Global Security Testing Market Anticipated to Rise with a CAGR of 20.7 % During 2020-2027Download Sample Reports Overview
According to a report published by Research Dive, the global security testing market will witness a growth in revenue, reaching $27,593.9 million by 2027, with a substantial CAGR of 20.7% during the forecast period. The comprehensive report provides a brief summary of the current market situation that includes significant sides of the market such as challenges, growth factors, dynamics of the market, restraints, and varied opportunities during the forecast period. The report also includes all the figures of the market, making it simple and helpful for the novel participants to grasp the market scenario.
The market is predicted to increase due to the technological innovations of the security testing, supportive government policies regarding the market, and to overcome the cyber threats due to rise in cybercrimes. These aspects will drive the market forward.
However, high costs of security tools, complexity of the security testing, and lack of expertise of the security testing procedures could hinder the market growth and maybe considered as vital restraints.
Cloud-based security testing is preferred for its low costs, consolidated protection, credibility for security, and better administration. These features provide ample amount of opportunities in the market.
The Covid-19 pandemic will further enhance the market growth because the healthcare sector uses communication channels like emails, chats, virtual medicine portals, and phones. Therefore, it’s essential to secure these modes. This characteristic will boost the market during the Covid-19 outbreak.
The report bifurcates the market into segments based on testing, type, deployment, organization size, vertical, and regional analysis.
Network Security Testing Segment to Rise Significantly
This segment will produce revenue of $6,751.2 million by 2027 from a healthy market size of $1,339.0 million in the year 2019. The driving forces for the market growth are rise in cybercrimes in developed and developing countries and assessing the security across the network.
Cloud Testing Segment will be the Most Profitable
This segment is estimated to surpass the $14,111.7 million mark by 2027 from a considerable market size of $2,676.1 million in the year 2019. Maximum adoption of cloud-based services, minimum maintenance costs, simple installation process, and improved cloud testing tools is expected to contribute significantly in the market growth.
Small and Medium Enterprises Segment will be the Most Lucrative
This type of segment has widened the growth horizon by crossing the $12,447.1 million mark during the forecast period. Several businesses are attacked in cyberspace causing infringement of data and insecure payment services/ financial transactions. These factors are responsible for market growth of this sector.
BFSI Segment will Generate the Highest Revenue
This segment of the security testing market is anticipated to surpass the $8,522.2 million mark by 2027. The necessity to locate bugs and monitor certain defects that can backfire on the client’s data are enhancing the market. Apart from this, expansion of businesses and partnerships will also take the market forward. These traits will enhance the growth of the segment.
North America Region to Dominate the Market
This region was sitting at a market size of $1,894.9 million in 2019 and is predicted to surpass the $8,463.0 million mark during the forecast time zone. This region has experienced technical advances, people’s attraction and adoption of the technology, and emergence of several market players. Moreover, devices like smart television set, smart phones, IoT, and artificial intelligence have played a crucial role in uplifting the market. These all aspects have contributed in the market growth.
Key Players and Business Strategies
According to the report, some of the most important companies that deal with the security testing market are IBM, Cisco Systems, SecureWorks, ATandT, Cigniti Technologies Limited, McAfee, Google (Alphabet), Hewlett Packard Enterprise Development LP, F-secure, and Data Theorem, Inc.
Security testing market players are focusing on developing new strategies such as merger and acquisition and advanced technical developments. These are the effective strategies followed by the startup as well as established organizations.
The report summarizes various features of all the crucial players that are operative in the market such as financial performance, current strategic moves, product portfolio, developments and SWOT (strength, weakness, opportunities, and threats) scrutiny.