Security Testing Market Growing at a CAGR 22.3% | Key Player IBM, Secureworks, Synopsys, Rapid7, Cigniti

Security Testing Market Growing at a CAGR 22.3% | Key Player IBM, Secureworks, Synopsys, Rapid7, Cigniti

“IBM (US), SecureWorks (US), Synopsys (Canada), Rapid7 (US), Micro Focus (UK), Cigniti (India), AT&T (US), WhiteHat Security (US), Veracode (US), Checkmarx (Israel), McAfee (US), Core Security (US), ParaSoft (US), ScienceSoft (US), Data Theorem (US), Kryptowire (US), LogRhythm. (US), PortSwigger (UK), ImpactQA (US), and NowSecure (US).”
Security Testing Market by Testing Type (Application Security, Network Security, Device Security, and Social Engineering), Deployment Mode, Organization Size, Vertical (BFSI, Healthcare, IT, and Telecom), and Region – Global Forecast to 2025

The global Security Testing Market size is projected to grow from USD 6.1 billion in 2020 to USD 16.9 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 22.3% during the forecast period. The major factors driving the market include the surge in web and mobile-based business critical applications requiring higher secure endpoint protection, need to prevent financial losses due to increased sophistication in cyber-attacks and stringent government regulations.

In the testing type, application security testing segment to hold the largest market size during the forecast period

Application security testing is carried out to identify the vulnerabilities, threats, and overall risks associated with the internal and external applications along with its APIs. The market for security testing has evolved from an in-house process to a service-based market, with rapid growth in the use of applications in organizations. As security threats evolved, new methods of security testing were developed. Open source tools were also developed for security testing by companies. The major factors fueling the growth of the application security testing market are rise in security breaches targeting web and mobile applications and strong regulations and compliance requirements among SMEs and large enterprises

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In deployment mode, cloud deployment to grow at a higher CAGR during the forecast period

Cloud-based security testing solutions are not only enabling organizations to manage their costs but also helping them in improving business agility. It is the fastest-growing deployment model in the security testing market. SMEs prefer cloud-based deployment, as it is cost-effective and easy to deploy. With the cloud-based deployment of these solutions, small enterprises can assess vulnerabilities and reduce threat landscape at a much lower cost, thus improving their customer services. The cloud-based platform offers a centralized way to secure the web and mobile applications in an organization, throughout the application development lifecycle. For organizations having strict budgets on security investments, cloud-based security testing solutions are a good fit.

IBM (US), SecureWorks (US), Synopsys (Canada), Rapid7 (US), Micro Focus (UK), Cigniti (India), AT&T (US), WhiteHat Security (US), Veracode (US), Checkmarx (Israel), McAfee (US), Core Security (US), ParaSoft (US), ScienceSoft (US), Data Theorem (US), Kryptowire (US), LogRhythm. (US), PortSwigger (UK), ImpactQA (US), and NowSecure (US).

These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions, to expand their presence in the security testing market. Partnerships, agreements and collaborations, and new product launches have been the most adopted strategies by the major players from 2018 to 2020 to innovate their offerings and broaden their customer base.

SecureWorks, founded in 1998, is a subsidiary of Dell and is headquartered in Georgia, US. The company provides information security services, which facilitates customers with the capability to protect information and network assets from various security threats. It provides intelligence-driven information security solutions. It is focused on protecting the companys clients from cyberattacks. Its solutions enable companies to fortify their cyber defenses to prevent security breaches, detect malicious activity in real time, prioritize and respond to security incidents, and predict emerging threats. SecureWorks enriches defenses with intelligence from up to 310-billion cyber events that are observed each day, across 4,100 customers in more than 50 countries. By investing in supervised ML and analytics and best cybersecurity professionals in the industry, SecureWorks has successfully automated and accelerated event detection, correlation, and contextualization. Owing to this, companies can identify threats more quickly and take the right action at the right time to reduce cyber risks. It facilitates services for ensuring regulatory compliance. SecureWorks serves more than 4,300 clients in 58 countries. Developed intelligence and data collected by the SecureWorks Counter Threat Unit (CTU) research team provides its customers with high-level protection against threats. Besides its headquarters in Georgia, US, the company has its offices in Europe and Japan, making the company a global player in the security testing market.

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Rapid7, Inc. is one of the leading providers of security, data, and analytics solutions. It was founded in 2000 and is headquartered in Boston, Massachusetts, US. Rapid7 is trusted by more than 5,600 organizations across 100 countries, including 37% of the Fortune 1,000. Its security solutions analyze security data, reduce the risk of a breach, and accelerate security improvement in real-time. Rapid7 provides innovative solutions for incident detection and response, threat exposure management, security advisory services, as well as cybersecurity services such as penetration testing, program assessment services, training, and managed services. Rapid7 provides security testing products such as InsightAppSec for dynamic application security testing, AppSpider for web application security testing, and Metasploit, which is a penetration testing tool. Rapid7 also provides penetration testing services such as network pen testing, web application pen testing, mobile application pen testing, and IoT and internet aware pen testing.

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