New York, USA, Sept. 21, 2022 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global security testing market is anticipated to generate a revenue of $27,593.9 million and rise at a CAGR of 20.7% over the analysis timeframe from 2020 to 2027.
As per our analysts, with the increasing government regulations to increase the adoption of security testing solutions and services to overcome crimes related to security, the security testing market is expected to observe exponential growth during the forecast period. Moreover, the growing prominence of cloud-based security testing and the evolution of technologies are expected to create extensive growth opportunities for the market throughout the analysis period. However, the higher cost of security testing tools may hamper the growth of the market during the estimated timeframe.
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Segments of the Security Testing Market
The report has divided the security testing market into segments based on testing type, development type, organization size, vertical type, and region.
Testing Type: Application Security Testing Sub-segment to be Most Productive
The application security testing sub-segment is predicted to generate a revenue of $8,782.3 million during the forecast period. The increasing adoption of strategic collaborations by leading market players to provide advanced application security testing platforms to businesses is predicted to fortify the growth of the market sub-segment during the estimated period.
Development Type: Cloud Sub-segment to be Most Profitable
The cloud sub-segment is projected to generate a revenue of $14,111.7 million over the analysis period. This is mainly due to the increased adoption of cloud-based services, low maintenance costs, and easy setup. Moreover, the availability of highly integrated cloud security testing tools such as Microsoft cloud monitoring, AppDynamics, and many more are predicted to amplify the growth of the market sub-segment during the forecast timeframe.
Organization Size: Large Business Organizations Sub-segment to be Most Lucrative
The large business organizations are predicted to generate a revenue of $15,148.2 million during the estimated period. The increasing launch of novel products for large organizations by leading security testing solution providers is expected to augment the growth of the market sub-segment during the analysis timeframe over the forecast timeframe.
Vertical Type: BFSI Sub-segment to be Most Beneficial
The BFSI sub-segment is projected to generate a revenue of $8,522.2 million during the analysis period. This is mainly due to the ability of security testing tools to help monitor defects and hidden bugs that can restrict potential hackers to go through the client’s data. In addition, the increasing strategies by leading market players to help BFSI players are expected to magnify the growth of the market sub-segment over the estimated period.
Region: North America Region to Hold the Maximum Share of the Market
The North America region of the security testing market is projected to rise at a CAGR of 21.4% over the analysis timeframe. The increasing adoption of security testing solutions among SMEs and large businesses in this region, owing to the rising cyber threats is predicted to drive the regional growth of the market throughout the forecast period.
Covid-19 Impact on the Security Testing Market
The outbreak of the Covid-19 pandemic has had a positive impact on the security testing market. During the pandemic, healthcare professionals have started interacting through phone, email, chats, and virtual medicine portals. This has increased the demand for security testing to secure online transactions of payments and conversational data. Moreover, many leading players in the market came forward with innovative security platforms and solutions to help society during the COVID-19 chaotic situation. All these factors have inclined the growth of the market during the period of crisis.
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Key Players of the Security Testing Market
The major players of the security testing market include
- Cigniti Technologies Limited
- Google (Alphabet)
- McAfee
- AT&T
- Hewlett Packard Enterprise Development LP
- SecureWorks
- F-secure
- Cisco Systems
- Data Theorem, Inc.
- IBM, and many more.
These players are broadly working on the development of new business strategies and tactics to procure a leading position in the global industry. – Purchase Inquiry Here before buying the Full Report
For instance, in July 2022, UL Solutions, a global independent safety science company announced its partnership with Iliad Solutions, a pure play testing company that combines payments industry knowledge with testing expertise. This collaboration combined the third-party services independently from UL Solutions with Iliad’s testing platform to provide optional support features for financial institutions and processors implementing the FedNow Service.
In addition, the report also presents other crucial aspects such as product portfolio, the financial performance of the key players, SWOT analysis, and the latest strategic developments.
More about Security Testing Market:
- Security Testing Market: Propelling with Innovative Strategies, Research and Development
- Top 5 Fundamentals of Cloud-based Application Security Testing
