According to a recent industry study by Future industry Insights, the global security testing market was valued at US$ 7.9 billion in 2021 and is projected to grow to US$ 27 billion by 2032. According to the report’s conclusions, the BFSI sector is expected to continue to be the largest source of revenue. Large volumes of extremely sensitive data must be processed by BFSI, and its software must undergo regular testing to guarantee the security of this data. Demand is also anticipated to be driven by the rise of digitalization, home transactions, and remote workers.
United States to Command the Larger Proportion of Security Testing Sales throughout the Analysis Period
The United States is the leading market for Security Testing demand, having witnessed CAGR of 13.7% from 2017 – 2021 and accounting for over 35% of the market demand. The market is expected to grow in the future as well, with a forecasted market value of US$ 9.4 Bn, with an absolute dollar opportunity of US $6.3 Bn. The rise in government regulations requiring testing to promote cybersecurity is the key driver for demand.
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“Security Testing providers are closely working on research and development to combat the ever-changing cybercrime techniques of cybercriminals” comments an analyst at Future Market Insights.
Security Testing Market: Competition Insights
At present, Security Testing providers are focused on harnessing new technology and addressing recent cybersecurity breaches. The key companies operating in the market include IBM, SecureWorks, Synopsys, Rapid7, Micro Focus, Cigniti, AT&T, WhiteHat Security, Veracode, Checkmarx, McAfee, Core Security, Parasoft, ScienceSoft, Data Theorem, Kryptowire ,LogRhythm, PortSwigger, ImpactQA, and NowSecure
Some of the recent development in Security Testing are as follows:
- In June 2022, Synopsys, Inc. announced the acquisition of WhiteHat Security for US$ 330 Mn. Whitehat is a provider of application security testing SaaS.
- In June 2021, HelpSystems and Cybellum announced a partnership to offer an automated automotive security scanning and vulnerability management analysis solution
- In April 2021, IBM Security announced a collaboration with HCL Technologies for the unification and streamlining of threat management though an SOC platform.
- In August 2021, FireEye introduced FireEye XDR. The platform aims to help security teams to detect and respond to threats in a more efficient and streamlined manner. FireEye Helix offers an integration by offering SOAR and SIEM capabilities via Mandiant-powered threat intelligence.
- In July 2020, Checkmarx partnered with Gaming Innovation Group. Through this, GiG developers will be able to access a source code scanning tool to aid in security testing.
- In September 2020, Indium Software announced the launching of its unified smart testing platform uphoriX, which combines functional testing, performance testing, security and compatibility. The testing is automated over the cloud and compatible with testing tools.
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Market Segments Covered in Security Testing Market Analysis
By Type:
- Application Security Testing
- Network Security Testing
- Device Security Testing
- Social Engineering
By Deployment Size:
- On-premises
- Cloud
By Organization Size:
- Large Enterprises
- SMEs
By Vertical:
- SMEs
- Large Enterprises
- IT
- Telecom
- Retail and E-Commerce
- Education
- Others
By Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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