New York, USA, Oct. 27, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global security testing market is estimated to garner $27,593.9 million and grow at a noteworthy CAGR of 20.7% over the forecast timeframe from 2020-2028.
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As per our analysts, with the increasing adoption of security testing solutions and services by rigorous government regulations, the market is expected to surge an exponential growth during the analysis period. The increasing technological innovations and the growing rate of cybercrimes all across the globe are the factors further expected to bolster the growth of the market over the forecast period. Besides, the growing prominence of cloud-based security testing and the evolution of technologies are predicted to create huge growth opportunities for the security testing market throughout the estimated period. However, the higher costs of cyber-security tools may impede the growth of the market during the estimated time period.
Covid-19 Impact on the Global Security Testing Market
Where the outbreak of the Covid-19 pandemic has brought huge challenges for businesses across the world, the security testing market has experienced an inclining growth during the crisis. Most importantly, during the pandemic, healthcare professionals have switched to chats, emails, phones, video calls to treat patients remotely for checking the spread of deadly coronavirus. This enhanced the usage of security testing solutions for secured online transactions and conversational data. Additionally, the adoption of security testing tools by several companies to provide optimum security during a chaotic situation is the major factor behind the vertical growth of the market.
Check out How COVID-19 impact the Global Security Testing Market: https://www.researchdive.com/connect-to-analyst/409
Segments of the Global Security Testing Market
The report has divided the market into segments namely, testing type, development type, organization size, vertical type, and region.
Testing Type: Application Security Testing Sub-Segment to be Most Profitable
The application security testing is expected to garner a revenue of $8,782.3 million and is predicted to hold the largest market share during the analysis period. This is mainly because of the increasing malicious activities all across the globe and the enhancement of paying attention to software vulnerability across enterprises. Moreover, the growing adoption of strategic collaborations by key players of the market is further expected to foster the security testing market’s sub-segment over the analysis timeframe.
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Development Type: Cloud Sub-Segment to Have Maximum Market Share
The cloud sub-segment is expected to generate a revenue of $14,111.7 million by 2027 and is predicted to be the most lucrative during the forecast period. This is major because of the low maintenance costs, easy setup, and increasing adoption of cloud-based services across industries. In addition, the abundant availability of highly integrated cloud security tools Microsoft cloud monitoring, Amazon cloud watch are the factors expected to bolster the growth of the market’s sub-segment during the analysis period.
Organization Size: Large Business Organizations Sub-Segment to be Most Lucrative
The large business organizations sub-segment is projected to garner $15,148.2 million and is expected to hold the largest market share during the forecast period. Security testing provides a wider range of security aspects such as authorization, authentication, integrity, confidentiality, and many more. These are the factors expected to boost the usage of security testing solutions across organizations and hence, boost the growth of the security testing market’s sub-segment during the analysis period. Moreover, the launching of novel products by security testing solution providers is expected to fortify the growth of the market over the estimated time frame.
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Vertical Type: BFSI Security Testing Sub-Segment to Have the Largest Market Share
The Banking, Financial, Services, and Insurance (BFSI) security testing sub-segment is anticipated to generate $8,522.2 million during the forecast period. This is mainly due to the ability of security testing tools that help in detecting hidden bugs and monitoring defects to prohibit hacking activities. Furthermore, the increasing strategic partnerships by leading companies to enhance the capacity expansion of security testing tools is the factor expected to uplift the growth of the security testing market’s sub-segment during the analysis period.
Region: The North American Region to Have Extensive Growth Opportunities
The North American region is projected to garner a revenue of $8,463.0 million during the estimated timeframe. This is effectively due to the continuous technological advancements and the presence of major market players in this region. Moreover, the growing deployment of smart devices and smart automobiles with the interpretation of IoT and AI-based technologies are the factors expected to boost the regional growth of the market during the estimated period.
Key Players of 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 June 2021, Synopsys, a leading American electronic design automation company, has announced its acquisition with Code DX, a renowned developer of application security software tools. With this acquisition, the companies have aimed for developing the most labor-intensive processes in software security such as test orchestration, AppSec testing techniques, etc.
Further, the report also presents many other important aspects including SWOT analysis, the financial performance of the key players, product portfolio, and latest strategic developments.
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