New York, USA, June 23, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global security testing market is predicted to gather a revenue of $27,593.9 million by 2027 and grow at a healthy CAGR of 20.7% over the forecast period from 2020-2027. The extensive report provides a concise layout of the security testing market’s current framework including prime aspects of the market such as growth elements, challenges, restraints and various opportunities during the predicted timeframe of 2020-2027. The report also provides all the market figures to help new participants analyze the market easily.
Dynamics of the Security Testing Market:
Drivers: Continuous technological advancements, as well as rising cybercrimes across the world, are some of the prime factors estimated to drive the growth of the global security testing market during the forecast period. In addition, growing government regulations for the adoption of security testing solutions is also anticipated to boost the market growth by 2027.
Opportunities: The increasing adoption of cloud-based technologies and growing advancements in cybersecurity are some factors expected to boost the demand for robust security testing services, thus creating ample growth opportunities for the global security testing market by 2027.
Restraints: High cost of security testing tools is the prime factor predicted to hinder the market growth.
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Covid-19 Impact on the Security Testing Market
The Covid-19 catastrophe has had a positive impact on the security testing market and has uplifted its overall revenue amid the pandemic chaos, unlike most industries. Hospitals and healthcare professionals were under tremendous pressure and greatly relied on phones, chats, emails, and virtual medicine portals or websites for remote diagnoses. Moreover, patients all over the world preferred online payment transactions and online conversational data to consult medical help or counseling. All these activities boosted the demand for sturdy security testing software and services, thus driving the market growth.
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Segments of the Security Testing Market
The report has divided the security testing market into a few segments based on testing type, deployment, organization size, vertical, and regional analysis.
Testing Type: Application Security Testing Sub-segment to be Highly Dominant
The application security testing sub-segment is projected to have a dominating market share and garner a revenue of $8,782.3 million during the forecast timeframe. This growth is attributed to the growing cases of cybercrimes across the world that has forced organizations to adopt robust security testing software and look for any vulnerabilities. Moreover, strategic collaborations by key market players to offer advanced application security testing platforms is also expected to propel the sub-segment’s growth by 2027.
Deployment: Cloud Sub-segment to be Highly Lucrative
The cloud sub-segment of the global security testing market is estimated to have the fastest growth rate and generate a revenue of $14,111.7 million during the analysis timeframe due to the rising adoption of cloud-based services by organizations to ensure data safety. Moreover, cloud-based solutions also provide other benefits like easy set-up, low maintenance costs, easy access to information, and much more. Also, the high availability of advanced cloud security testing tools is also anticipated to augment the sub-segment’s growth.
Organization Size: Small and Medium Enterprises Sub-segment to Have Highest Growth Rate
The SMEs sub-segment of the security testing market is estimated to have the highest growth rate and surpass $12,447.1 million by 2027 due to growing incidences of cyberattacks in different ways like infringement of data and payment. And so, companies involved in security testing solutions are implementing continuous advancements to provide SMEs enhanced security services. These factors are predicted to uplift the sub-segment’s growth by 2027.
Vertical: BFSI Sub-segment to be Highly Beneficial
The BFSI sub-segment is projected to have a remarkable growth rate and garner $8,522.2 million during the analysis years due to the ability of security testing software and tools to monitor hidden bugs or vulnerabilities and defects. Furthermore, strategic partnerships and acquisitions by key market players to help the BFSI organizations is yet another factor to augment the sub-segment’s growth by 2027.
Region: Security Testing Market in the Asia-Pacific Region to be Highly Progressive
By regional analysis, the security testing market in the Asia-Pacific region is estimated to have a noteworthy growth rate of 21.4% CAGR by 2027 due to the increasing adoption of security testing platforms by SMEs and large organizations owing to the rising cyberattacks. In addition, several governments have planned to increase the budget for data security. These factors are projected to propel market growth in the Asia-Pacific region by 2027.
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Significant Security Testing Market Players
Some significant security testing market players include
- McAfee
- Cisco Systems
- AT&T
- F-secure
- Google (Alphabet)
- IBM
- Hewlett Packard Enterprise Development LP
- Cigniti Technologies Limited
- Data Theorem, Inc.
- SecureWorks, among others.
These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships, and collaborations to sustain the market growth. – Inquire here for more market Insights to stay ahead of your competitors
For example, in September 2020, Secureworks, a leading provider of security testing solutions, announced its collaboration with Arrow Electronics, a renowned technology solutions organization, to offer Secureworks’ advanced product portfolio to channel partners across the North America region.
The report also summarizes many important facets including the financial performance of the key market players, SWOT analysis, product portfolio, and the latest strategic developments.
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