Security Testing Market Is Estimated To Witness High Growth Owing To Escalating Cybercrimes
Security testing involves identifying security vulnerabilities in applications and infrastructure to ensure protection of sensitive data from cyber threats. With the proliferation of connected devices and digitalization of services, most business processes have moved online, increasing the digital attack surface. Organizations across industries such as banking, healthcare, and government are adopting security testing solutions to secure their IT infrastructure and meet compliance requirements.
The global security testing market is estimated to be valued at US$ 4.82 Mn in 2024 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key drivers for the growth of the security testing market is the escalating cybercrimes globally. According to Cybersecurity Ventures, cybercrimes are estimated to cost the world $10.5 trillion annually by 2025, up from $3 trillion in 2015. As cyber threats continue to evolve in sophistication, frequency, and impact, organizations are focusing on security testing of applications and infrastructure on a regular basis to proactively identify vulnerabilities. Furthermore, the increasing shift to remote working models amid the ongoing pandemic has expanded the attack surface for hackers, compelling enterprises to strengthen security controls through rigorous security testing. Continuous security testing allows companies to reduce risks, gain visibility, and ensure compliance with privacy regulations such as GDPR in Europe and CCPA in the US.
SWOT Analysis
Strength: Security testing offers comprehensive security coverage to organizations. It helps detect vulnerabilities at early stages of development cycle thereby reducing costs of fixing issues later. Regular security testing also strengthens overall security posture of organizations.
Weakness: Security testing requires dedicated resources and expertise which can increase costs for organizations. False positives during testing can waste resources in investigating non-issues. Dependency on third party security tools/services also introduces external risks.
Opportunity: Growth of IoT and mobility has increased attack surfaces for most organizations. This is creating strong demand for continuous security testing. Regulatory mandates around data privacy are also driving more organizations to adopt security testing.
Threats: Rapidly changing cyber threat landscape poses challenges to keep security tests updated. Vulnerabilities in third party components used also expose applications indirectly. Lack of in-house skills can impact ability to mitigate newly discovered threats.
Key Takeaways
The global Security Testing Market Demand is expected to witness high growth over the forecast period supported by rapidly digitizing businesses and growing cyber threats. The global security testing market is estimated to be valued at US$ 4.82 Mn in 2024 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024 to 2031.
North America currently dominates the market owing to stringent data privacy laws and early adoption of advanced security practices among organizations in the region. The Asia Pacific region is expected to be the fastest growing market for security testing driven by increasing investments in digital technologies and growing awareness about security and compliance needs. Countries like China, India and Singapore are emerging as global IT hubs and witnessing rising cyber attacks. This is driving many organizations to implement proactive security measures like testing. Furthermore, evolving data privacy regulations will also require companies to strengthen security compliance which will further drive demand.
Key players related content comprises
Key players operating in the Security Testing market are Orion Engineered Carbons, Cabot Corporation, Mitsubishi Chemical Corporation, Phillips Carbon Black Limited, Birla Carbon, Sid Richardson Carbon & Energy Co., Anyang HengXu Specialty Carbon Black Co., Ltd., and Imerys Graphite & Carbon. These players are focusing on developing advanced security testing capabilities through tools/platforms and collaborating with cloud and security vendors to offer comprehensive testing-as-a-service.
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