Security Testing Market Will Grow At Highest Pace Owing To Increasing Cyber Threats

Security Testing Market Growth

The security testing market includes security testing tools and services utilized across organizations to find security vulnerabilities in applications, networks, and operating systems. Security testing helps identify security loopholes and issues in systems that could be potentially exploited by hackers. Rising frequency of cyber-attacks and data breaches have compelled organizations to focus on application security during development cycles. Penetration testing tools assess the security of infrastructure by simulating real-world attacks while vulnerability assessment identifies unpatched flaws and technical issues.

The Global Security Testing Market is estimated to be valued at US$ 4.82 Bn in 2024 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the security testing market are Orion Engineered Carbons, Cabot Corporation, Mitsubishi Chemical Corporation, Phillips Carbon Black Limited, Birla Carbon, Sid Richardson Carbon & Energy Co., Anyang HengXu Specialty Carbon Black Co., Ltd., and Imerys Graphite & Carbon. Growing digitization across industries has increased the usage of web and mobile applications along with IoT devices, fueling demand for security testing solutions. Major technology giants are focusing on enhancing security testing capabilities by incorporating AI, machine learning and automation tools to simulate various threat scenarios.

Market Trends

Cloud Security Testing Market Growth is gaining traction as organizations migrate more applications and workloads to cloud environments. Security testing as a service (STaaS) providers are evaluating cloud infrastructure configurations and identifying misconfigurations. Continuous security testing integrated with DevOps enables identifying flaws early in development cycles. Behavioral detection techniques using machine learning analyze application behaviors in sandboxes to detect zero-day threats and unknown vulnerabilities.

Market Opportunities

The integration of security testing with Application Programming Interfaces (APIs) allows assessing the security of internal and external APIs. Testing of APIs has become critical as more applications rely on APIs for functionality. Adoption of cyber security testing across SMBs presents growth prospects for vendors as threats are not limited to large enterprises. Penetration testing service providers can tap opportunities in sectors like BFSI, healthcare and government adopting digital transformation.

Impact of COVID-19 on Security Testing Market

The COVID-19 pandemic has significantly impacted the growth of the security testing market. During the initial lockdown phases in 2020, many organizations saw a shift towards remote working setups. This led to increased need for security testing to ensure the safety of confidential data and prevent cyber threats. However, market growth witnessed a temporary decline as testing activities were disrupted. As remote work became the new normal, the demand for security testing rose steadily post 2020 to validate the security of applications, networks, endpoints and cloud infrastructures.

Many large enterprises accelerated their digital transformation plans during the pandemic. This included adopting cloud platforms and services at a rapid pace. However, this also increased vulnerability to cyber attacks targeting remote systems. Consequently, companies ramped up security testing of cloud applications and services to address risks. Testing activities are now more focused on ensuring seamless and secure user experience from any location. Additionally, testing moved from periodic to continuous models to detect threats around the clock.

North America and Europe were the largest markets for security testing pre-COVID due to stringent regulatory compliance in these regions. However, post-COVID Asia Pacific is expected to be the fastest growing regional market. This is attributed to increased cloud and digital services adoption in countries like India and China. Additionally, growing awareness about need for application security is stimulating demand.

Escalating demand for online services and remote work culture post-COVID underlines the significance of security testing market. While challenges were faced initially, increased risk perception accelerated its growth prospects globally in long run. Continuous validation approach and testing cloud environments are expected to drive key opportunities.

The North American region accounts for the largest share of the global security testing market in terms of value. This can be attributed to stringent regulatory compliances for data protection and privacy in countries like the US. Additionally, presence of many large enterprises and early adopters of new technologies stimulates security testing adoption. However, the market is reaching maturity with limited additional growth expected in coming years.

On the other hand, the Asia Pacific region is poised to be the fastest growing geographical market for security testing. The APAC region is witnessing exponential digital transformation and cloud migration. This is presenting lucrative opportunities for testing service providers. Additionally, growing awareness about need for application security is stimulating demand. Countries like India and China are major growth engines with increasing spending on validation of web, mobile and cloud-based applications. The market in APAC is expected to exhibit double digit CAGR over the forecast period.

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