by The security testing market comprises security solutions that help identify vulnerabilities, inspect source code for malware, and test applications and infrastructure components for security issues. Security testing techniques such as static application security testing (SAST), interactive application security testing (IAST), and runtime application security testing (RAS) help development teams catch and address bugs and flaws early in a secured software development lifecycle.
The Global Security Testing Market is estimated to be valued at US$ 4.82 billion in 2024 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024 to 2031.
Key Takeaways
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 growing digitization across industries and increased dependency on web and mobile applications have fueled the demand for security testing solutions. Major players are focusing on strategic collaborations and new product launches to strengthen their position in the global market. The security testing market is also witnessing high growth in regions such as North America, Europe, Asia Pacific, Middle East and Africa, and South America attributed to rising security breaches and stringent government regulations regarding data privacy and protection.
Market key trends
The mobile apps Security Testing Market Growth is one of the major trends being witnessed in the security testing market. As Bring Your Own Device (BYOD) and work from home policy has gained prominence, many enterprises are enabling access to sensitive data through mobile applications. However, mobile apps also introduce newer vulnerabilities in terms of device vulnerabilities, network risks and application layer issues. Therefore, there is growing need of mobile application security testing to prevent cyber threats, data breaches and maintain integrity of business applications. Techniques such as dynamic application security testing (DAST), mobile application security testing (MAST), and interactive application security testing (IAST) help test mobile applications before deployment and on regular basis to identify and mitigate vulnerabilities. This trend is expected to intensify over the forecast period with exponential growth in number of mobile applications worldwide.
Porter’s Analysis
Threat of new entrants: Testing requires high skills and infrastructure which raises the entry barriers.
Bargaining power of buyers: Buyers have high bargaining power given the availability of open source testing tools.
Bargaining power of suppliers: Suppliers have low bargaining power due to the availability of various testing vendors and freelancers in the market.
Threat of new substitutes: Alternatives like crowdsourcing, managed security services pose a moderate threat.
Competitive rivalry: The market is highly fragmented with the presence of global as well local players leading to high competition.
Geographical Regions
North America accounts for the largest share in the global security testing market in terms of value due to high spending on security and presence of major players. The region is projected to hold around 40% market share during the forecast period.
Asia Pacific is expected to be the fastest growing region for security testing market owing to increasing digital transformation initiatives by governments and enterprises, rising BYOD and mobility adoption as well as growing cyber-attacks in the region. Countries like China, India and Japan will be the major contributors to the regional market growth.
Geographical Regions
North America accounts for the largest share in the global security testing market in terms of value due to high spending on security and presence of major players. The region is projected to hold around 40% market share during the forecast period.
Asia Pacific is expected to be the fastest growing region for security testing market owing to increasing digital transformation initiatives by governments and enterprises, rising BYOD and mobility adoption as well as growing cyber-attacks in the region. Countries like China, India and Japan will be the major contributors to the regional market growth.
*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it.
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