According to a recent report published by Allied Market Research, titled, the global security testing market size was valued at $6.25 billion in 2020, and is projected to reach $36.78 billion by 2030, growing at a CAGR of 19.2% from 2021 to 2030.
The key factors that drive the security testing market trends include a surge in web and mobile-based business-critical applications requiring higher secure endpoint protection and enterprises implementing security measures to prevent financial losses due to increased sophistication in cyberattacks.
In addition, stringent government regulations to increase the adoption of security testing solutions and services positively impact the growth of the market. However, factors such as a lack of skilled security professionals and higher costs involved in conducting security tests are expected to hamper the market growth.
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On the contrary, an increase in the adoption of cloud-based security testing and the evolution of technologies and implementation of new technologies, such as DevOps, DevSecOps, and Agile, in software security testing are anticipated to offer remunerative opportunities for the expansion of the market during the forecast period.
Depending on the type, the network security segment is expected to hold the largest security testing market share owing to the growing need for network security among enterprises and the surge in the adoption of cloud-based security technologies among various sectors.
However, the device security segment has witnessed high growth during the forecast period, owing to an increase in favorable government regulations for device security across various countries and a significant rise in BYOD culture across various sectors.
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Region-wise, the security testing market was dominated by North America and is expected to retain its position during the forecast period. This is attributed to an increase in the adoption of advanced technologies such as cloud technology, big data, artificial intelligence, and machine learning for automating security testing and preventing any accidents with the real-time monitoring of machines.
However, Asia-Pacific is expected to witness a significant growth rate during the forecast period, owing to a rise in security testing awareness and growth in the number of SMEs adopting cloud-based security testing.
The key players profiled in the security testing market analysis are AT&T, Inc., Cigniti, International Business Machines Corporation, McAfee, LLC, Micro Focus, NTT Security AppSec Solutions Inc., Rapid7, SecureWorks, Inc., Synopsys, Inc., and Veracode. These players have adopted various strategies to increase their market penetration and strengthen their position in the security testing industry.
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Impact of COVID-19 on Security Testing Software Market
- With the work-from-home trend on board, the personal devices of employees such as laptops and smartphones have got to access company data. These external devices work on a network of the employees, which is susceptible to cyber-attacks, thus to provide enhanced security companies are now extensively adopting security testing solutions, thereby impacting the growth of the security testing market negatively.
- Also, governments in different countries are implementing various regulations such as standardizing security testing solutions in companies and improving training regarding security testing, which boosts the market growth.
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