Security Testing Market

The surge in web and mobile-based business is driving the market growth

Enterprises are adopting technologies, such as the Internet of Things (IoT) and BYOD, which have increased the attack surface. Enterprises allow employees to bring their own devices, such as laptops and smartphones, to access company data and provide company-specific web and mobile-based applications. These devices function on the private network of the respective user, which is susceptible to various cyberattacks due to insufficient security. Business-sensitive data will be leaked and misused if any of these devices or applications are hacked. Timely security testing of such devices and applications for checking vulnerabilities can help prevent and mitigate potential cyber threats.

According to CSO Online, 61% of organizations have experienced a lot of security incidents, and as per NETSCOUT, IoT devices are typically attacked within five minutes, mainly through malicious servers. These statistics highlight the need to secure endpoints to prevent data loss and, in turn, financial loss. These statistics are also making enterprises realize the importance of better security. This factor drives the Market CAGR.

Additionally, the initiatives by the government and digitalization will lead to plenty of growth opportunities. In the last few years, the transformation of enterprises to digitalization has been immense. According to mart insights, over 31% of companies are already adopting digitalization. The use of Al, machine learning, and much is bringing better organizational changestions. Through Al, businesses can track consumer preferences to make a great impact. Most of the consumers buy products that are according to their preferences.

Even the government encourages digitalization as there are plenty of benefits. The digital infrastructure of any organization uses Al and IoT. However, these technologies are prone to cyber threats. The increasing rate of digitalization is raising the need for security testing in the upcoming years. It is an exceptional opportunity for the security testing market to increase demand and profitability. Due to digitalization, awareness about security testing will increase. New end users will prefer security testing for secure processes and customers' user experience. All these growth prospects will ultimately enhance the security testing market size. Thus, driving the Security Testing market revenue.

The Global Security Testing Market Industry is experiencing growth driven by the escalating frequency and sophistication of cyber threats. Organizations across various sectors are increasingly recognizing the necessity for robust security measures to protect sensitive data. In 2024, the market is projected to reach 6.02 USD Billion, reflecting a heightened awareness of cybersecurity risks. This trend is likely to continue as businesses face potential financial losses and reputational damage due to breaches. The demand for comprehensive security testing solutions is expected to surge, as companies strive to mitigate vulnerabilities and ensure compliance with regulatory standards.

By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Security Testing market area will dominate, owing to the need for security testing in organizations rising in this Region. Also, due to the presence of top players, the market will have many more developmentsto boost market growth in this Region.

Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure2: GLOBALSECURITY TESTING MARKET SHARE BY REGION 2022 (%)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Europe's Security Testing market accounts for the second-largest market share due to theneed to detect potential loopholes are essential in this Region. It is a region with a high expansion rate in the forecast period. Further, the German Security Testing market held the largest market share, and the UK Security Testing market was the fastest-growing market in the European Region.

The Asia-Pacific Security Testing Market is expected to grow fastest from 2023 to 2032. This is due tothe merging of enterprises. These enterprises, both small and large, have high requirements for security testing. All these regional players will witness high demand and revenue rates. Moreover, China’s Security Testing market held the largest market share, and the IndianSecurity Testing market was the fastest-growing market in the Asia-Pacific region.

Leading market players are investing heavily in research and development to expand their product lines, which will help the Security Testing market grow even more. Market participants are also undertaking various strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The Security Testing industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.

Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the global Security Testing industry to benefit clients and increase the market sector. The Security Testing industry has offered some of the most significant advantages in recent years.

Major players in the Security Testing market, includingCisco Systems Inc. (US), Hewlett Packard Enterprise (US), IBM Corporation (US), Qualys Inc. (US), WhiteHat Security (US), Applause App Quality Inc. (US), Veracode (US), Checkmarx (Israel), UL LLC (Netherlands), and Intertek Group PLC (UK), Valency Networks Pvt Ltd (India), Capgemini SE (France), Wipro Limited (India), Cognizant Technology Solutions Corp (US), Infosys Limited (India), Tata Consultancy Services Limited (India)., and others, are attempting to increase market demand by investing in research and development operations.

StackHawk makes it simple for developers to find, triage, and fix application security bugs. Scan your application for AppSec bugs in the code your team wrote, triage and fix with provided documentation, and automate in your pipeline to prevent future bugs from hitting prod.StackHawk, an application security testing provider, announced the launch of its Deeper API Security Test Coverage. The company's Deeper API Security Test Coverage release allows teams to leverage existing automated testing tools, such as Postman or Cypress, to explore paths and endpoints, provide custom test data for scans, and cover proprietary use cases for security testing.

Datadog is an observability service for cloud-scale applications, providing monitoring of servers, databases, tools, and services through a SaaS-based data analytics platform.Datadog, Inc., a monitoring and security platform for cloud applications, announced the launch of Datadog Continuous Testing. This new product helps developers and quality engineers quickly create, manage, and run end-to-end tests for their web applications.