of modern cyber threats demands specialized skills to identify vulnerabilities effectively. Organizations struggle to find skilled experts capable of conducting thorough assessments and interpreting results accurately. This shortage hampers timely vulnerability identification and resolution, leaving systems exposed to potential breaches.

Security Testing Market Share (%) By Region, 2023

Key Market Players:

Product/Service launches, approvals, patents and events, acquisitions, partnerships and collaborations are key strategies adopted by players in the Security Testing Market. The top 10 companies in this industry are listed below:

1. Secureworks Inc.

2. IBM Corporation

3. AT&T Inc.

4. Micro Focus International plc

5. Cigniti Technologies Ltd 

6. Rapid7, Inc.

7. Synopsys, Inc.

8. Cisco Systems, Inc.

9. Fortra, LLC

10. NTT Security Holdings

Scope of the Report: