Dublin, Nov. 05, 2024 (GLOBE NEWSWIRE) -- The "Security Testing Market by Type (Network, Application, Device, Social Engineering), Network Security Testing (Penetration Testing, Vulnerability Scanning, Firewall), Application Testing Tools (RASP, SAST, DAST, IAST) - Global Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The global security testing market size is projected to grow from USD 14.5 billion in 2024 to USD 43.9 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 24.7%
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall security testing market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.
The security testing market is growing largely because of the developments of AI and ML that make anomaly detection and vulnerability prediction more reliable and thus improve threat detection and data protection. Moreover, the introduction of the new cloud-based security testing platforms further propels the market growth as these platform enables companies to access cost-effective and flexible solutions for protecting cloud environments.
The study also includes an in-depth competitive analysis of the market's key players, their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
By vertical, the healthcare segment accounts for the highest CAGR during the forecast period.
The healthcare vertical holds the largest market share in the security testing market due to its critical need for stringent security measures. With high reliability standards required to comply with industry regulations and internal best practices, healthcare organizations must protect sensitive patient information.
The frequent targeting of hospitals and critical healthcare institutions by cybercriminals, driven by the urgency to disrupt IT systems and exploit vulnerabilities, highlights the sector's vulnerability. Incidents like ransomware attacks and medical identity theft can severely compromise patient care and safety. The potential for significant adverse impacts, including stalled treatments and false health records, underscores the necessity for robust security testing.
By security testing type, the application security testing segment accounts for the highest CAGR during the forecast period.
Application security testing market has the growing at the fastest rate in security testing market because companies in different sectors, for example, BFSI, healthcare, retail, IT & ITeS, and Telecom, are depending much more on applications. With companies increasingly deploying digital solutions, it has become imperative to discover and address vulnerabilities in internal and external applications and their APIs.
Additionally, the increasing number of sophisticated threats has resulted into the development of advanced testing tools with dedicated services and features for application security testing making it a lucrative segment with high growth potential.
The report provides insights on the following pointers:
- Analysis of key drivers (increasing sophistication in cyberattack drives the growth of security testing, rising demand of security testing for web and mobile applications, stringent government regulations to increase the adoption of security testing solutions and services, and need to ensure seamless user experience with accelerated release cycles), restraints (security breaches due to internal vulnerabilities), opportunities (emergence of technologies like ai and ml in security testing, increase in adoption of cloud-based security testing, and integration of DevSecOps in software security testing), and challenges (higher costs involved in executing security tests and lack of cybersecurity professionals)
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the security testing market.
- Market Development: Comprehensive information about lucrative markets - the report analyses the security testing market across varied regions.
- Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the security testing market.
- Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players IBM (US), HCLTech (India), Synopsys (US), OpenText (UK), Cigniti Technologies (US), among others, in the security testing market strategies.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 359 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $14.5 Billion |
| Forecasted Market Value (USD) by 2029 | $43.9 Billion |
| Compound Annual Growth Rate | 24.7% |
| Regions Covered | Global |
Companies Featured
- IBM
- Hcltech
- Synopsys
- Opentext
- Cigniti Technologies
- Qualitest
- Intertek
- Dxc Technology
- Einfochips
- Checkmarx
- Hackerone
- Invicti
- Dataart
- Cobalt
- Trustwave
- Contrast Security
- Veracode
- Qualys
- Offsec
- Ncc Group
- Github
- Bugcrowd
- Applause
- Rapid7
- Parasoft
- Breachlock
- Immuniweb
- Pentest People
- Safeaeon
- Redteam.Pl
For more information about this report visit https://www.researchandmarkets.com/r/d8fvwy
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