Selbyville, Delaware, May 22, 2024 (GLOBE NEWSWIRE) --
The security testing market valuation is predicted to surpass USD 46 billion by 2032, as reported in a research study by Global Market Insights Inc.
According to Forbes, in 2023, cyberattacks surged, affecting over 343 million individuals, marking a 72% increase in data breaches compared to the previous years. With malicious actors constantly evolving their tactics, organizations across various sectors are recognizing the critical importance of robust security measures. The proliferation of malware, ransomware, phishing attacks, and other forms of cyber threats has heightened the urgency for comprehensive security testing solutions. In response, businesses are ramping up their investments in testing and assessment services to identify vulnerabilities proactively, mitigate risks, and safeguard their digital assets from potential breaches. This heightened awareness of cybersecurity risks and the imperative to fortify defenses against evolving threats are driving significant growth in the security testing market.
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The security testing market from on-premises deployment model segment will witness significant growth till 2032, as many organizations, especially in highly regulated industries such as banking, healthcare, and government, prefer on-premises solutions due to the need for greater control over their infrastructure. By deploying security testing solutions on-premises, organizations can maintain direct oversight of their systems and data, ensuring compliance with regulatory requirements and minimizing the risk of data exposure. Additionally, the need for enhanced data security and confidentiality further propels the adoption of on-premises solutions as organizations seek to minimize the risk of data exposure and unauthorized access.
Large enterprises segment will expand rapidly through 2032. Characterized by their extensive IT infrastructures and significant digital footprint, large enterprises are at the forefront of adopting advanced security testing solutions. With a multitude of endpoints, applications, and sensitive data to protect, these organizations face heightened security risks from both internal and external threats. As a result, large enterprises are ramping up investments in comprehensive security testing tools and services to safeguard their operations, protect their intellectual property, and uphold customer trust.
Asia Pacific security testing market will foster decent growth over 2024-2032, fueled by rapid digitization, burgeoning e-commerce activities, and increasing investments in cybersecurity infrastructure. Countries like China, India, and Japan are witnessing robust growth in the adoption of security testing solutions, driven by the escalating cyber threats and regulatory mandates aimed at enhancing data protection and privacy. Moreover, the proliferation of mobile devices and the Internet of Things (IoT) further exacerbate the need for robust security testing measures to address vulnerabilities and mitigate risks across diverse digital ecosystems in the region.
Major companies in the security testing market include IBM Corporation, Hewlett Packard Enterprise (HPE), Cisco Systems, Inc., Qualys, Inc., McAfee, LLC, Check Point Software Technologies Ltd., and Fortinet, Inc. Companies focus on innovating their solutions to address evolving cybersecurity threats and compliance requirements. Market expansion involves targeting new industry verticals and geographic regions to tap into emerging opportunities.
Strategic partnerships with technology providers, industry organizations, and regulatory bodies enable companies to enhance their offerings and reach a broader customer base. Additionally, maintaining a customer-centric approach by understanding and addressing the unique needs and pain points of clients is crucial for sustaining growth and fostering long-term relationships. Overall, a combination of innovation, market expansion, strategic partnerships, and customer-centricity forms the cornerstone of growth strategies in the security testing market.
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In July 2023, Hewlett Packard Enterprise (HPE) revealed that Fastweb S.p.A, a top telecom operator in Italy, chose HPE's GreenLake edge-to-cloud platform to revamp its Fastcloud Business Unit. This move aims to hasten the deployment of new services and enhance agility. Additionally, the platform improves governance, security, and operational efficiency while offering better visibility into utilization and costs.
Partial chapters of report table of contents (TOC):
Chapter 1 Methodology & Scope
1.1 Market scope & definition
1.2 Base estimates & calculations
1.3 Forecast calculation
1.4 Data sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources
1.4.2.2 Public sources
Chapter 2 Executive Summary
2.1 Security testing market 3600 synopsis, 2018 - 2032
2.2 Business trends
2.2.1 Total Addressable Market (TAM), 2024 - 2032
2.3 Regional trends
2.4 Type trends
2.5 Enterprise size trends
2.6 Deployment model trends
2.7 Industry vertical trends
Chapter 3 Security Testing Market Insights
3.1 Impact of COVID-19
3.2 Impact of the Russia-Ukraine war
3.3 Industry ecosystem analysis
3.4 Technology & innovation landscape
3.5 Patent analysis
3.6 Key news and initiatives
3.6.1 Partnership/Collaboration
3.6.2 Merger/Acquisition
3.6.3 Investment
3.6.4 Product launch & innovation
3.7 Regulatory landscape
3.8 Impact forces
3.8.1 Growth drivers
3.8.1.1 Increasing cyberattacks and data breaches
3.8.1.2 Growing adoption of cloud computing and IoT
3.8.1.3 Rising demand for security testing from Small- & Medium-sized Enterprises (SMEs)
3.8.1.4 Advancements in security testing
3.8.1.5 Surge in government regulations to protect data and privacy
3.8.2 Industry pitfalls & challenges
3.8.2.1 High costs associated with security testing tools and services
3.8.2.2 Lack of skilled security professionals
3.9 Growth potential analysis
3.10 Porter’s analysis
3.11 PESTEL analysis
Chapter 4 Competitive Landscape, 2023
4.1 Introduction
4.2 Company market share, 2023
4.3 Competitive analysis of major market players, 2023
4.3.1 Synopsys
4.3.2 Veracode
4.3.3 Checkmarx Ltd
4.3.4 OpenText
4.3.5 Intertek Group PLC
4.3.6 SecureWorks
4.3.7 Cisco
4.4 Competitive positioning matrix, 2023
4.5 Strategic outlook matrix, 2023
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
