Security Testing Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)

Key Highlights

• With the penetration of mobile devices and ICT, various governments and public enterprises are dependent on information infrastructure services. However, this dependency has become a vulnerable factor for numerous businesses due to the rise in cybersecurity threats. Most companies and countries know that cyber threats are one of the most serious threats to their economic security.
• It is becoming increasingly evident that traditional methods, such as anti-malware software, are no longer sufficient to keep sensitive information safe. To address this challenge, various progressive companies are fortifying their sensitive information with a cybersecurity strategy by using security testing tools for better protection. These tools for security testing (ST) are used to find holes in the system and fix them.
• Additionally, companies are increasingly engaging ethical hackers to break into their computers or devices in order to test the organization's defenses. So, the trend of ethical hacking will give the market a lot of chances to make money.
• While cloud computing provides greater flexibility and functionality to organizations, it also offers the same elasticity that can be leveraged by digital adversaries as well. The cloud platform is being used by cybercriminals to launch attacks like denial of service (DoS).
• Furthermore, most systems and applications today are accessible across multiple browsers, mobile platforms, and devices. As a result, mobile platforms and devices, such as tablet computers, have emerged as a new hotspot for hackers. Because of this trend, ethical hackers have started to include modules on mobile technologies and ways to make mobile infrastructure more secure.
• The COVID-19 pandemic positively impacted market growth owing to the increased adoption of work-from-home in various organizations. Also, there were more data breaches and cybercrimes on the market, which made more people want security testing solutions.

Security Testing Market Trends

Hybrid Segment to Gain Significant Importance over the Forecast Period

• While many companies are looking for simple security solutions through cloud deployment, the complicated nature of cyber threats is forcing enterprises to look beyond conventional security testing mechanisms to address their security needs. There is a need to incorporate strong security practices in every step of the software development lifecycle, which requires collaboration over the cloud.
• On the other hand, companies are also required to run their security tools. As a result, hybrid solutions have emerged as the most feasible solution for organizations. Integrating the hybrid cloud is becoming increasingly popular because it offers substantial advantages such as scalability, security, cost, control, and speed.
• Large enterprises are subject to many compliance and internal regulations. The security testing teams (both internal and outsourced) are required to use automatic security tools as part of the process of building applications and solutions.
• Moreover, the growing investments of government firms in hybrid models have created a threat of data breaches for a huge amount of valuable data. For instance, In February 2022, Trend Micro Incorporated announced a strategic partnership with the Ministry of Communications and Information Technology of Saudi Arabia to maximize investments in hybrid cloud security solutions and others. Such increased focus of government organizations on hybrid cloud is accelerating the demand for enhanced security solutions to mitigate the risk of a data breach.

North America to Hold Major Share

• The major factors for the growth of the security testing market in the region are the high adoption of advanced technologies, increasing cyberattacks, and the growing number of connected devices in the region.
• Recently in September 2022, the National Institute of Standards and Technology (NIST) issued Draft Security Recommendations for IoT Devices in the United States. Because IoT regularly poses a cybersecurity risk through hacks and data breaches, the NIST's Core Baseline highlights a list of recommended security features for manufacturers to incorporate into their IoT devices, as well as guidelines for consumers to look for on a device's box or online description while shopping.
• According to the US Office of Management and Budget, In 2022, the annual civilian cyber security spending of the United States government on the CFO Act and non-CFO Act agencies was USD 9,387 million and USD 454 million, respectively.
• The North American region is a technology hub. Therefore, the federal government has made very stringent rules regarding security testing services. Moreover, it is made compulsory for industries, such as BFSI, to adhere to compliance testing.
• Moreover, the United States is increasingly focusing on cybersecurity at both the national and state level, notably for financial services firms. In addition, the region is home to prominent cloud services providers, such as Microsoft and Amazon. This factor is expected to play a significant role in the growth of the cloud-based security testing market.

Security Testing Market Competitor Analysis

• October 2022 - Contrast Security (Contrast), a code security provider, announced the expansion of its Secure Code Platform's static application security testing (SAST) capabilities to include JavaScript language support along with support for Angular, React, and jQuery frameworks, which will allow developers to find and fix security defects in their client-side code quickly.
• August 2022 - Core Security by HelpSystems, a provider of cyber threat solutions, announced the addition of ransomware simulation to its penetration testing solution, Core Impact. Core Impact users can now efficiently simulate a ransomware attack by using an automated Rapid Pen Test.

Additional benefits of purchasing the report:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support