New York, USA, May 26, 2021 (GLOBE NEWSWIRE) -- A latest report on the global security testing market has been added by Research Dive to its offerings. As per the report, the market is projected to hit $27,593.9 million and rise with a remarkable CAGR of 20.7% from 2020 to 2027. The report offers a comprehensive lookout of the present scenario and future scope of the global industry. The report is drafted by expert market analysts and guarantees to be a trustworthy source of data and all-inclusive market insights for new entrants, investors, existing market players, stakeholders, shareholders, etc.
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COVID-19 Impact on the Market Growth:
The rise of the COVID-19 pandemic in 2020 made a positive impact on the growth of the market. During the pandemic, healthcare professionals are increasingly using phones, chat applications, emails, and virtual medicine portals for remote counseling and medical diagnosis. Therefore, in order to secure the online transactions of payments as well as conversational data, security testing systems are in great demand in the healthcare industry. This factor is boosting the market growth amidst the pandemic period.
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Factors Impacting the Market Growth:
Growing technological inventions and significant rise in the number of cybercrimes are propelling the growth of the global security testing market. Moreover, rise in the government supportive policies for cyber security and increase in the demand for cloud-based security testing solutions are expected to unlock profitable opportunities for the market growth during the forecast period. However, higher expenses involved in the adoption of security testing tools is projected to obstruct the market growth.
The report segments the global security testing market into testing type, development type, organization size, and region.
Network Security Testing Sub-Segments to Observe Accelerated Growth
Among the testing type segment, the network security testing sub-segment is expected to experience accelerated growth and exceed $6,751.2 million during the forecast period. The growth of this sub-segment is mainly because of the significant rise in the cyber susceptibilities in developed as well as developing nations.
Cloud Sub-Segment to Witness Speedy Growth
Among the development type segment, the cloud sub-segment is projected to witness fast-paced growth and gather $14,111.7 million during the forecast period. The growth of this sub-segment is mainly because of the growing implementation of cloud-based services owing to their low maintenance costs and easy installation.
Small & Medium Sub-Segment to Grab Major Market Share
Among the organization size segment, the small & medium sub-segment is expected to grow significantly and garner $12,447.1 million during the forecast period. The growth of this sub-segment is mostly because of the growing cybercriminals who attack small and medium size businesses.
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BFSI Security Testing Sub-Segment to Grab Major Market Share
Among the vertical type segment, the BFSI security testing sub-segment is expected to grow considerably and surpass $8,522.2 million during the forecast period. The growth of this sub-segment is mostly because of the ability of security testing tools in monitoring defects and hidden errors that any potential hacker can make use of to consume a client’s data.
North America Region to Hold Major Market Share
The report analyzes the global security testing market across several regions such as North America, Europe, Asia Pacific, and LAMEA. Among these, the North American region market is expected to grow significantly and garner $8,463.0 million during the estimated period. The growth of this region market is mainly owing to the existence of leading market players and rising technological developments in this region.
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Major Players in the 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
For instance, in March 2019, IBM, an American multinational technology company, launched a security testing service for blockchain-based products. This new service is developed to help find bugs and fix weaknesses in blockchain-based releases.
The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry. Click Here to Get Absolute Top Companies Development Strategies Summary Report
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