The global security testing market revenue was around US$ 9.30 billion in 2022 and is estimated to reach US$ 35.9 billion by 2031, growing at a compound annual growth rate (CAGR) of 16.2% during the forecast period from 2023 to 2031.
Security testing is a process that determines loopholes and flaws in the security mechanisms and aids in protecting data and maintaining the functionality of an information system. It includes system software, network, server-side applications, and client-side application securities, which help developers fix security hazards.
Market Driving Factors
The surge in frequency and complexity of cyber threats drive the market growth. This has made organizations prioritize their digital defense mechanisms. The vulnerabilities have been brought to highlighted by well-publicized data breaches and cyberattacks on companies and governmental organizations, which makes security testing a crucial part of modern risk management.
An increase in web and mobile-based business essential applications requiring higher secure endpoint protection boosts the market growth. Enterprises are adopting technologies, such as the Internet of Things (IoT), which has raised the attack surface. Enterprises allow workers to bring their own devices, such as smartphones and laptops to access company data and also deliver company-specific web and mobile-based applications for usage. These devices operate on the private network of the respective user, which is susceptible to different cyberattacks due to insufficient security.
Internal weaknesses lead to security breaches that impede market growth.
Regional Analysis
North America dominated the market in terms of the largest share and is estimated to maintain its dominance over the forecast period. This can be mainly attributed to the extensive digitalization across different industries that has propelled the requirement for strict security measures. Additionally, high-profile breaches have forced organizations to fund heavily in security testing services. Moreover, this region is a hub for several tech giants and financial institutions, which are prime targets for cyber threats. Thus, this drives the demand for cutting-edge security testing solutions.
Europe is predicted to dominate the market in terms of the growth rate. This is due to the evolving threat landscape and stringent regulatory needs. The region's diverse business landscape, ranging from multinational corporations to SMEs is surging recognizing the crucial importance of strong cybersecurity measures. Stricter data protection laws, such as the General Data Protection Regulation (GDPR), have made it essential to implement comprehensive security testing protocols, which have further driven the market's expansion. This region is investing heavily in cutting-edge testing methodologies, such as code review, penetration testing, and compliance testing.
Segmentation Insights
Type Insight
The application security segment is estimated to dominate the market in terms of growth rate. This growth is mainly due to the surging use of applications and software and applications in various industries. As a result, there is a substantial demand for robust security measures. The application security segment is composed of essential testing methodologies like code review and penetration testing, which aid in fortifying applications against potential vulnerabilities. Businesses are financing heavily in securing their digital asset as cyber threats become more sophisticated. This has led to remarkable segment growth.
Deployment Mode Insight
The cloud segment dominates the market in terms of the highest share. Businesses must safeguard these assets more and more as they move their critical data and processes to the cloud. This segment focuses on identifying vulnerabilities in cloud-based platforms, infrastructure, and services. Businesses are prioritizing strict security measures against potential cyber threats due to the significant increase in cloud adoption.
Size of Enterprise Insight
The Small and Medium Enterprises (SMEs) segment dominates the market. SMEs are placing a higher priority on strong security measures to protect their digital assets as a result of their increased awareness of the growing cyber risks. This segment offers customized security testing solutions in response to the particular requirements and financial limitations of smaller enterprises. SMEs are looking for all-encompassing protection against potential breaches as they integrate digitally more. This increased awareness is driving the SME segment to significant development and is a major factor in the overall growth of the security testing industry.
Industry Vertical Insight
The BFSI segment dominates the market in terms of the largest share. This sector encompasses banking, financial services, and insurance, which is experiencing rapid growth in the market. Ensuring the protection of large amounts of confidential financial information requires strong cybersecurity protocols. Strict compliance requirements enforced by regulatory authorities fuel the need for thorough security testing. BFSI institutions are heavily investing in penetration testing, compliance testing, and vulnerability assessments to strengthen their digital infrastructure.
Prominent Companies
Segmentation Outline
The global security testing market segmentation focuses on Type, Deployment Mode, Size of Enterprise, Industry Vertical, and Region.
By Type
By Deployment Mode
By Size of Enterprise
By Industry Vertical
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL SECURITY TESTING MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: SECURITY TESTING MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL SECURITY TESTING MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL SECURITY TESTING MARKET, BY TYPE
5.1 OVERVIEW
5.2 APPLICATION SECURITY
5.3 NETWORK SECURITY
5.4 DEVICE SECURITY
5.5 OTHERS
6 GLOBAL SECURITY TESTING MARKET, BY DEPLOYMENT MODE
6.1 OVERVIEW
6.2 CLOUD
6.3 ON-PREMISES
7 GLOBAL SECURITY TESTING MARKET, BY SIZE OF ENTERPRISE
7.1 OVERVIEW
7.2 SMALL & MEDIUM ENTERPRISES
7.3 LARGE ENTERPRISES
8 GLOBAL SECURITY TESTING MARKET, BY INDUSTRY VERTICAL
8.1 OVERVIEW
8.2 IT & TELECOM
8.3 BFSI
8.4 HEALTHCARE
8.5 E-COMMERCE & RETAIL
8.6 OTHERS
9 GLOBAL SECURITY TESTING MARKET, BY GEOGRAPHY
9.1 OVERVIEW
9.2 NORTH AMERICA
9.2.1 NORTH AMERICA MARKET SNAPSHOT
9.2.2 U.S.
9.2.3 CANADA
9.2.4 MEXICO
9.3 EUROPE
9.3.1 EUROPE MARKET SNAPSHOT
9.3.2 WESTERN EUROPE
9.3.2.1 THE UK
9.3.2.2 GERMANY
9.3.2.3 FRANCE
9.3.2.4 ITALY
9.3.2.5 SPAIN
9.3.2.6 REST OF WESTERN EUROPE
9.3.3 EASTERN EUROPE
9.3.3.1 POLAND
9.3.3.2 RUSSIA
9.3.3.3 REST OF EASTERN EUROPE
9.4 ASIA PACIFIC
9.4.1 ASIA PACIFIC MARKET SNAPSHOT
9.4.2 CHINA
9.4.3 JAPAN
9.4.4 INDIA
9.4.5 AUSTRALIA & NEW ZEALAND
9.4.6 ASEAN
9.4.7 REST OF ASIA PACIFIC
9.5 MIDDLE EAST & AFRICA
9.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
9.5.2 UAE
9.5.3 SAUDI ARABIA
9.5.4 SOUTH AFRICA
9.5.5 REST OF MEA
9.6 SOUTH AMERICA
9.6.1 SOUTH AMERICA MARKET SNAPSHOT
9.6.2 BRAZIL
9.6.3 ARGENTINA
9.6.4 REST OF SOUTH AMERICA
10 GLOBAL SECURITY TESTING MARKET COMPETITIVE LANDSCAPE
10.1 OVERVIEW
10.2 COMPANY MARKET RANKING
10.3 KEY DEVELOPMENT STRATEGIES
10.4 COMPETITIVE DASHBOARD
10.5 PRODUCT MAPPING
10.6 TOP PLAYER POSITIONING, 2022
10.7 COMPETITIVE HEATMAP
10.8 TOP WINNING STRATEGIES
11 COMPANY PROFILES
11.1 ACCENTURE PLC
11.1.1 OVERVIEW
11.1.2 FINANCIAL PERFORMANCE
11.1.3 PRODUCT OUTLOOK
11.1.4 KEY DEVELOPMENTS
11.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.2 COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION
11.2.1 OVERVIEW
11.2.2 FINANCIAL PERFORMANCE
11.2.3 PRODUCT OUTLOOK
11.2.4 KEY DEVELOPMENTS
11.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.3 DXC TECHNOLOGY COMPANY
11.3.1 OVERVIEW
11.3.2 FINANCIAL PERFORMANCE
11.3.3 PRODUCT OUTLOOK
11.3.4 KEY DEVELOPMENTS
11.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.4 IBM CORPORATION
11.4.1 OVERVIEW
11.4.2 FINANCIAL PERFORMANCE
11.4.3 PRODUCT OUTLOOK
11.4.4 KEY DEVELOPMENTS
11.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.5 MICRO FOCUS INTERNATIONAL PLC
11.5.1 OVERVIEW
11.5.2 FINANCIAL PERFORMANCE
11.5.3 PRODUCT OUTLOOK
11.5.4 KEY DEVELOPMENTS
11.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.6 NCC GROUP PLC
11.6.1 OVERVIEW
11.6.2 FINANCIAL PERFORMANCE
11.6.3 PRODUCT OUTLOOK
11.6.4 KEY DEVELOPMENTS
11.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.7 PALADION NETWORKS PRIVATE LIMITED
11.7.1 OVERVIEW
11.7.2 FINANCIAL PERFORMANCE
11.7.3 PRODUCT OUTLOOK
11.7.4 KEY DEVELOPMENTS
11.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.8. QUALYS, INC
11.8.1 OVERVIEW
11.8.2 FINANCIAL PERFORMANCE
11.8.3 PRODUCT OUTLOOK
11.8.4 KEY DEVELOPMENTS
11.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.9 RAPID7, INC
11.9.1 OVERVIEW
11.9.2 FINANCIAL PERFORMANCE
11.9.3 PRODUCT OUTLOOK
11.9.4 KEY DEVELOPMENTS
11.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.10 SYNOPSYS, INC
11.10.1 OVERVIEW
11.10.2 FINANCIAL PERFORMANCE
11.10.3 PRODUCT OUTLOOK
11.10.4 KEY DEVELOPMENTS
11.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.11 TRUSTWAVE HOLDINGS, INC
11.11.1 OVERVIEW
11.11.2 FINANCIAL PERFORMANCE
11.11.3 PRODUCT OUTLOOK
11.11.4 KEY DEVELOPMENTS
11.11.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.12 VERACODE, INC
11.12.1 OVERVIEW
11.12.2 FINANCIAL PERFORMANCE
11.12.3 PRODUCT OUTLOOK
11.12.4 KEY DEVELOPMENTS
11.12.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.13 WHITEHAT SECURITY, INC
11.13.1 OVERVIEW
11.13.2 FINANCIAL PERFORMANCE
11.13.3 PRODUCT OUTLOOK
11.13.4 KEY DEVELOPMENTS
11.13.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.14 WIPRO LIMITED
11.14.1 OVERVIEW
11.14.2 FINANCIAL PERFORMANCE
11.14.3 PRODUCT OUTLOOK
11.14.4 KEY DEVELOPMENTS
11.14.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.15 7SAFE LIMITED
11.15.1 OVERVIEW
11.15.2 FINANCIAL PERFORMANCE
11.15.3 PRODUCT OUTLOOK
11.15.4 KEY DEVELOPMENTS
11.15.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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