According to Stratistics MRC, the “Global Security Testing Market” is accounted for $3.36 billion in 2016 and is expected to reach $11.97 billion by 2023 growing at a CAGR of 19.9% during the forecast period. Increasing demand for protection of software bound expensive properties such as mobile and web applications, expanded approval of cloud-based security solutions are some of the key factors fueling the market growth. However, huge innovation and deployment price affecting costs, raised maintenance of freeware security applications and lack of awareness regarding cyber security are hampering the market growth. Rising connected devices owing to IoT and BYOD trends and speedy digitization in developing nations and providing ample growth opportunities for the market.
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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. This testing is used to verifying confidentiality, authority, integrity, authentication, availability, and non-repudiation of critical information present in a system. It identifies security gaps in system and to ensure whether IT infrastructure components such as devices, applications, servers, and networks are secure. Application security testing, network security testing, and device security testing are some major types of security testing. 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.
Opportunity: Increasing adoption of cloud computing solutions & services and increasing number of data breaches would provide ample opportunities for the market growth.
The usage of cloud computing solutions is increasing rapidly across the globe, as the cost of cloud-based services is comparatively cheaper, and does not require the setting up of dedicated IT infrastructure. The rising usage of cloud-based solutions and services for manifold workloads such as email services, data backups, CRM, and collaboration services is anticipated to drive the growth of the security testing market in the near future. Cloud deployment increases the vulnerabilities in software, and makes it easily accessible for unauthorized users. Highly exposed data breaches involving large corporations targeted by hacking groups have contributed to raising the consciousness of cyber threats, as the effects of data breach on a company’s brand and consumer devotion can result in the loss of future revenue. Due to this, many organizations are shifting towards the adoption of cyber security solutions such as penetration testing, intrusion detection systems, and firewalls, to secure their workloads on the cloud without the risks of cyber threats.
Driver: Need for improved security due to increased deployment of third-party applications drives the global security testing market
The organizations are rapidly growing due to the adoption of cutting-edge solutions to enhance productivity. In order to coordinate cross-business processes and facilitate the customers in the best possible way, the organizations are deploying third-party applications wherever necessary. These third-party applications may be prone to cyber-attacks due to the variations in security policies of different organizations. The cyber attackers are targeting the vulnerable third-party applications and harming the valuable assets of organizations. Hence, there is growth in adoption of security testing solutions to detect and mitigate the security vulnerabilities in cross platforms. The organizations are looking ahead to deploy security testing solutions to address the cyber security issues in the cross-platform infrastructures.
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Depending on the end user, The Banking, Financial Services, and Insurance (BFSI) industry is always on the lookout for security products and services that could protect the industry’s employees, customers, branches, assets, offices, and operations, and thus, has a significant growth of the total security testing market. This sector is constantly upgrading its processing and transaction technologies and requires end-to-end security solutions to optimize operations against both internal and external threats. Moreover, the industry often keeps introducing new and enhanced financial products and services to augment business operations, which makes it attractive for fraudsters to target sensitive customer information. Banks and financial institutions handle large amounts of sensitive customer financial data such as payment information, money transaction details, credit card/debit card details, account numbers, trading transactions, and other critical information. Security testing solutions scan the applications for security gaps to protect them from threats and vulnerabilities. Security testing solutions also ensure compliance with regulations such as PCI DSS, SOX, FISMA, and other regulations.
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By geography, The North American region is projected to the significant growing market during the forecast period, due to due to the technological advancements in IT industry, early adoption of security testing in the region, and the developed economies of the U.S. and Canada has high focus on innovations obtained from research and development and technology. Moreover, The North American region is a technology hub. Hence, the federal government has made very strict rules regarding security testing services. It is made compulsory for industries, such as BFSI, to adhere to compliance testing. Moreover, the United States is increasingly focusing on cybersecurity at both the national and state level, notably for financial services firms. In addition, the region is home to prominent cloud service providers, such as Microsoft and Amazon.
Some of the key players in Security Testing Market include Hewlett Packard Enterprise Company, Qualys, Inc., Whitehat Security, Inc., Checkmarx, Applause App Quality, Inc., Cisco Systems, Inc., UL LLC, Intertek Group plc, IBM, Veracode, Contrast Security, Check Point Software Technologies, Cyberoam Technologies, Infosys, Rohde & Schwarz GmbH & Co KG, Wipro, TripWire, Accenture and Microsoft.
Intertek Group plc: In Dec, 2017, Intertek has acquired Acumen Security, LLC (Acumen), a US-based provider of security certification and assurance services. As a trusted partner to many of the world’s leading IT solutions providers, Acumen will complement and enhance Intertek’s current offering of cyber security and Internet of Things (IoT) services for a variety of products. With end-to-end security certification solutions, Acumen works with its customers to provide product certification and validation in an efficient and cost-effective manner. These comprehensive solutions will fulfill the growing demand for security assurance services stemming from the rapid growth of IoT, increased data security breaches and the diverse range of global certification standards and security requirements.
Rohde & Schwarz GmbH & Co KG: In Sep, 2017, Rohde & Schwarz has introduced a new approach to live ingest, media processing and channel playout that cost-effectively provides bridging technology between hybrid SDI and IP broadcast operations. Designated R&S VENICE, such is the stability of this software-based media processing and distribution platform that it can be used as a channel playout solution in 24/7 operation applications within medium and large-scale broadcasters. The integration of Rohde & Schwarz’s proprietary virtual storage access technology ensures reliable on-air operations even in the most mission critical applications. Moreover, the new generation of R&S VENICE media server represents a radically different approach to media processing and channel playout within transformational broadcast environments. It enables immediate application within existing SDI baseband architectures whilst also future-proofing them by offering the flexibility and sustainability of IP-based broadcast infrastructure and workflows.
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