A recent press release out of Delray Beach, Florida, on September 10, 2024, indicated that the global Security Testing Market is expected to experience significant growth from USD 14.5 billion in 2024 to USD 43.9 billion by 2029, reflecting a Compound Annual Growth Rate (CAGR) of 24.7% during the forecast period. This information stems from a report released by MarketsandMarkets™.
The surge in security testing is primarily attributed to the escalating number of cyberattacks targeting software vulnerabilities. As organizations increasingly rely on digital applications in today’s digitalized world, there is a growing necessity for identifying and resolving potential security risks within systems prior to exploitation by malicious actors. This emerging concern has led companies to prioritize the adoption of security testing processes to safeguard their systems, data, and reputation from potential breaches.
One significant factor driving the demand for security testing tools is their ability to detect vulnerabilities early in the software development lifecycle. Static Application Security Testing (SAST) tools, for instance, have gained traction as they enable developers to pinpoint and rectify security flaws at the coding stage, thereby minimizing the risk of security breaches in production. The intensified focus on integrating security into the software development lifecycle (SDLC) and complying with stringent security standards has prompted more organizations to incorporate SAST tools to enhance code security, optimize development efficiency, and fortify applications against cyber threats proactively.
When it comes to application security testing type, web application security testing dominates the market size projection for the foreseeable future. The escalating reliance on web-based platforms for business operations and customer interactions has heightened the need for web application security testing. With the upsurge in cyber threats targeting web applications, enterprises are increasingly emphasizing security testing to detect and address vulnerabilities before they are exploited. This proactive approach is integral for protecting sensitive data, ensuring regulatory compliance, and upholding customer trust in a business landscape where web applications play a pivotal role.
In terms of regions, Asia Pacific is anticipated to exhibit the highest Compound Annual Growth Rate (CAGR) during the forecast period. The adoption of security testing services in the Asia Pacific region has accelerated due to the expanding digital economy and the escalating threat of cyberattacks. With businesses in Asia-Pacific embracing digital transformation and cloud computing, there is a pressing need to proactively identify and rectify vulnerabilities in their systems. Regulatory pressures, mounting cybersecurity risks awareness, and the region’s intricate threat landscape have collectively propelled organizations to invest in security testing solutions, fortifying their IT infrastructure resilience and shielding sensitive data from potential breaches.
Key companies driving the Security Testing Market include IBM (US), HCLTech (India), Synopsys (US), OpenText (UK), Cigniti (US), Qualitest (UK), Intertek (UK), DXC Technology (US), eInfochips (US), Checkmarx (US), HackerOne (US), Invicti (US), DataArt (US), Cobalt Labs (US), Trustwave (US), Contrast Security (US), Veracode (US), Qualys (US), OffSec (US), NCC Group (UK), GitHub (US), Bugcrowd (US), Applause (US), Rapid7 (US), Parasoft (US), BreachLock (US), ImmuniWeb (Switzerland), Pentest People (UK), SafeAeon (US), and REDTEAM.PL (Poland).
In conclusion, the rising prominence of security testing in response to the escalating cyber threats underscores the imperative for organizations to fortify their systems and applications against potential breaches. With technology evolving at a rapid pace, the adoption of robust security testing measures becomes instrumental in safeguarding sensitive data, ensuring regulatory compliance, and fostering trust in the digital landscape.