As per Market Research Future (MRFR), The global security testing market had a valuation of USD 3.67 billion in 2017 and is estimated to reach USD 8.69 billion with a CAGR of 15.72% from 2017 to 2023 (forecast period). The report discusses and examines the effect of the outbreak of COVID-19 on the global security testing market, including possible opportunities and threats, drivers, and risks.
With the increasing adoption of cloud-based services and automation, the capabilities of industrial and enterprise networks are increasing. Nevertheless, there are also risks and threats associated with the security of customer data and web and mobile applications. Security testing can be considered a form of software testing used to identify system and network susceptibilities. This is done to assure the security of data and assets against potential threats. Security testing can be broadly categorized under four different heads: network security, system software security, client-side application security, and server-side application security.
Market Dynamics
The key factors contributing to the security testing market share are the growing need to secure customer data and web and mobile apps, the increased acceptance of cloud-based security solutions, and the increasing need for better security due to rising cyber-attacks. However, a lack of understanding of cybersecurity and increased adoption of freeware security applications present challenges to market development.
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Market Segmentation
The worldwide security testing market can be distinguished on the basis of industry vertical, deployment, service type, tool, and geography.
On the basis of industry vertical, the worldwide security testing market can be distinguished into healthcare, BFSI, Government and public sector, IT & telecommunication, retail, and others.
On the grounds of deployment, the worldwide security testing market can be distinguished into on-premise deployment and cloud.
On the grounds of service type, the worldwide security testing market can be distinguished into application security testing, network security testing, and device security testing. Network security can be further distinguished into VPN testing, firewall testing, and IDS/IPS testing. Application security is further classified into web application security testing, mobile application security testing, cloud application security testing, dynamic application security testing, and static application security testing.
On the grounds of the tool, the global security testing market can be distinguished into web testing tools, testing tools, automated testing tools, and others.
On the grounds of geography, the worldwide security testing market can be distinguished into North America, Europe, Asia-Pacific, and the Rest of the World (RoW).
Regional Outlook
The security testing market is dominated by North America due to various small and medium enterprises and large behemoths adopting various automation solutions. The North American region is expected to thrive owing to the U.S. and Canada.
Europe, on the other hand, is expected to exhibit a stable CAGR over the assessment period thanks to mushrooming of various data centers. Major contributing nations include Germany, the U.K., and the Netherlands. Change in data privacy regulations coupled with their strict implementation by these nations would be monumental in driving the regional security testing market.
Asia Pacific, on the other hand, is touted to exhibit a strong CAGR over the review period due to several policies focusing on digitization and adoption of wireless services. Continuous upgradation of telecommunication systems combined with introduction of new communication technologies in South Korea, China, and India can contribute to the market growth.
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Key Players
The industry giants in the security testing market are Cisco Systems Inc. (US), Hewlett Packard Enterprise (US), Checkmarx (Israel), IBM Corporation (US), Qualys Inc. (US), WhiteHat Security (US), Veracode (US), Applause App Quality Inc. (US), UL LLC (Netherlands), and Intertek Group PLC (UK). These players contribute a significant proportion to market growth.
Apart from the industry giants, other players contribute nearly 30–35 % in the security testing market. These include Valency Networks Pvt Ltd (India), Infosys Limited (India), Capgemini SE (France), Wipro Limited (India), Cognizant Technology Solutions Corp (US), Tata Consultancy Services Limited (India), CloudBees (US), Hexaware Technologies Limited (India), Zensar Technologies Limited (India), Rohde & Schwarz UK Ltd (Germany), Beyond Security (US), Symetrics (Netherlands), TraceSecurity (US) and others.
About Market Research Future:
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