PUBLISHER: Polaris Market Research | PRODUCT CODE: 1421737
PUBLISHER: Polaris Market Research | PRODUCT CODE: 1421737
The global security testing market size is expected to reach USD 41.60 billion by 2032, according to a new study by Polaris Market Research. The report "Security Testing Market Share, Size, Trends, Industry Analysis Report, By Type (Application Security, Network Security, Device Security, and Others); By Deployment Mode; By Size of Enterprise; By Industry Vertical; By Region; Segment Forecast, 2024 - 2032" gives a detailed insight into current market dynamics and provides analysis on future market growth.
Software security testing is a critical process that aims to uncover vulnerabilities, threats, and risks within a software application. By examining the system, it effectively helps mitigate the risk of information loss, revenue loss, and damage to the organization's reputation. This is important for businesses of all sizes, from small to large-scale enterprises, as it helps pinpoint potential weaknesses and loopholes in the software system, whether from internal or external sources.
The global security testing market is experiencing a surge due to the growing reliance on web and mobile-based critical business applications, which necessitates heightened endpoint protection. Enterprises are taking measures to ramp up security to thwart financial losses resulting from increasingly sophisticated cyberattacks. Additionally, stringent government regulations mandating the adoption of security testing solutions and services are propelling market growth.
However, there are still challenges that need to be addressed, such as a shortage of skilled security professionals and the high costs associated with conducting security tests. Nevertheless, the rise in cloud-based security testing adoption, along with advancements in technologies like DevOps, DevSecOps, and Agile in software security testing, is poised to provide lucrative opportunities for market expansion in the forecast period.
Cloud-based security testing solutions are becoming increasingly popular due to their scalability and cost-effectiveness. As emerging technologies such as IoT and blockchain gain prominence, specialized testing services become essential. The growth of the market is further driven by the continuous evolution of cyber threats, which makes security testing an indispensable investment for organizations that want to strengthen their digital infrastructure and maintain customer trust.
The application security segment is expected to grow at the highest CAGR during the projected period on account of increasing security measures from threats of cybersecurity
Cloud segment accounted for the largest market share in 2022, which is mainly driven by higher performance and flexibility
Small and medium Enterprises segment held a significant market revenue share in 2022, mainly due to better affordability and flexibility
The BFSI segment accounted for the largest market share in 2022, owing to stringent compliance standards in this sector
North America region dominated the market with a majority share in 2022, owing to exponential growth in technology and rising R&D investments
The global key market players include: Accenture PLC, Cognizant Technology Solutions Corporation, DXC Technology Company, IBM Corporation, Micro Focus International plc
Polaris Market Research has segmented the security testing market report based on type, deployment mode, size of enterprise, industry vertical, and region: