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Security Testing Market to expand at a CAGR of 15.72% by 2032

Dec 12, 2023 10:00 PM ET

Security Testing Market to expand at a CAGR of 15.72% by 2032

Security Testing Market Insights

In 2022,  the security testing market size was estimated at USD 4.5 billion. According to projections, the Security Testing market industry will increase from USD 5.2074 billion in 2023 to USD 16.74512287 billion by 2032, with a compound yearly growth rate (CAGR) of 15.72% over the forecast period (2023-2032). The adoption of cloud-based security solutions, rising need for greater security due to an increase in cyberattacks, and the requirement for the protection of consumer data and web and mobile applications are the primary market drivers promoting industry growth.

Businesses are implementing technologies like BYOD and the Internet of Things (IoT), which has broadened the attack surface. Businesses permit staff members to use personal devices like laptops and cellphones to access company information and deliver company-specific online.

These devices operate on the user’s private network, which is vulnerable to different cyberattacks due to lax security. If any of these systems or applications are compromised, business-sensitive data will be exposed and used improperly. Such devices and applications should undergo timely security testing to check for vulnerabilities, which can aid in preventing and reducing potential cyber attacks.

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Additionally, there will be many prospects for growth as a result of government initiatives and digitalization. Enterprises have undergone a significant digitalization in the previous few years. Over 31% of businesses are already using digitization, according to market insights. Al, machine learning, and other technologies are being used to improve organisational changes.’

Businesses may track customer preferences using Al and have a significant impact. The majority of people purchase things that match their preferences.

Key Companies in the Security Testing market include

  • Cisco Systems Inc. (US)
  • Hewlett Packard Enterprise (US)
  • IBM Corporation (US)
  • Qualys Inc. (US)
  • WhiteHat Security (US)
  • Applause App Quality Inc. (US)
  • Veracode (US)
  • Checkmarx (Israel)
  • UL LLC (Netherlands)
  • Intertek Group PLC (UK)
  • Valency Networks Pvt Ltd (India)
  • Capgemini SE (France)
  • Wipro Limited (India)
  • Cognizant Technology Solutions Corp (US)
  • Infosys Limited (India)
  • Tata Consultancy Services Limited (India)

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Social engineering, application security testing, device security testing, and network security testing are the types of security testing that are segmented in the market. The market was controlled by the network security testing niche.

The Security Testing Market is segmented into Cloud and On-premises based on deployment mode. The market was controlled by the cloud sector.

Both large and small organisations are included in the segmentation of the security testing market depending on organisation size.

Based on end-user, the Security Testing Market is segmented into Education, BFSI, Retail, Telecomm, and IT. The BFSI market category was dominant.

The report breaks down the markets by region, covering North America, Europe, Asia-Pacific, and the rest of the world.

Due to the increased demand for security testing in organisations in this region, the North American Security Testing market will dominate. Additionally, the market will see a lot more developments thanks to the existence of leading competitors, which will accelerate market expansion in this Region.

Due to the necessity of finding potential security gaps in this region, Europe holds the second-largest market share for security testing. It is a region that will have rapid growth during the projection period. The UK Security Testing market had the quickest rate of growth in the European Region, and the German Security Testing market had the largest market share.

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