Security Testing Is Estimated To Witness High Growth Owing To Increasing Security Concerns
Security testing involves evaluating computer systems, networks, applications and related technologies to identify vulnerabilities that could be exploited by cybercriminals or threaten the overall security and integrity of the systems. Security threats are constantly evolving and becoming more sophisticated as cybercriminals utilize advanced techniques like phishing, malware, hacking etc. to compromise individual and enterprise security. With rising digital transformation across industries and growing dependency on web and mobile applications, the risk of security breaches has increased manifold. Organizations across industries are recognizing the need for robust security testing procedures to minimize cyber risks.
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 Dynamics:
One of the key drivers for the growth of security testing market is the increasing security concerns. Cyberattacks are occurring frequently targeting critical infrastructure, financial services, healthcare and other vital sectors. Ransomware attacks like WannaCry virus that paralyzed NHS hospitals in the UK and NotPetya malware that impacted global shipping giant Maersk emphasized the disastrous consequences of unaddressed security vulnerabilities. Rapid digitalization post pandemic has further expanded the attack surface for cybercriminals. Organizations across industries have recognized security testing as a proactive measure to minimize risks of data breaches, ransomware attacks and other cyber incidents. Comprehensive security testing helps in identifying gaps, vulnerabilities and weak links in systems before hackers can exploit them. This drives greater demand for security testing solutions and services.
SWOT Analysis
Strength: Security testing helps identify security vulnerabilities and reduce risks that could be exploited by hackers. It finds technical issues and ensures privacy and safety of user data. Regular security testing helps plug loopholes and strengthen overall cybersecurity.
Weakness: Security testing requires technical expertise and extensive research. It can be time consuming and expensive to test all aspects of applications and platforms thoroughly. Small bugs or flaws may be missed during testing.
Opportunity: With rising cybercrimes and data breaches, organizations across industries are increasing security budgets and implementing stringent testing. Emerging technologies like IoT and cloud also need robust testing. There is growth in security consulting and managed security services.
Threats: Sophisticated hacking tools can bypass testing and exploit unknown flaws. Regular introduction of new technologies presents new attack surfaces before testing. Insider threats and human errors are difficult to foresee during testing. Stiff competition among testing vendors squeezes pricing.
Key Takeaways
The Global Security Testing Market Demand is expected to witness high growth. It is estimated to grow from US$ 4.18 Bn in 2023 to US$ 7 Bn by 2030, registering a CAGR of 5.1% during the forecast period. Growth will be driven by compliance mandates and increasing digitalization across industries.
Regional analysis
North America currently dominates the market due to strict data security laws and rising number of breaches. organizations are rapidly adopting security testing solutions in the US and Canada. Asia Pacific region is expected to be the fastest growing market owing to growing digital economy and emergence of tech hubs in countries like India, China and Japan.
Key players
Key players operating in the Security Testing market 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.
The key players focus on partnerships, mergers, acquisitions and continuous product innovation to strengthen their market position.
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