CHICAGO, Aug. 28, 2020
CHICAGO, Aug. 28, 2020 /PRNewswire/ -- According to the new market research report "Security Testing Market by Testing Type (Application Security, Network Security, Device Security, and Social Engineering), Deployment Mode, Organization Size, Vertical (BFSI, Healthcare, IT, and Telecom), and Region - Global Forecast to 2025", published by MarketsandMarkets™, the Security Testing Market size to grow from USD 6.1 billion in 2020 to USD 16.9 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 22.3% during the forecast period.
Surge in web and mobile-based business critical applications requiring higher secure endpoint protection, enterprises implementing security measures to prevent financial losses due to increased sophistication in cyber-attacks and stringent government regulations are major growth factors for the market. Initiatives by governments and enterprises with focus on digitalization and increased adoption of cloud-based security testing as well as evolution of technologies such as Testing-as-a-Service (TaaS) would provide lucrative opportunities for vendors in the Security Testing Market.
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In the testing type, application security testing segment to hold the largest market size during the forecast period
Application security testing is carried out to identify the vulnerabilities, threats, and overall risks associated with the internal and external applications along with its APIs. The market for security testing has evolved from an in-house process to a service-based market, with rapid growth in the use of applications in organizations. As security threats evolved, new methods of security testing were developed. Open source tools were also developed for security testing by companies. The major factors fueling the growth of the application Security Testing Market are rise in security breaches targeting web and mobile applications and strong regulations and compliance requirements among SMEs and large enterprises
In deployment mode, cloud deployment to grow at a higher CAGR during the forecast period
Cloud-based security testing solutions are not only enabling organizations to manage their costs but also helping them in improving business agility. It is the fastest-growing deployment model in the Security Testing Market. SMEs prefer cloud-based deployment, as it is cost-effective and easy to deploy. With the cloud-based deployment of these solutions, small enterprises can assess vulnerabilities and reduce threat landscape at a much lower cost, thus improving their customer services. The cloud-based platform offers a centralized way to secure the web and mobile applications in an organization, throughout the application development lifecycle. For organizations having strict budgets on security investments, cloud-based security testing solutions are a good fit.
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North America to hold the largest market size during the forecast period
North America, a technologically advanced region with a high number of early adopters and the presence of major market players, is expected to contribute the highest market share in terms of revenues during the forecast period. Factors such as large-scale deployment of smart devices such as smartphones, smart TVs, and smart automobiles and the increased adoption of IoT and AI-based technologies due to initiatives aimed at digitization and Increasing demand for cloud-based security testing services among enterprises, especially SMEs, due to advantages such as scalability and cost effectiveness are expected to fuel the growth of security testing in the region
Major vendors in the global Security Testing Market include IBM (US), SecureWorks (US), Synopsys (Canada), Rapid7 (US), Micro Focus (UK), Cigniti (India), AT&T (US), WhiteHat Security (US), Veracode (US), Checkmarx (Israel), McAfee (US), Core Security (US), ParaSoft (US), ScienceSoft (US), Data Theorem (US), Kryptowire (US), LogRhythm. (US), PortSwigger (UK), ImpactQA (US), and NowSecure (US).
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