Security testing involves evaluating the security of an application, system, network or any other IT solutions and identifying the security vulnerabilities. It helps in verifying that security measures effectively meet the compliance requirements and mitigate risks from cyber threats. With rising digitalization and increasing dependence of organizations on online platforms and web/mobile applications, the risk of security breaches and cyber-attacks has heightened tremendously.
The global security testing market is estimated to be valued at US$ 4.82 Bn in 2024 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Rising needs to address cybersecurity risks owing to increasing sophistication of cyber threats presents a major market opportunity. As cyber criminals rely on advanced technologies to launch complex attacks, the need for security testing has increased many folds. Technologies like IoT, BYOD and cloud computing have introduced additional vulnerabilities which are exploited by hackers. Furthermore, stringent regulatory mandates on data privacy and security also necessitate regular security testing. This growing focus on mitigating cyber risks through robust testing and validation solutions is expected to drive significant demand over the forecast period.
Porter's Analysis
Threat of new entrants: The security testing market features high setup and maintenance costs for effective operations which discourage new entrants. However, the growing market size presents opportunities.
Bargaining power of buyers: Buyers have moderate bargaining power given the availability of various security testing solutions. However, compliance requirements and security breaches drive demand.
Bargaining power of suppliers: A few large players dominate the supply landscape, giving them significant influence over pricing. However, their expertise is crucial for clients.
Threat of new substitutes: There are limited viable substitutes for security testing currently. Emerging alternative assurance technologies may pose a future threat.
Competitive rivalry: The market features strong competition among key players. Pricing wars and new product launches are common to gain market share.
SWOT Analysis
Strengths: Growing digitization and focus on data protection regulations boost demand. Established players have robust capabilities and expertise.
Weaknesses: High initial costs and dependency on skilled professionals. Fragmented offerings can impact management of complex testing environments.
Opportunities: Surging IoT and cloud adoption present new avenues. Emerging economies offer largely untapped potential.
Threats: Budget constraints of SMEs. Disruptions from open-source and freely available tools. Economic downturns may impact security budgets.
Key Takeaways
The global Security Testing Market Demand is expected to witness high growth over the forecast period driven by growing digitization and cyber threats. The global Security Testing Market is estimated to be valued at US$ 4.82 Mn in 2024 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024 to 2031.
North America dominates currently owing to stringent data protection laws and an advanced digital ecosystem in countries like the US. Asia Pacific comprises fastest growing markets with countries like China and India emerging as major hubs for digital services. Surging web and mobile application development in the region presents opportunities for security testing providers.
Key players operating in the Security Testing market are 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.
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Market Research Future (MRFR) reports that Security Testing market is likely to touch an approx.
The global market was valued at USD 3.67 billion in 2017, according to the report.The global security testing market is estimated to grow at a significant rate during the forecast period.
The major features of security testing are protection and secure access to data is mentioned in this report.
Factors contributing to the growth of the security testing market are increasing demands for protecting customer data and web and mobile applications, increasing adoption of cloud-based security solutions, increasing the number of cyberattacks, and the need to strengthen security.
Analysts have used primary as well as secondary information about the market in order to provide a detailed look into the market’s movement.Factors contributing to the growth of security testing market:The Security Testing Market has encountered noteworthy growth over the recent years and is anticipated to grow tremendously over the assessment period.
Adoption of wireless technology for industrial operations, cloud services, and increased government initiative towards digitization are the major factors contributing to the growth of Asia-Pacific market.Get Free Sample Report @ https://www.marketresearchfuture.com/sample_request/6705Top Companies profiled in Security Testing Market Research Report includes: Cisco Systems, Inc. (US), Hewlett Packard Enterprise (US), IBM Corporation (US), Qualys, Inc. (US), WhiteHat Security (US), Applause App Quality, Inc. (US), Veracode (US), Checkmarx (Israel), UL LLC (Netherlands), and Intertek Group Plc.
The data catalog solutions deployed in the cloud or on-premises empower organizations to reduce operational costs, and offer benefits, such as ease of use, easier deployment, and higher scalability.
MarketsandMarkets expects the global data catalog market size to grow from USD 210.0 Million in 2017 to USD 620.0 Million by 2022, at a Compound Annual Growth Rate (CAGR) of 24.2% during the forecast period.
An increasing need for data catalog solutions, automation, business intelligance (BI) solutions, real-time availability of data, accessing large volumes of data stored across various systems to get a consolidated view, reducing infrastructure costs, and gaining business insights is the major growth driver for the data catalog market.Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=48918216Browse 66 market data Tables and 44 Figures spread through 126 Pages and in-depth TOC on "Data Catalog Market by Component (Solution and Service), Deployment Mode (Cloud and On-Premises), Data Consumer (BI Tools, Enterprise Applications, Mobile and Web Applications), Enterprise Size, End-User, and Region - Global Forecast to 2022"Major vendors in the global data catalog market are IBM (US), Informatica (US), Amazon Web Services (US), Alteryx (US), Collibra (Belgium), Alation (US), Microsoft (US), TIBCO Software (US), Datawatch Corporation (US), Waterline Data (US), Zaloni (US), and Tamr (US).
New product launches and partnerships are key growth strategies adopted by these market players to offer feature-rich products and services to their customers and to enter the unserved regions.IBM is one of the leading vendors in the data catalog market.
For instance, in March 2017, IBM formed a partnership with Salesforce to seamlessly connect IBM Watson and Salesforce Einstein to enable an entirely new level of intelligent customer engagement across sales, service, marketing, commerce, and more.
In November 2017, IBM announced addition of new offerings to its Watson Data Platform, including data cataloging and data refining.
