Penetration Testing Market
Growing remote workforces all across the globe have increased the number of cyberattacks on critical data of the organization, which drives the market growth.
PORTLAND, PORTLAND, OR, UNITED STATES, September 12, 2023/EINPresswire.com/ — According to the report published by Allied Market Research, the global security testing market was estimated at $6.25 billion in 2020 and is expected to hit $36.78 billion by 2030, registering a CAGR of 19.2% from 2021 to 2030.
Security testing is the most important testing for an application to check whether the confidential data is safe and secure from various types of vulnerabilities. In addition, security testing is very important in software engineering to protect data by all false means. Security testing is adopted in various automotive and manufacturing organizations in their production units to identify the threats in the system and measure its potential vulnerabilities so that when the threats are encountered the system does not stop functioning or be exploited.
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Surge in web & mobile-based business applications and stringent government regulations to increase the adoption of security testing solutions & services drive the growth of the global security testing market. On the other hand, lack of skilled security professionals and high implementation cost impede the growth to some extent. Nevertheless, increased adoption of cloud-based security testing, evolution of technologies, and implementation of new technologies, such as DevOps, DevSecOps and Agile in software security testing are expected to create lucrative opportunities in the industry.
Depending on type, the network security segment is expected to hold the largest security testing market share owing to growing need for network security among enterprises and surge in adoption of cloud-based security technologies among various sectors. However, device security segment has witnessed high growth during the forecast period, owing to increase in favorable government regulations for device security across various countries and significant rise in BYOD culture across various sector.
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On the basis of deployment mode, the on-premise segment held the major share in 2020, garnering nearly three-fifths of the global security testing market, due to increase in adoption of on-premise security testing product among organizations as it offers an array of benefits such as increased security of the data collection devices, enhanced operation of the business, and so on. The cloud segment, on the other hand, is projected to cite the fastest CAGR of 20.8% throughout the forecast period, owing to rise in demand from the small & medium size enterprises toward the cloud based security testing platform to detect potential threats in the system.
Region wise, the security testing market was dominated by North America, and is expected to retain its position during the forecast period. This is attributed to increase in adoption of advance technologies such as cloud technology, big data, artificial intelligence, and machine learning for automating the security testing and preventing any accidents with real-time monitoring of machines. However, Asia-Pacific is expected to witness a significant growth rate during the forecast period, owing to rise in security testing awareness and growth in number of SMEs adopting cloud-based security testing.
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The key players profiled in the security testing market analysis are AT&T, Inc., Cigniti, International Business Machines Corporation, McAfee, LLC, Micro Focus, NTT Security AppSec Solutions Inc., Rapid7, SecureWorks, Inc., Synopsys, Inc., and Veracode. These players have adopted various strategies to increase their market penetration and strengthen their position in the security testing industry.
Impact of COVID-19 on Security Testing Software Market:
• With the work-from-home trend on board, the personal devices of employees such as laptops and smartphones have got to access company data. These external devices work on network of the employees, which is susceptible to cyber-attacks and, thus to provide enhance security companies are now extensively adopting security testing solutions, thereby impacting the growth of the security testing market negatively.
• Also, governments in different countries are implementing various regulations such as standardizing security testing solutions in companies and improving training regarding security testing, which boosts the market growth.
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