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 16% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The security testing market involves verification that software applications, operating systems, networks and hardware related components function securely according to the defined set of security requirements. Security testing helps detect vulnerabilities in applications and infrastructure that could be exploited by attackers. It evaluates the security of systems and applications by simulating real-world attacks. With the increasing number of data breaches, companies are incorporating security controls and conducting security testing at different stages of software development to protect customer and organizational data.
Market key trends:
One of the major trends in the security testing market is the emergence of fog and edge computing. Fog computing is an architecture that uses edge devices to carry out a substantial amount of computation, storage, and communication related to user applications. However, decentralizing computing to edge nodes amplifies security risks as edge devices have fewer safeguards than centralized servers. Therefore, security testing of edge and fog infrastructure and applications is gaining importance. Continuous security testing across the edge-cloud continuum helps address vulnerabilities early in the development cycle and protect sensitive data and systems.
Porter’s Analysis
Threat of new entrants: Low switching costs and access to resources have reduced barriers for new entrants. However, established vendors have strong brand recognition and customer base that deters new competition.
Bargaining power of buyers: Buyers have moderate to high bargaining power due to availability of substitutes and preference for open source security testing solutions with minimal licensing costs.
Bargaining power of suppliers: A few large vendors dominate the supply of security testing components and platforms. This gives them substantial control over pricing.
Threat of new substitutes: Open source alternatives and internally-built security testing capabilities are substituting proprietary security testing platforms. Continuous integration/delivery also reduces need for dedicated security testing cycles.
Competitive rivalry: The market is highly competitive with vendors competing based on customization capabilities, breadth of offerings and pricing. Integration with other application lifecycle management tools further intensifies competition.
Key Takeaways
The Global Security Testing market Size is expected to witness high growth, exhibiting a CAGR of 16% over the forecast period, due to increasing demand for compliance with data security regulations and mandates. The market size for 2023 is estimated to reach US$ 4.18 Bn.
Regional analysis: North America dominates the global security testing market currently, followed by Europe. However, Asia Pacific is expected to witness the fastest growth over the forecast period, driven by widespread adoption of digital technologies and increasing government initiatives for cybersecurity in major countries like India and China.
Key players: Key players operating in the security testing market include Synopsys, Micro Focus, IBM, Rapid7, TietoEVRY, Trustwave, SecureWorks, Cigniti, WhiteHat Security, and Veracode. Synopsys and IBM have the largest market share currently due to their extensive suite of web, mobile, IoT and application security testing solutions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it