PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1559895
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1559895
The global security testing market size is projected to grow from USD 14.5 billion in 2024 to USD 43.9 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 24.7% during the forecast period. The security testing market is growing largely because of the developments of AI and ML that make anomaly detection and vulnerability prediction more reliable and thus improve threat detection and data protection. Moreover, the introduction of the new cloud-based security testing platforms further propels the market growth as these platform enables companies to access cost-effective and flexible solutions for protecting cloud environments.
Scope of the Report | |
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Years Considered for the Study | 2018-2029 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | USD (Billion) |
Segments | by Type, Network Security Testing, Application Testing Tools And Region |
Regions covered | North America, Europe, Asia Pacific, Middle East & Africa, and Latin America |
"By vertical, the healthcare segment accounts for the highest CAGR during the forecast period."
The healthcare vertical holds the largest market share in the security testing market due to its critical need for stringent security measures. With high reliability standards required to comply with industry regulations and internal best practices, healthcare organizations must protect sensitive patient information. The frequent targeting of hospitals and critical healthcare institutions by cybercriminals, driven by the urgency to disrupt IT systems and exploit vulnerabilities, highlights the sector's vulnerability. Incidents like ransomware attacks and medical identity theft can severely compromise patient care and safety. The potential for significant adverse impacts, including stalled treatments and false health records, underscores the necessity for robust security testing.
"By security testing type, the application security testing segment accounts for the highest CAGR during the forecast period."
Application security testing market has the growing at the fastest rate in security testing market because companies in different sectors, for example, BFSI, healthcare, retail, IT & ITeS, and Telecom, are depending much more on applications. With companies increasingly deploying digital solutions, it has become imperative to discover and address vulnerabilities in internal and external applications and their APIs. Additionally, the increasing number of sophisticated threats has resulted into the development of advanced testing tools with dedicated services and features for application security testing making it a lucrative segment with high growth potential.
Breakdown of primaries
Major vendors in the global security testing market include as IBM (US), HCLTech (India), Synopsys (US), OpenText (UK), Cigniti Technologies (US), Qualitest (UK), Intertek (UK), DXC Technology (US), eInfochips (US), Checkmarx (US), HackerOne (US), Invicti (US), DataArt (US), Cobalt Labs (US), Trustwave (US), Contrast Security (US), Veracode (US), Qualys (US), OffSec (US), NCC Group (UK), GitHub (US), Bugcrowd (US), Applause (US), Rapid7 (US), Parasoft (US), BreachLock (US), ImmuniWeb (Switzerland), Pentest People (UK), SafeAeon (US), and REDTEAM.PL (Poland).
The study includes an in-depth competitive analysis of the key players in the security testing market, their company profiles, recent developments, and key market strategies.
Research Coverage
The report segments the security testing market and forecasts its size by Security Testing Type (Network Security Testing, Application Security Testing, Device Security Testing, and Social Engineering Testing), Network Security Testing Type (Network Penetration Testing, Vulnerability Scanning, Wifi/Wireless Security Testing, Firewall Security Testing, and Network Configuration Auditing), Application Security Testing Type (Mobile Application Security Testing, Web Application Security Testing, API Security Testing, and Secure Code Review), Application Security Testing Tools (RASP (Runtime Application Self-Protection), SAST (Static Application Security Testing), DAST (Dynamic Application Security Testing), and IAST (Interactive Application Security Testing)), Organization Size (Large Enterprises and SMEs), Vertical (BFSI, Healthcare, Government & Defense, IT & ITeS, Telecommunication, Manufacturing, Retail & E-Commerce, Education, Energy & Utilties, and Other Vertical), and Region (North America, Europe, Asia Pacific, Middle East and Africa, and Latin America).
The study also includes an in-depth competitive analysis of the market's key players, their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall security testing market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.