Global security testing market is expected to witness a noteworthy growth during the forecast period, 2020-2027. Application sub-segment is expected to be the most lucrative. Cloud and large business sub-segments are expected to be the most profitable ones. BFSI sub-segment is expected to be the most beneficial. North America is expected to lead the market.
New York, USA, Aug. 02, 2021 (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 at a CAGR of 20.7% during the analysis period, rising from $5,800.0 million in 2019.
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The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
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Dynamics of the Market
Drivers: In recent years, an increase in cyber threats and attacks has been recorded across the world. Companies need high endpoint security protection to prevent such sophisticated cybercrimes. This is one of the major factors boosting the growth of the market during the forecast period. Moreover, government investment to uplift the security testing market is another driving factor of the market.
Restraints: The main restraining factor behind the growth of this market is the expensiveness of the security testing tools.
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Opportunity: The increasing adoption and popularity of cloud-based security testing is creating many opportunities for the market.
Segments of the Market
The report has divided the market into different segments based on testing type, deployment, organization size, vertical, and regional insights.
Testing Type: Application Sub-Segment Expected to be the Most Lucrative
The application security testing type sub-segment is predicted to generate a revenue of $8,782.3 million during the analysis period. The rising cyber threats to the companies operating remotely has increased the demand of application of the security testing tools. This is the main factor enhancing the growth of the market segment.
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Deployment: Cloud Sub-Segment Expected to be the Most Profitable
The cloud sub-segment is predicted to generate a revenue of $14,111.7 million by the end of 2027, increasing from $2,676.1 million in 2019. The main attributor of this growth is the high demand of cloud-based security testing tools such as Microsoft cloud monitoring, Amazon CLoudwatch, AppDynamics and others because of their benefits such as low cost of maintenance and user-friendliness.
Organization Size: Large Sub-Segment Estimated to be the Most Beneficial
Large business sub-category is expected to garner a revenue of $15,148.2 million during the forecast period. Because of huge database and massive capital, the large organizations are vulnerable to the cyber-attacks which demand implementation of security testing systems. This factor is impacting the growth of the segment in upcoming years.
Vertical: BFSI Sub-Segment Predicted to be the Most Lucrative
The BFSI sub-segment is anticipated to garner a significant revenue of $8,522.2 million by the end of 2027. BFSI sector require the benefits of security testing software as the sector often becomes the target of big cyber-attacks. This is the main factor enhancing the growth of the market segment during the forecast period.
Regional Insights: North America Expected to Dominate the Market
North America regional market registered a revenue of $1,894.9 million in 2019 and is further predicted to generate a revenue of $8,463.0 million by the end of 2027. The rising incidents of cybercrimes in the big companies across the regional countries have increased the demand of security testing software. This is the main factor fueling the growth of the regional market.
Key Players & Strategies
2. Cisco Systems
6. Google (Alphabet)
7. Hewlett Packard Enterprise Development LP
9. Data Theorem Inc.
10. Cigniti Technologies Limited
In March 2021, Data Theorem, Inc., a leading provider of modern application security, introduced Cloud Secure, the industry’s first application-aware full stack cloud security product with attack surface management (ASM) for protecting data in cloud-native apps, API services and serverless cloud functions.
Impact Analysis of Covid-19 on the Industry
This is mainly because of the new and emerging culture of ‘remote work’ and ‘work from home’ during the pandemic. Many organizations have been targeted by the cybercriminals to steal data and other forms of crimes such as phishing and social engineering. Apart from this, the healthcare industry also made the use of digital devices for communication and data storing. These are the main factors behind the growth of the market during the pandemic.
The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry. Click Here to Get Absolute Top Companies Development Strategies Summary Report
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