PUNE, India | 1st October 2020: The global security testing market will experience a massive growth in the forecast period due to technological advancements. The network security testing segment will surge. The cloud testing segment will be the most profitable. The small and medium enterprises will be lucrative and North America will rule the market.
Research Dive has added a new report to its offering titled, “Security Testing Market, by Testing Type (Application Security Testing, Network Security Testing, Device Security Testing, Social Media Testing), Deployment (Cloud, On-premise), Organization Size (Small & Medium, Large), Vertical (BFSI, Healthcare, IT & Telecom, Retail, Others) Total Regional Analysis (North America, Europe, Asia Pacific, LAMEA): Global Opportunity Analysis and Industry Forecast, 2020–2027″.
The Global Security Testing Market accounted for $ 5,800.0 million in 2019 and is estimated to reach up to $ 27,593.9 million by 2027, at a considerable CAGR of 20.7% in the forecast period.
Regional Analysis: North America Security Testing Market, will dominate the market in the said forecast period.
North American region had a market size of $1,894.9 million in 2019 and is predicted to exceed $8,463.0 million during the forecast period. This area is moving quickly with people’s adoption to the new technology, technical advances in the market, and emergence of substantial market players. Moreover, devices like smart television set, smart phones, IoT, and artificial intelligence have played a crucial role in uplifting the market. These all aspects have governed the market growth.
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Key Segment Findings of the Market
The report divides the market into segments based on by testing, type, deployment, organization size, vertical, and regional analysis.
- Network security testing segment will rise significantly in the forecast period and produce revenue of $6,751.2 million by 2027 from a market size of $1,339.0 million in the year 2019. The market growth is due to increase in cybercrimes in developed and developing countries and assessing the security across the network.
- Cloud testing segment is considered as the most profitable and is estimated to garner the significant $14,111.7 million mark by 2027 from $2,676.1 million in the year 2019. Maximum adoption of cloud-based services; easier installation process, low maintenance costs, and upgraded cloud testing mechanisms have resulted in the market growth.
- Small and medium enterprises segment is subjected to be the most lucrative and is predicted to cross the $12,447.1 million margin during the forecast period. Several businesses, companies, and industries are vulnerable to the vast cyberspace sector; this can lead to data transgression and hinder the payment services. These factors form the basis for market growth for this segment.
- BFSI segment is predicted to generate the maximum revenue during the forecast period. This segment is anticipated to surpass the $8,522.2 million mark by 2027. Every growing business wants to locate bugs and monitor defects and risks that can hamper the client’s data. Apart from this, expansion of businesses and collaborative partnerships will impact the market. These are the major reasons behind the growth of the market segment.
The growth of the market is predicted to increase due to the innovative inventions in the technology, optimistic government policies about the security testing, and need to eliminate the cyber threats arising out of rising cybercrimes. These vital aspects will drive the market in the forecast period.
However, high security testing costs, complex security testing, and awareness gap about the security testing protocols will be the obstacles in the market growth.
Cloud-based security testing is preferred for its consolidated protection, low costs, credibility for security, and enriched administration. These features supplement majority of opportunities in the market.
COVID-19 Impact on Security Testing Market
The COVID-19 pandemic will have a positive impact on the market because the healthcare sector utilizes communication channels like chats, virtual medicines portals, emails and phones. Therefore, these modes of communication require security. This aspect will surge the market during the COVID-19 outbreak. – Download COVID-19 Impact on Security Testing Market
Top 10 Key Players of the Security Testing Industry
- Cisco Systems
- Cigniti Technologies Limited
- Google (Alphabet)
- Hewlett Packard Enterprise Development LP
- Data Theorem, Inc.
These players are aiming at developing smart strategies such as merging and acquisition, futuristic technical developments, and collaboration. These are some of the effective strategies implemented by the startups and well-established business organizations.
The report briefs about the various features of all the prominent players functioning in the market such as financial performance, product portfolio recent strategic moves and developments, and SWOT (strength, weakness, opportunities and threats) examination. – Quick Download Top Companies Development Strategies Summary Report [75 pages]
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