Security Testing Market Size

Statistics for the 2023 & 2024 Security Testing market size, created by Mordor Intelligence™ Industry Reports. Security Testing size report includes a market forecast to 2029 and historical overview. Get a sample of this industry size analysis as a free report PDF download.

Market Size of Security Testing Industry

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Security Testing Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR 26.76 %
Fastest Growing Market Asia Pacific
Largest Market North America
Market Concentration Low

Major Players

Security Testing Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Security Testing Market Analysis

The security testing market was valued at USD 9.35 billion in the previous year and is expected to register a CAGR of 26.76%, reaching USD 37.55 billion by the next five years during the forecast period. The increasing adoption of IoT devices and BYOD (bring your own device) stimulates the market's growth. IoT-connected devices must be tested and set a minimum level of security as their importance to our daily lives increases.

  • It's becoming increasingly clear that traditional methods like antimalware software are no longer enough to protect sensitive information. To deal with this challenge, individual enterprises are strengthening their sensitive information through a cybersecurity strategy by using security testing tools to protect it more effectively. These tools for security testing (ST) are used to find and fix holes in the system.
  • An increase in worldwide security testing market growth, owing to the complexity of cyberattacks, leads to a surge in web and mobile enterprises' critical applications that require a greater degree of secure endpoint protection and businesses that implement safety measures designed to mitigate financial loss.
  • While cloud computing has increased the flexibility and functionality of organizations, it also allows digital adversaries to leverage its elasticity similarly. Cybercriminals use cloud computing platforms to carry out attacks such as DNS denial of service.
  • In addition, many systems and applications available today can be accessed from multiple browsers, cellular platforms, and devices. Therefore, it is anticipated that market growth will be hindered by the emergence of a new cybercrime hot spot on smart devices and platforms like tablet computers, with factors including a lack of expertise in cybersecurity and greater costs associated with security testing.
  • The COVID-19 pandemic positively impacted market growth due to an increase in the number of work-from-home placements across various organizations. Moreover, there has been a rise in data breaches and cybercrimes in the market, making more people want to use security testing solutions.

Security Testing Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)