Security testing is a process that helps in unveiling all the possible vulnerabilities and loopholes in a system which might result in cyber-attack or data breach.
Here are some of the factors that are contributing to the growth of the market:
Numerous cybercrimes are being reported all over the world since the internet has taken over the businesses. To overcome such crimes related to data security, higher secure endpoint protection is required. The latest technological advances and product development by the leading market players are ensuring and safeguarding the businesses from such risks.
In addition, the governments are introducing supportive policies for cybersecurity which is also expected create a positive impact on the global security testing market. In December 2018, the small business and family enterprises Ombudsman of the Australian government has initiated the grants process for the ‘Cyber Security Small Business Program’ until June 2020. Small & medium enterprises with 19 or less employees are eligible for a grant to conduct a certified cybersecurity health check to identify business risks and vulnerabilities. Such initiatives by the governments will definitely drive the growth of security testing services in the global market.
Developments during the Pandemic
It’s quite relevant that the global security testing market is speculating to a higher growth rate during the COVID-19 pandemic. During the critical time, the healthcare professionals are taking the convenience of using smartphones, email, and virtual medicine portals for remote counseling and better and accurate diagnoses. Security testing is playing an essential role in this industry to ensure the security of such online transactions and conversational data.
Many leading companies of the security testing market are coming forward with their strategic approaches. For instance, Automation Anywhere. Inc, a noteworthy player in Robotic Process Automation (RPA) announced of the release of ‘Bot Security’, the industry’s 1st security platform to set the standard for securing software bots in April, 2020. This innovative tool includes 4 levels of protection such as self-attestation & developer training, threat model & static analysis, malware scan, and penetration testing to address the stringent security concerns.
Recent Advances in the Market
According to a recent report published by Research Dive, the key players of the global security testing market include Cigniti Technologies Limited, Cisco Systems, IBM, SecureWorks, AT&T, Google (Alphabet), and Data Theorem Inc., Hewlett Packard Enterprise Development LP, F-secure, McAfee, and many others.
These market players are converging on developing unique strategies including mergers and acquisitions, product launches, upgradation of existing technology, and collaborations and partnerships to sustain the market competition.
Some of the recent developments that have fuelled the growth of the market are mentioned below:
- In September 2020, Secureworks, a global leader in security testing solutions has made a statement about them initiating a distribution agreement with Arrow Electronics, another leading technology solutions vendor. The agreement aimed to provide the complete service/product portfolio of Secureworks to the channel partners across the North America region.
- In August 2020, GrammaTech, a notable player in security testing solutions, has launched its new ‘Swap Detector; that detects application programming interface (API) usage errors and improves application security testing for DevOps teams.
- In March 2020, Veracode, one of the significant independent global providers of the best security analyzer has offered its advanced ‘Veracode platform’ to OneSpan Inc., to help secure its solutions along with protecting financial institutions and other enterprises from cyber-attacks.
- As per a recent report, Secureworks has acquired Delve to bring a new vulnerability management solution to the firm's portfolio. Delve is a vulnerability management platform based on Machine Learning and Artificial Intelligence.
- According to another press release, Cigniti Technologies Limited has recently announced about its acquisition of Gallop Solutions Inc, a specialized software testing services company based on USA. Cigniti Technologies Limited is the largest independent software testing services company in India.
- Google has recently acquired StratoZone to help partners and customers strategize and automate data center migrations to Google Cloud Platform. StratoZone provides the cloud migration needs for its clients.
- Another development has been offered by Data Theorem, Inc., a leading provider of modern application security. The company has recently launched Web Secure, the first full-stack application security analyzer of the company. Web Secure will provide vulnerability analysis for modern web applications from the web-layer down to its embedded APIs and cloud resources.
The developmental strategies taken by the leading market players are helping the security testing market to garner a promising revenue. The increasing incidents of cybercrimes will enhance the demand of the security testing market in upcoming years.