by Security testing ensures the robustness and security of software applications, web services, networks, and systems. It helps identify potential security vulnerabilities and reduce risks associated with data breaches, malware intrusions, and other cyber threats. With more organizations moving their operations online and collecting and storing large amounts of sensitive customer and business data digitally, the need for rigorous security checks through testing has increased significantly. Rising frequency of cyber-attacks and data breaches across industries has also amplified vulnerability assessment and readiness through testing.
The global Security Testing Market is estimated to be valued at US$ 4.18 Bn in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Adoption of cloud-based testing approaches is gaining momentum in the Security Testing Market amid growing digitization. The shift towards cloud infrastructure demands continuous testing of cloud-hosted applications and services for vulnerabilities. Cloud-based security testing offers advantages like remote and automated testing from any location at any time, reducing time and costs for enterprises. It also facilitates testing of web, mobile and API applications developed for public cloud platforms. Rising investments in AI and automation is another key trend being observed in the market. Major testing software and solution providers are integrating AI, machine learning and automation capabilities to analyze huge datasets, identify complex patterns and pinpoint security flaws that may elude human testers. This is accelerating the testing process and allowing for continuous and dynamic security assessments.
Porter’s Analysis
Threat of new entrants: The security testing market has moderate threat of new entrants due to high initial capital investments and technical expertise required. However, growing security concerns across industries has opened opportunities.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of multiple vendors in the market providing similar security testing services. However, compliance with regulations gives an edge to large vendors.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of flexible security testing solutions from various emerging startups and technology providers.
Threat of new substitutes: Threat from substitutes is low as security testing provides comprehensive verification and validation services that are difficult to substitute.
Competitive rivalry: The market is moderately competitive with presence of numerous global as well as regional players. However, large vendors have established global presence and capabilities across verticals.
Key Takeaways
The Global Security Testing Market Demand is expected to witness high growth over the forecast period owing to stringent regulations and growing digitization. North America currently dominates the market attributed to high technology adoption and stringent cybersecurity laws in the US and Canada. Growing industrial automation and cloud migration are further expected to drive the security testing demand in the region.
Key players operating in the security testing are Turner Construction Company, Jacobs Engineering Group Inc., HOK Group, Inc., Skanska AB, AECOM, Balfour Beatty plc, Gensler, Lendlease Group, ISG plc, DPR Construction, PCL Construction Enterprises, Inc., Structure Tone, Clark Construction Group, LLC, HBA, JLL (Jones Lang LaSalle). Europe is witnessing significant growth in security testing market led by high technology investment and presence of large security vendors in UK and Germany. Rising BYOD and IoT trends across industries have accelerated the need for security verification in the region.
Asia Pacific region is expected to witness fastest growth in security testing market during the forecast period. Increasing digital transformation initiatives across major economies such as China, India are driving the demand. Favorable government regulations encouraging cybersecurity adoption will further augment the regional market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
