by Security testing involves evaluating the security of applications, software, and networks in order to identify vulnerabilities, security issues, and areas for improvement. It helps organizations to ensure effective security and compliance. Security testing enables organizations to assess their security measures in place and take preventive actions to minimize the risks arising from cyber threats and data breaches. The rising number of cyber attacks globally has propelled the demand for robust security testing systems across various industry verticals.
The global Security Testing Market is estimated to be valued at US$ 4.18 Billion in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing need for enhancing security measures among organizations is a major trend fueling the security testing market growth. With rising cyber threats, it has become imperative for companies to ensure that their networks and applications are properly tested for vulnerabilities on a regular basis. Security testing helps to identify loopholes in the existing security systems, which if not addressed can make the organizations prone to cyber attacks. Furthermore, stringent data privacy and security regulations across regions have also increased the importance of security testing. Various government agencies recommend periodic security assessment of digital assets to minimize security risks. This growing focus on security is anticipated to drive increasing adoption of security testing solutions in the coming years.
SWOT Analysis
Strength: The security testing market has seen continued innovation and adoption of automation tools which helps speed up the testing process and reduce costs.
Weakness: Lack of skilled professionals remains a key challenge for organizations to effectively implement security testing practices.
Opportunity: Rising demand for compliance with regulations such as GDPR and growth in IoT and connected devices is creating opportunities for vendors in this market.
Threats: Companies face the challenge of keeping pace with evolving cyberthreats and sophisticated hacking techniques which require constant upgrading of testing methodologies.
Key Takeaways
The Global Security Testing Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. Regional analysis
North America currently dominates the security testing market and is expected to continue its dominance over the forecast period supported by high technology adoption and stringent data privacy regulations.
Key players operating in the security testing market are Turner Construction Company, Jacobs Engineering Group Inc., HOK Group, Inc., Skanska AB, AECOM, Balfour Beatty plc, Gensler, Lendlease Group, ISG plc, DPR Construction, PCL Construction Enterprises, Inc., Structure Tone, Clark Construction Group, LLC, HBA, JLL (Jones Lang LaSalle).
Key players operating in the security testing market are focusing on new product launches and partnerships to expand their offerings. For instance, Jacobs partnered with Anthropic to integrate artificial intelligence into its security portfolio. Vendors are also investing in automation capabilities to help organizations accelerate the testing process. Turner Construction has developed proprietary digital tools and platforms to drive efficiency.
The growth in IoT and cloud adoption across industries is driving the need for robust security testing of all devices and applications. This trend is expected to accelerate over the coming years. To tap into this opportunity, market players need to expand their capabilities beyond web and network security to cover areas such as embedded devices, mobile and cloud platforms.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
