by Security testing involves evaluating the security of applications, systems, networks, devices and processes to detect security vulnerabilities and ensure compliance. The growing digital transformation across industry verticals has considerably increased cyber threats and risks of security breaches. There is a rising need for comprehensive security of applications and infrastructure with organizations increasingly adopting cloud, IoT and mobility solutions. Security testing assists in identifying loopholes in applications and networks to prevent hacking, data breaches, denial of service attacks and other cyber crimes.
The global security testing market is estimated to be valued at US$ 4.82 billion in 2024 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024 to 2031.
Key Takeaways
Key players: Key players operating in the security testing market include Orion Engineered Carbons, Cabot Corporation, Mitsubishi Chemical Corporation, Phillips Carbon Black Limited, Birla Carbon, Sid Richardson Carbon & Energy Co., Anyang HengXu Specialty Carbon Black Co., Ltd., and Imerys Graphite & Carbon. These players are focusing on new product launches and partnerships to expand their security testing services portfolio and customer base.
Key opportunities: Growing adoption of cloud, mobility and IoT solutions across industry verticals is expected to drive significant opportunities for Security Testing Market Growth providers. Continuous evolution of technologies will necessitate frequent security audits to identify new threats. Demand for specialized security testing services will rise with increased regulatory compliance requirements.
Global expansion: Key security testing companies are expanding globally by establishing offices, partnerships and acquisitions. Increasing digitalization in developing regions will drive the need for comprehensive security infrastructure and testing services. Asian and Latin American markets will provide major growth prospects for security testing providers over the forecast period.
Market drivers
Security concerns in digital transformation are a key growth driver for the security testing market. Rapid shift to connected digital systems has increased exposure to cyber-attacks. Even a minor security lapse can result in business disruption and compromise sensitive customer data. This emphasises the need for thorough security evaluation of IT infrastructure, networks, applications and IoT integration. Adoption of security testing helps organisations mitigate risks, ensure regulatory compliance and strengthen security posture to sustain in competitive digital ecosystems.
PEST Analysis
Political: The political landscape related to cybersecurity is constantly evolving with new regulations being introduced around data privacy and security. There are also trade wars and political differences between nations that could impact the security testing market.
Economic: With growing digital transformation and increasing threat landscape, organizations are allocating more budget towards security testing and validation of their systems, products, and services. The economic growth and stability in key markets is supporting demand for security testing services.
Social: People are more aware now about data breaches and cyber risks. There is an increased demand for ensuring security and privacy of personal and sensitive data. Customers expect organizations to follow best practices and adhere to compliance.
Technological: Newer technologies like cloud, IoT, and mobility have introduced more vulnerabilities and attack surfaces. Security testing needs to keep pace with the evolving technology landscape. Automation and AI/ML are helping to detect vulnerabilities faster and strengthen security posture.
Geographical regions where market in terms of value is concentrated:
North America dominates the global security testing market currently, mainly due to stringent regulations around data protection and privacy. Presence of many leading security testing vendors and tech companies also makes North America an important regional market. Europe and Asia Pacific are other major revenue contributors, with growing awareness about cybersecurity in emerging economies.
The fastest growing region for the security testing market:
Asia Pacific region is expected to witness the highest growth over the forecast period. This is owing to rapid digitalization, proliferation of mobile and internet usage, and rising concerns related to cyber threats among enterprises in countries like China, India, Japan and others. Governments in APAC are also supporting development of digital infrastructure and implementing cybersecurity policies to ensure robust protection.
*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it.
