The “Security Testing Market” 2023-2031 Research Report affords qualitative and quantitative insights into the principal drivers, constraints, opportunities, and challenges influencing world markets growth. The find out about offers complete statistical market records on the leading players, as nicely as income predictions. This market lookup additionally presents statistics on the income boom of numerous regional and country-level markets, as properly as the opposition panorama and unique organization analyses for the projected period. The Security Testing Market Report covers potential improvement drivers as properly as the modern-day kingdom of market share, penetration of a number of kinds, technologies, applications, and areas thru 2031.
The global market for security testing will grow at a CAGR of 19.2%, the market recorded a revenue of US$ 6.25 Bn in the year 2020. The purpose of security testing is to identify vulnerabilities, threats, and risks in software applications to prevent malicious attacks from intruders.
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Small, mid-sized, and large-scale industries all have great opportunities to capitalize on the security testing market. The overall market growth is based on the ability to identify all possible loopholes and weaknesses of the software system, which might result in a loss of information and revenue.
Industry Dynamics of Security Testing Market
Growth in the security testing market is due to rapid growth of web- and mobile-based business-critical applications requiring secure endpoint protections and enterprises looking to reduce financial losses through implementing security measures that prevent cyber-attacks.
Security testing solutions and services have benefited from stringent government regulations that boost the market growth.
In terms of factors affecting market growth, lack of qualified security professionals and higher costs for running security tests are expected to hold the market back.
In the forecast period, an increase in the adoption of cloud-based security testing and the evolution of technologies and implementing new technologies, like DevOps, DevSecOps, and Agile, will offer lucrative growth opportunities for the market.
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Regional Outlook of Security Testing Market
In 2020, the North America security testing market dominated and was expected to maintain its position during the forecast period. Canada and the United States have developed economies that emphasize re-inventing existing solutions. Moreover, this region generates a significant amount of data, so data security and protection are highly demanded. Additionally, various industry verticals, such as manufacturing, healthcare, transportation, and logistics, have shown a strong increase in automation and the adoption of the Internet of Things. These factors enhance the growth of the security testing market in this region. As a result of local government investments and start-ups in countries including China, Japan, India, and Korea, Asia-Pacific is expected to grow significantly during the forecast period.
Aim of the report
The outline of the report segments Global Security Market based on type, deployment mode, organization size, industry vertical, and region.
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Segmentation based on Type
Network security
Application security
Device security
Others
Segmentation based on Deployment Mode
On-premise
Cloud
Segmentation based on Organization size
Small Enterprises
Medium Enterprises
Large Enterprises
Segmentation based on Industry Vertical
Healthcare
Retail & e-commerce
Education
BFSI
IT & telecom
Others
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Segmentation based on region
North America
Europe
Asia-Pacific
LAMEA
COVID-19 Impact on Security Testing Market
By 2027, the security testing market is growing at a pace of 19.2% CAGR. Pre-COVID-19 forecasts for the security testing market look more optimistic than those projected for 2027. Since the COVID-19 outbreak, the security testing market has been greatly boosted owing to favourable government regulations for securing critical data of companies and various private and public organizations and also for supporting new practices related to working remotely and maintaining social distancing.
Key Competitors in the Global Security Testing Market
AT&T, Inc.
NTT Security AppSec Solutions Inc.
International Business Machines Corporation
Cigniti
McAfee, LLC
Micro Focus
Synopsys, Inc.
Veracode
Rapid7
SecureWorks, Inc.
As these players penetrate the market and achieve market leadership, they have adopted different strategies to enhance their position further. Some of the key strategies adopted by companies in the global marketplace are product launches, acquisitions, joint venture, and collaboration among others.
Key questions answered in the Security Testing market report are:
- How does a global company acquire markets?
- What are its core strategies and policies?
- What factors will influence the Security Testing market over the forecast period?
- What are the factors driving and restraining the market for Security Testing?
- What are the leading competitors in the global market?
- Which region is growing at a higher pace in the global market?
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