New York, USA, Oct. 20, 2020 (GLOBE NEWSWIRE) -- The Global Security Testing Market is valued at $27,593.9 million by 2027, surging from $5,800.0 million in 2019 at a noteworthy CAGR of 20.7%.
Impact Analysis of COVID-19 on the Security Testing Market
The global market for security testing services is projected to experience a high growth rate in the midst of the COVID-19 pandemic, attributed to increasing focus on cybersecurity due to work from home and remote service programs. Therefore, the demand for security policies has increased. Furthermore, several notable security testing service providers such as IBM, Cisco Systems, and SecureWorks are following various strategies to provide higher security services in the COVID-19 apocalypse. The pandemic has created unmeasurable challenges for businesses across the globe due to lockdown conditions and employees are unable to continue working at the workplace. Over the night, the IT sector has become the most demanding segment to stay connected with each employee. These elements may lead to creating lucrative opportunities for the investors, in the forecast period.
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Global Security Testing Market Analysis:
The enormous growth of the global security testing market is mainly attributed to increasing cybercrime all over the world. The major factors attributed to the security testing market is government support in cybersecurity. Moreover, according to the Australian government June 2020, the cybercrimes in Australia has created a dramatic impact on the small businesses. Looking forward to this, they have announced permission for cybersecurity and a business having more than nineteen employees can apply for a permit for certified cybersecurity to determine business risks and areas that need more attention. The maximum grant amount is up to 50% of eligible project costs. such government initiatives may lead to an increase in the demand for security services in the global market.
The high-cost and lower product penetration in the developed as well as developing economies may obstruct the growth of the global security testing market. Moreover, the complexities and lack of cybersecurity knowledge were also cited as key issues that create a negative impact on the global security testing market during the forecast period
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The growing prominence on cloud-based security testing and evolution of technologies may create huge opportunities for the global security testing market, in the future. Furthermore, there are many testing tools that are launched for cloud-based security testing for example- SOASTA CloudTes, LoadStorm, BlazeMeter, Nessus, Jenkins Dev@Cloud, Xamarin test cloud, TestLink, Watir and others. Moreover, the companies involved in the global security testing business are implementing effective strategies such as launching innovative products to grow in the market. For instance, in June, 2020 Micro Focus has made an announcement that cloud-based ‘Fortify on Demand’ platform has released at AWS (Amazon Web services) GovCloud, to enhance testing, and vulnerability management. Such key elements and value addition in the product-portfolio may further lead to provide lucrative market opportunities to the global security testing market, in the upcoming years.
The network security segment of the global security testing market will have the fastest growth and it is projected to surpass $6,751.2 million by 2027, with an increase from $1,339.0 million in 2019. The network security testing segment for the global security testing market is is expected to foresee huge market growth mainly because these testing tools test the security controls across a network to identify and demonstrate vulnerabilities and determine risks. Furthermore, growing emphasis on enhanced security and safety in the network security testing may create a positive impact on the segment, throughout the forecast period.
Moreover, application security testing type will have a significant market share and is projected to grow at a CAGR of 20.4% by registering revenue of $8,782.3 million by 2027. An increased malicious activity across the globe has forced companies to pay attention to the software vulnerability. For example, as per recent publication of Symantec, the significant American software organization, an average of 10,573 malicious mobile applications blocked per day in 2018. Due to these major elements, the demand for application safety standards have extensively increased, which will ultimately bolster the segment growth, during the analysis period.
Cloud security testing sub-segment for the security testing industry shall have rapid growth and it is anticipated to generate a revenue of $14,111.7 million by 2027. Enormous demand for the data security and faster safety process with administrative controls, physical security, logical controls, and other safeguarding techniques that limit access to unauthorized or poisonous users. Moreover, cloud-based security is on higher demand to stop any threats in the system and measures its potential risk, detecting all possible security risk and fixing the problems through coding. Also, this technique is applicable for large application & organization with higher budget and time restriction this type of key factors may create massive opportunities for the segment, over the forecast timeframe
The small & medium enterprise for the global security testing market shall have the fastest growth and it is anticipated to generate a revenue of $12,447.1 million by 2027, during the forecast period. The significant digital transformation across SMEs in the recent years is fostering the demand for the security testing tools, throughout the analysis timeframe. Furthermore, effective cyber security testing platforms makes it possible for SMEs to innovate and this boosts profit, revenue, and the growth.
Availability of highly integrated security testing platforms with focus on internal as well as external networks, web applications, mobile applications, wireless is increasingly boosting the growth of the segment, throughout the analysis period. Moreover, the companies operating in the field are releasing integrated testing platforms, yo stronghold their position worldwide. For instance, GrammaTech a company of security testing launching its new ‘Swap Detector’ that detects application programming interface (API) usage errors and improves application security testing for DevOps teams. These technical advancements may create huge opportunities for the sub-segment, throughout the forecast period.
The BFSI security testing is on higher demand and generate a remarkable revenue of $8,522.2 million by 2027. The BFSI (Banking, Financial Services and Insurance) sector is going through significant digital transformation. The exponential growth of internet banking services has increased the pressure to stay agile and customer-centric. Moreover, amid increasing expectations of the clients and surging competitive rivalry, BFSI sector players are adopting the integrated security testing technologies. Such factors are driving the segment growth, throughout the analysis timeframe.
Retail security testing market shall have the fastest market growth and it is anticipated to generate a revenue of $3,855.6 million by 2027, with CAGR of 21.8% during the forecast analysis. Digitalization is on high peak now a days due to increase in online transaction. Moreover, all companies in retail sector under PRC (Professional Regulation Commission) required pen test at least once a year with Pharmacy Council of India regulation requiring all companies who handle data. Also, ISO handles all the data in retail sector for customers and investors. These factors may create huge opportunities for the sub-segment, throughout the forecast period.
The global security testing market for the North American region will be the rapidly growing market. This market has generated revenue of $1,894.9 million in 2019 and is further projected to reach up to $8,463.0 million by 2027. The demand for security testing services is surging in the North America region, specifically because of the presence of a large number of businesses preferring advance technology in security testing. Moreover, the increasing trend of deployment of large scale smart devices such as smartphones, smart television and smart automobiles and the increment in technology such as IoT and Artificial Intelligent based technologies increased demand for digitalization and cloud-based security testing are expected to drive the demand of security testing market.
The Asia Pacific security testing market shall have a dominating market share and is anticipated to reach up to $7,980.2 million by the end of 2027, due to increase in security testing in the region because increment in cyberattacks in the region. Moreover, growing emphasis on cybersecurity vulnerabilities particularly in the China, India, and South-Korea may surge the growth of testing security market, in the North America region.
Top Players of Global Security Testing Market:
1. IBM
2. Cisco Systems
3. SecureWorks
4. AT&T
5. McAfee
6. Google (Alphabet)
7. Hewlett Packard Enterprise Development LP
8. F-secure
9. Data Theorem Inc.
10. Cigniti Technologies Limited
Porter’s Five Forces Analysis for Security Testing Market:
• Bargaining Power of Suppliers: The companies involved in security testing business are extensively high in number. Thus, companies have so many options and alternatives to handle expensive supplies and unpredictable demands in supplier pricing impact company profitability. So, there will be a lower threat from the supplier side. Thus, the bargaining power of the supplier is Moderate
• Bargaining Power of Buyer: Buyers have high bargaining power, primarily because of the huge number of security testing services that are offered in low pricing. Therefore, the buyer can choose the service that best fits its preferences.
The bargaining power of the buyer is HIGH
• Threat of New Entrants: The startups entering this market are providing advanced solutions to the customers. Moreover, the switching cost of buyers is not prohibitively high. Thus, the bargaining power of the new entrant is Moderate
• Threat of Substitutes: low-cost services and technological innovations by the companies that are starting in security testing attracts the customers. However, companies that are already in security testing offers huge discounts with regular free service. Therefore, the threat of substitute is Low
• Competitive Rivalry in the Market: The ventures operating in the global security services are opting for various businesses deployment strategies to stronghold position in the market. The key players of the market especially between the global players including IBM, Cisco Systems, SecureWorks and many more companies. These companies are launching their value-added services in the international market and strengthening the footprint worldwide. Therefore, Competitive rivalry in the market is High
The report also recapitulates many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report