Global Security Testing Market Size Analysis Report - Market Share, Forecast Trends and Outlook (2024-2032)

Global Security Testing Market Size

The global security testing market size reached approximately USD 10.52 billion in 2023. The market is estimated to grow at a CAGR of 18.2% in the forecast period of 2024-2032, reaching a value of around USD 48.95 billion by 2032.

Security Testing Market Outlook

• 29% of organisations have automated 70% and more of their security testing, which showcases the market’s growth.

• As per industry reports, 45% of organisations in Canada carried out penetration tests to identify cyber risks and prevent cybercrimes.

• 28,695 vulnerabilities were discovered in 2020, which boosted the demand for security testing.

• 83% of applications exhibit at least one security issue during their initial vulnerability assessment, which creates a demand for efficient testing tools.

Security Testing Market Growth

Security testing is a process that involves the assessment of flaws and vulnerabilities in the security system of applications and networks. This method ensures that a software application or device is well-protected, and its system functions as intended.

The primary driver in the market is the increasing number of sophisticated cyber threats and hackers, which necessitates robust digital defences. Additionally, stringent government regulations, such as GDPR, and the need to provide seamless end-user experiences with shorter release cycles are also driving the security testing market expansion.

Furthermore, the rise of web-based businesses and the telecom industry, which require higher secure endpoint security, is increasing the demand for security testing. The growing adoption of cloud-based security testing, which offers centralised security, cost-effectiveness, and higher credibility, is also contributing to the market growth.

Key Trends and Developments

Growing remote work culture, adoption of AI in security testing tools, and implementation of new technologies like DevOps are trends providing a positive security testing market outlook

June 2024

CyCognito has released its annual "2024 State of Web Application Security Testing" report, highlighting the urgent need for web application security testing. The report reveals that 75% organisations only test their web applications monthly, leaving a significant portion of applications vulnerable.

June 2024

C2A Security and Drivesec have collaborated to elevate automotive product security testing. The joint offering integrates Drivesec's WESETH test automation platform with C2A Security's EVSec DevSecOps platform.

April 2024

Veracode has acquired Longbow Security, a leader in security risk management for cloud-native environments, to enhance its capabilities in assessing cloud and application assets. The integration will simplify complex workflows and improve overall security landscape.

Increasing adoption of IoT and BYOD policies

The increasing adoption of IoT devices and BYOD (bring your own device) policies is influencing the security testing market growth as companies are adopting security testing solutions that can effectively test and secure personal devices, ensuring that sensitive information remains protected.

Integration of DevOps and Agile methodologies

The integration of DevOps and Agile methodologies with security testing is another key trend in the market. DevOps and Agile enable continuous integration and delivery, which requires robust security testing to ensure that vulnerabilities are identified and fixed early in the development process.

Use of artificial intelligence and machine learning

AI and ML enable more effective security testing by automating the process and identifying complex vulnerabilities. This trend leads to security testing market development as there is a need for more advanced security testing solutions that can keep pace with the evolving cyber threats.

Offering of bug bounty programmes

Enterprises and businesses are offering bug bounty programmes, through which they can leverage the assistance of third-party security researchers and hackers to provide security testing for their organisations, aiding the market growth.

Security Testing Market Trends

Growing adoption of insider threat assessment practices in security testing, which involves multi-factor authentication and immediate termination of system access to an employee after resignation, among others, to enhance organisational security is another key trend in security testing market.

Moreover, initiatives by governments to maintain data safety and enterprises focused on digitalisation and the implementation of new technologies like DevOps, DevSecOps, and Agile in software security testing are providing lucrative opportunities for security testing vendors.

Security Testing Industry Segmentation

The EMR’s report titled “Security Testing Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Testing Tool

• Code Review Tool

• Software Testing Tool

• Web Application Testing Tool

• Penetration Testing Tool

• Others

Market Breakup by Type

• Application Security

• Device Security

• Network Security

• Others

Market Breakup by Enterprise Size

• Small and Medium Enterprises

• Large Enterprises

Market Breakup by Deployment Mode

• Cloud-Based

• On-Premise

Market Breakup by Industry Vertical

• Education

• Retail

• Healthcare

• IT and Telecom

• BFSI

• Others

Market Breakup by Region

• North America

• Europe 

• Asia Pacific 

• Latin America 

• Middle East and Africa 

Security Testing Market Share

Code review, software, and application testing tools are high in demand due to rising number of vulnerabilities in software and applications

The code review tool segment is expected to grow significantly due to the increasing adoption of secure coding practices and the need for thorough code analysis to identify vulnerabilities. The software testing tool segment is also expected to grow as it provides comprehensive testing capabilities for various types of software applications. The web application testing tool segment is expected to be a significant contributor to the market growth, driven by the increasing number of web applications and thus, thus the growing need for robust security testing to protect against web-based attacks.

Cloud-based deployment mode is gaining traction due to its cost-efficiency and ease of use

Cloud-based deployment occupies a sizeable portion of the security testing market share as it offers an economical solution to businesses. This deployment mode provides the provision of scalability of resources depending upon an organisation’s needs. Cloud-based testing tools also allow the testing team to collaborate seamlessly irrespective of their physical location. Furthermore, the rapid deployment of cloud-based tools compared to their on-premises counterparts also favours the segment growth.

In contrast, on-premises security testing involves installing and running security testing tools directly on the organisation's servers and infrastructure. This deployment mode offers greater control and data security as the data never leaves the premises. As per security testing market analysis, many companies, particularly in regulated industries like finance and healthcare, still prefer on-premises deployment due to concerns over data sovereignty and control. This is expected to drive steady demand for on-premises security testing solutions in the coming years.

Leading Companies in the Security Testing Market

Market players are focused on partnerships, product upgrades, and collaboration to gain a competitive edge and capture a significant market share

AT&T Inc., incorporated in 1885, is a telecommunications company, with its headquarters in Texas, the United States. The company offers products and services in the areas of wireless communications, internet services, and broadband data, among others.

IBM Corporation is a global technology company, founded in 1911 and based in New York, the United States. The company is a major provider of enterprise security solutions such as cloud security, data security, and threat detection response, among others.

HCL Technologies Ltd., established in 1976 and headquartered in Uttar Pradesh, India, is an information technology and consulting company. It has established strategic alliances with brands such as Adobe, Appian, Microsoft, and Pega, among others, to enhance its customer service.

Veracode, Inc. was founded in 2006 and is headquartered in Massachusetts, United States. The company help organisations secure their software throughout the entire software development lifecycle (SDLC). Veracode's product portfolio includes Prevent, which helps developers build secure code, Security Labs for advanced security testing, and eLearning to build developer security competency.

Other key players in the security testing market report include Cigniti Technologies Limited, Open Text Corporation (Micro Focus International Limited), Secureworks, Inc., Rapid7 Inc., Checkmarx Ltd., and Synopsys, Inc., among others.

Security Testing Market Analysis by Region

North America leads the market due to the implementation of various security testing regulations

North America accounts for a substantial share in the market due to the presence of prominent market players who offer cloud-based security solutions. In United States, the unprecedented levels of cyber-attacks have led to increased government regulations for security testing, such as the Cybersecurity Information Sharing Act (CISA), which encourages the sharing of threat information to help prevent and respond to cyber-attacks, the Federal Information Security Management Act (FISMA), which sets standards for federal agencies to manage and protect their information systems, the Payment Card Industry Data Security Standard (PCI DSS), which requires merchants and financial institutions to conduct regular security testing and vulnerability assessments to ensure the security of cardholder data, and the General Data Protection Regulation (GDPR), a European Union regulation that emphasises the importance of regular security testing to protect sensitive data.

Asia Pacific is an emerging security testing market due to the increasing need to mitigate the risks associated with identity-related cyberattacks. China introduced provisions to its Cybersecurity Law in 2018, giving state agencies authority to remotely conduct penetration testing, carried out by the Ministry of Public Security. Singapore's Cyber Security Agency runs the Cybersecurity Labelling Scheme, under which devices receive a rating based on the level of cybersecurity provisions its manufacturers have taken. Moreover, India also has introduced several regulations, such as the National Cyber Security Policy 2013 and the IT Rules, 2021, to improve cybersecurity and protect against cyber threats.

Key Highlights of the Report

Security Testing Market Report Snapshots

Security Testing Market Size

Security Testing Market Growth

Security Testing Market Trends

Security Testing Market Share

Security Testing Companies

Security Testing Market Regional Analysis