The security testing market is estimated to be valued at US$ 4.18 Bn in 2023 and is expected to exhibit a CAGR of 16% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Security testing includes verification of security controls, systems, and processes in order to evaluate their effectiveness. It evaluates data confidentiality, integrity, authentication, authorization and non-repudiation. Security testing products help organizations test security controls before deployment, periodically test systems post deployment and evaluate vulnerability management processes. Web application security, mobile application security, network security, cloud security and database security testing are some common types of security testing conducted by organizations.

Market Dynamics:

Security testing market is driven by increasing cases of cyber threats and breach of data globally. As per the data by Cybersecurity Ventures, cybercrime will cost the world $6 trillion annually by 2021, up from $3 trillion in 2015. This has increased the need for organizations to conduct frequent security testing of their systems to evaluate vulnerabilities. Another major driver is the adoption of digital technologies by organizations across industries which has expanded the attack surface. Growing reliance on cloud, IoT and mobile technologies has raised the importance of security testing for organizations. Furthermore, strict data privacy regulations such as GDPR in Europe has mandated organizations to conduct security assessment and vulnerability testing periodically.

SWOT Analysis

Strength: Security Testing provides security validation and quality assurance. It finds security vulnerabilities that help organizations secure their applications and infrastructure from cyber threats. It helps to reduce security risks, strengthen overall security posture. It ensures compliance with security standards and regulations like PCI DSS, ISO 27001 etc.

Weakness: Extensive security testing is a time consuming process. It requires qualified security professionals which increases costs. Some tests like penetration testing can cause system downtimes and disrupt business operations. Traditional security testing techniques are not designed to test modern cloud native applications and microservices.

Opportunity: Increased spending on application security by organizations driven by growth in online transactions and growing sophistication of cyber attacks. Rising adoption of cloud, IoT and mobility has expanded the attack surface necessitating stronger security validation of new technologies. Regulations like GDPR are compelling organizations globally to integrate security throughout SDLC.

Threats: Growing complexity of applications with interconnected ecosystems make applications more vulnerable. Emergence of new vulnerabilities before they are discovered also increases risks. Lack of skilled security professionals poses challenge to effectively implement security testing programs.

Key Takeaways

The Global Security Testing market Size is expected to witness high growth, exhibiting CAGR of 16. % over the forecast period, due to increasing digitization of processes across industry verticals. Widespread adoption of web and mobile applications for business critical operations has heightened the need for application security testing to secure these interfaces.

Regional analysis The North America region currently dominates the security testing market with more than 30% share, driven by stringent regulations and early adoption of advanced technologies. Asia Pacific region is expected to grow at the fastest pace owing to growing investments by organizations in developing countries to secure their IT infrastructure and customer data with increasing online transactions.

Key players operating in the security testing market are Synopsys, Micro Focus, IBM, Rapid7, TietoEVRY, Trustwave, SecureWorks, Cigniti, WhiteHat Security, Veracode. Key players are focusing on providing integrated security testing platforms and solutions to detect vulnerabilities throughout the development lifecycle. They are enhancing AI and automation capabilities to simplify security testing and reduce dependencies on skilled professionals.

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https://www.rapidwebwire.com/security-testing-market-size-share-growth-outlook-2023/