Security Testing Global Market Report 2024

The global security testing market has grown exponentially in recent years. It will grow from $10.50 billion in 2023 to $12.80 billion in 2024 at a compound annual growth rate (CAGR) of 21.9%. Historical growth in this field can be attributed to factors such as incidents of data breaches and cyber attacks, the enforcement of strict regulatory compliance, the widespread proliferation of mobile devices, increased awareness concerning insider threats, escalating cybersecurity risks, and heightened concerns regarding global supply chain security.

The global security testing market is expected to see exponential growth in the next few years. It will grow to $28.01 billion in 2028 at a compound annual growth rate (CAGR) of 21.6%. Anticipated growth in the upcoming period can be linked to the adoption of the zero trust security framework, increased regulatory focus on cybersecurity measures, ensuring security for remote workforces, prioritizing security awareness training, implementing automated vulnerability remediation processes, and a shift towards continuous security testing practices. Key trends expected in the forecast period involve embracing a shift-left approach to security testing, a surge in the adoption of DevSecOps methodologies, heightened emphasis on automated security testing, continuous monitoring and leveraging threat intelligence, focusing on Application Programming Interface (API) security testing, adopting cloud security testing solutions, and implementing robust IoT security testing measures.

The escalating global cybercrime rates are anticipated to drive the growth of the security testing market. Cybercrime encompasses illicit activities employing computers, networked devices, or networks. Security testing plays a pivotal role in preventing cybercrimes by thwarting hackers' attempts to access and exploit sensitive data, thereby safeguarding businesses from potential threats. Notably, in June 2022, the Federal Bureau of Investigation (FBI) reported a record 84.73k cybercrime reports from the public in its Internet Crime Report 2021, reflecting a 7% increase over 2020, with losses exceeding $6.9 billion. The surge in cybercrimes worldwide is a significant factor propelling the growth of the security testing market.

The increasing adoption of cloud-based solutions is poised to fuel the expansion of the security testing market. Cloud-based solutions, residing on remote servers and accessible through the internet, have become integral in various business operations. Security testing, crucial for assessing the resilience and vulnerabilities of digital systems, plays a vital role in ensuring the security and integrity of cloud-based applications. The demand for comprehensive security testing solutions is further amplified by the dynamic and evolving nature of cyber threats. As of December 2021, Eurostat reported that 41% of EU enterprises utilized cloud computing, with large businesses in the EU adopting cloud computing at a rate of 72% in 2021. This marked an increase of 5 and 7 percentage points, respectively, compared to 2020. The widespread adoption of cloud-based solutions is a key driver behind the growth of the security testing market.

In the security testing market, technological innovations have emerged as a prominent trend, with companies actively developing new technologies to strengthen their market positions. In May 2021, Imvision, a Canada-based API security technology company, introduced the world's first Business Logic Application Security Testing (BLAST) to enhance enterprise API security. BLAST integrates and enforces security testing standards within the development cycle, reducing costs and accelerating problem resolution timelines. Utilizing NLP-based technology, BLAST examines each API's discourse to comprehend the application's actions. Through API discovery, users can simulate attacks to manipulate the API, uncovering vulnerabilities and automatically providing insights and recommendations to developers. This emphasis on technological innovation underscores the dynamic trends shaping the security testing market.

Key players in the security testing market are strategically focusing on the introduction of advanced security testing solutions to optimize their profits. Advanced security testing solutions involve the utilization of sophisticated techniques and tools to identify vulnerabilities and security weaknesses in IT systems, applications, and cloud infrastructure. In July 2023, New Relic, a US-based software company, launched New Relic Interactive Application Security Testing (IAST). Distinguishing itself from other security testing solutions, New Relic IAST offers advanced detection accuracy with minimal false positives, proof-of-exploit capabilities, continuous visibility, and context into security findings. It also provides guided remediation, allowing the fixing of vulnerabilities before applications go into production. The incorporation of proof-of-exploit and automation of vulnerability validation using realistic attack simulation enables security teams, DevOps, and engineers to focus on critical security threats, facilitating quicker and more confident code releases.

In June 2021, Accenture PLC, an Ireland-based IT company, made a strategic move by acquiring Sentor for an undisclosed amount. Through this acquisition, Sentor's cybersecurity team became part of the Accenture Security team in Sweden, thereby expanding Accenture's local resources and capabilities to meet the growing demand for local cybersecurity and managed security services. Sentor, a Sweden-based independent provider of cyber defense and managed security services, significantly contributed to Accenture's position in the security testing market. This acquisition aligns with the industry's focus on strengthening local cybersecurity resources and providing comprehensive managed security services to address the evolving needs of clients in the security testing market.

Major companies operating in the security testing market report are AT&T Inc., Cigniti Technologies Limited, International Business Machines Corporation, McAfee Corp, Micro Focus, Rapid7, Cisco Systems Inc., SecureWorks Inc., F-Secure Corporation, Data Theorem Inc., Hewlett Packard Enterprise Development LP, NTT Security AppSec Solutions Inc., Synopsys Inc., Veracode, Now Secure, Parasoft, ScienceSoft, WhiteHat Security, Kryptowire LLC, Accenture PLC, Aon PLC, AppSec Labs, Bishop Fox, Capgemini SE, Check Point Software Technologies Ltd., Coalfire Systems Inc., Cybercom Group AB, Deloitte Touche Tohmatsu Limited, Ernst & Young Global Limited, FireEye Inc., Fortinet Inc., HCL Technologies Limited, Infosys Limited

North America was the largest region in the security testing market in 2023. Asia-Pacific is expected to be the fastest-growing region in the security testing market report forecast period. The regions covered in the security testing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the security testing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary categories of security testing include application security testing, network security testing, device security testing, and social engineering. Application security testing involves improving an application's security by detecting and addressing security flaws within its source code. These testing methods can be deployed in on-premises or cloud environments and cater to various business sizes, including small and medium-sized enterprises (SMEs) and large enterprises. These security testing measures find application across multiple industries such as Banking, Financial Services and Insurance (BFSI), healthcare, Information technology (IT), telecom, retail and eCommerce, education, and other sectors.

This report provides security testing market statistics, including security testing industry global market size, regional shares, competitors with a security testing market share, detailed security testing market segments, market trends and opportunities, and any further data you may need to thrive in the security testing industry. This security testing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The security testing market includes revenues earned by entities by providing services such as vulnerability scanning, security scanning, penetration testing, security auditing and review, ethical hacking, risk assessment, posture assessment, and authentication. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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