“Need for protection of valuable assets such as web & mobile applications and customer data is driving the growth of the security testing market”
MarketsandMarkets estimates the global security testing market to grow from USD 3.31 billion in 2016 to USD 7.61 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 18.1%. The security testing market is growing rapidly as the organizations are more focused on protection of valuable assets such as web & mobile applications and customer data. However, factors such as higher innovation and deployment cost affecting budgets are the major restraints in the overall growth of the market.
“Application security testing to have the largest market size in 2016”
Application security testing is estimated to have the largest market size in 2016 as the increased deployment of web and mobile applications and the protection of these applications is the prime objective of the organizations. The growth in the application security testing is associated with the rise in security breaches targeting enterprise applications, whereby hackers try to gain access to sensitive data. Furthermore, the same segment will grow at the highest CAGR during the forecast period, due to the rising need for improved security because of increased deployment of third-party applications.
“BFSI vertical to have the highest growth rate during the forecast period”
Security testing solutions have been deployed across various industry verticals, including government & public utilities, Banking, Financial Services, and Insurance (BFSI), IT & telecom, healthcare, retail, and others. The BFSI vertical is expected to witness the highest CAGR during the forecast period because of the increasing adoption of web and mobile applications, which are prone to advanced cyber-attacks.
“Asia-Pacific (APAC) is expected to have the highest growth rate during the forecast period”
APAC includes emerging economies, such as India and China, which are rapidly deploying security testing solutions. This is mainly due to the digitization of businesses and adoption of cloud services by small, medium, and large enterprises in the region.
In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in the security testing market place.
- By Company Type: Tier 1: 27%, Tier 2: 48%, Tier 3: 25%
- By Designation: C-Level: 16%, Director Level: 72%, Others: 12%
- By Region: North America: 57%, Europe: 16%, Asia-Pacific: 15%, Rest of the World (ROW): 12%
The report includes the study of key players offering security testing services; Cisco Systems, Inc. (U.S.), Hewlett Packard Enterprise (U.S.), IBM Corporation (U.S.), Qualys, Inc. (U.S.), WhiteHat Security (U.S.), Applause App Quality, Inc. (U.S.), Veracode (U.S.), Checkmarx (Israel), UL LLC (Netherlands), and Intertek Group plc. (U.K.) are some of the companies profiled in the report. The report includes in-depth competitive analysis of these key players in the security testing market, with their company profiles, SWOT analysis, recent developments, and key market strategies.
The global security testing market has been segmented on the basis of testing type, tool, deployment mode, organization size, vertical, and region. The report will help the market leaders/new entrants in this market in the following ways:
- This report segments the security testing market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the subsegments across different verticals and regions.
- The report helps the stakeholders understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
- This report will help the stakeholders to better understand the competitors and gain more insights to better their position in the business. The competitive landscape section includes competitor ecosystem, new product developments, partnerships, and mergers & acquisitions.