New York, USA, Jan. 11, 2022 (GLOBE NEWSWIRE) — A new report on the global security testing market has been added by Research Dive to its repository. According to the report, the global market is expected to hit $27,593.9 million by 2027, rising at a CAGR of 20.7% from 2020 to 2027. This report in an in-depth study offering meticulous insights into the present situation and future scope of the global industry. The report is drafted by expert market analysts and assures to be a reliable source of data and comprehensive market insights for new market players, investors, prevalent players, stakeholders, shareholders, etc.
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Impact of the COVID-19 Pandemic on the Security Testing Market
The global market has witnessed significant growth since the onset of the COVID-19 pandemic. The global healthcare industry went under massive pressure due to the growing cases on COVID-19 and tremendous commotion in the supply and demand of healthcare facilities. Healthcare organizations began adopting phones, chat, email, and virtual medicine portals to offer remote counseling and diagnoses to patients. Therefore, to secure the online transaction of payments as well as conversational data, the demand for security testing tools increased significantly, thus boosting the global market growth.
Check out How COVID-19 impact on the Global Security Testing Market: https://www.researchdive.com/connect-to-analyst/409
Factors Impacting the Security Testing Market Growth:
The key factors boosting the growth of the global security testing market are the rising technical inventions in security testing technologies and widely growing cases of cybercrimes worldwide. Moreover, the rising advancements by leading market players into cybersecurity to offer higher secure endpoint protection and reduce crimes related to security is anticipated to open doors to profitable opportunities for the growth of the market throughout the forecast period. However, high costs involved in the implementation and management of security testing tools is expected to deter the market growth.
Network Security Testing Sub-Segment to Lead the Market
The network security testing sub-segment of the testing type segment is anticipated to grow significantly and garner $6,751.2 million during the forecast period. This is chiefly owing to the rising demand for network security testing tools owing to the rising cyber vulnerabilities in developed as well as developing nations worldwide.
Cloud Sub-Segment to Observe Speedy Growth
The cloud sub-segment of the development type segment is anticipated to observe rapid growth and surpass $14,111.7 million during the forecast period. This is chiefly because of the rising acceptance for cloud-based security testing services owing to their low maintenance costs and stress-free set up.
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SMEs Sub-Segment to Grow Significantly
The SMEs sub-segment of the organization size segment is anticipated to experience remarkable growth by garnering $12,447.1 million during the forecast period. This is chiefly owing to the rising adoption of security testing by SMEs to prevent sensitive and confidential data and avoid cybersecurity risks.
BFSI Security Testing Sub-Segment to Dominate the Market
The BFSI security testing sub-segment of the vertical type segment is expected to grow considerably and garner $8,522.2 million during the forecast period. This is chiefly owing to the rising implementation of network security testing tools in the BFSI sector for protecting financial organizations and other enterprises from cyber-attacks.
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North America Market to Observe Leading Growth
The report analyzes the global security testing market across several regions such as North America, Europe, Asia Pacific, and LAMEA. Among these, the North America region market is estimated to observe remarkable growth and hit $8,463.0 million in the forecast period. The growth of this region market is primarily due to the growing implementation of Internet of things (IoT) and Artificial Intelligence based technologies in several companies which has significantly boosted the demand for cloud-based security testing services in this region.
Key Security Testing Market Players
2. Cisco Systems
6. Google (Alphabet)
7. Hewlett Packard Enterprise Development LP
9. Data Theorem Inc.
10. Cigniti Technologies Limited
The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry.
For instance, in May 2021, APIsec, a foremost vendor of API security solutions, launched a novel capability, ‘Automated Penetration Testing’, mainly developed for securing APIs.
The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry. Click Here to Get Absolute Top Companies Development Strategies Summary Report
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