by Security Testing helps evaluate the security of applications, systems, and networks through vulnerability assessment and penetration testing. It identifies security weaknesses that hackers can exploit and helps organizations plug security loopholes and protect confidential customer and company data from cyberattacks.
The global Security Testing Market is estimated to be valued at US$ 4.82 Bn in 2024 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends
The increasing instances of data breaches and cyberattacks have led to growing awareness about the importance of security testing for applications and networks. As per reports, in 2021 there were over 29,000 data breaches exposing over 37 billion records globally. This has propelled the demand for security testing to verify the effectiveness of preventive measures and identify ways through which hackers can penetrate networks and steal data. The key trend of rapidly growing cyber threats is expected to drive the security testing market substantially during the forecast period.
SWOT Analysis
Strength: The security testing market has strong demand due to increasing concerns about data security breaches, privacy issues and threats from cyber-attacks among organizations and governments.
Weakness: High investment costs associated with security testing solutions can be prohibitive for some small and medium sized enterprises. Lack of trained professionals is also a challenge faced.
Opportunity: Growth in new technologies like IoT, cloud computing and big data is opening up new opportunities for security testing providers. Developing economies also offer significant headroom for future expansion.
Threats: Traditional testing methods are becoming outdated in the face of evolving cyber-threats. This encourages new market entrants who can offer innovative testing approaches. Short product life cycles also put pricing pressure on existing vendors.
Key Takeaways
The global Security Testing Market Demand is expected to witness high growth over the forecast period due to a growing threat landscape and strict regulatory mandates for data protection. The global Security Testing Market is estimated to be valued at US$ 4.82 Bn in 2024 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024 to 2031.
North America currently dominates the market driven by rapid adoption of advanced security measures among organizations as well as presence of leading solution providers in the region. Asia Pacific is anticipated to be the fastest growing region in the security testing market supported by increasing investments in digital transformation across India, China, and other emerging countries of the region. Europe also holds a significant share backed by stringent data privacy laws like the GDPR and proactive approach towards cybersecurity among enterprises.
Key players operating in the security testing market are Orion Engineered Carbons, Cabot Corporation, Mitsubishi Chemical Corporation, Phillips Carbon Black Limited, Birla Carbon, Sid Richardson Carbon & Energy Co., Anyang HengXu Specialty Carbon Black Co., Ltd., and Imerys Graphite & Carbon.
The key players operating in the security testing market are focusing on new service advancements and partnerships to strengthen their market position. Orion Engineered Carbons, Cabot Corporation, and Mitsubishi Chemical Corporation currently have a well-established presence offering a diverse suite of security testing capabilities. Growing investments towards strengthening application security and ensuring regulatory compliance is expected to benefit these companies over the forecast period.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
