Security Testing Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The security testing market was valued at USD 5.36 billion in 2020 and expected to reach USD 22.9 billion by 2026 and grow at a CAGR of 27.2% over the forecast period (2021 - 2026).

• The increasing adoption of IoT devices and BYOD (Bring Your Own Device) is stimulating the market's growth. As IoT-connected devices become an integral part of our daily lives, it is crucial that these devices undergo testing and establish a minimum baseline for security.
• With the penetration of mobile devices and ICT, various government and public enterprises are dependent on information infrastructure services. However, this dependency has become a vulnerable factor for numerous business enterprises, due to the rise in cybersecurity threats. The majority of the companies (and countries) realize that cyber threat is one of the most serious economic security challenges they face.
• It is becoming increasingly evident that the traditional methods, such as anti-malware software, are no longer sufficient to keep sensitive information safe. To address this challenge, various progressive companies are fortifying their sensitive information with the cybersecurity strategy by using security testing tools for better protection. These security testing (ST) tools are used to identify and fix vulnerabilities in the system.

Scope of the Report

Security testing is a type of software testing that intends to uncover the vulnerabilities of the system and determine that its data and resources are protected from the possible intruders. Security testing of any system is about finding all the possible loopholes and weaknesses of the system that may result in a loss of information, revenue, and repute at the hands of the employees or the outsiders of the organization.

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Key Market Trends

Hybrid Segment to Gain Significant Importance over the Forecast Period

• While many companies are looking for simple security solutions through cloud deployment, the complicated nature of cyber threats is forcing the enterprises to look beyond conventional security testing mechanisms to address their security needs. There is a need to incorporate strong security practices in every step of the software development lifecycle, which requires collaboration over the cloud. 
• On the other hand, companies are also required to run their security tools. As a result, the hybrid solutions have emerged as the most feasible solution for organizations.  
• The large enterprises are subject to many compliance and internal regulations. The security testing teams (both internal and outsourced) are required to use automatic security tools as parts of the process of building applications and solutions.
• The recent proliferation of SaaS providers in the market has greatly impacted the enterprise architecture of the testing service providers. 

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