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How is the Security Testing Market Expected to Expand from 2024 to 2033?

The size of the security testing market has seen a remarkable surge lately. The market is projected to expand from $10.5 billion in 2023 to $12.8 billion in 2024, yielding a composite annual growth rate (CAGR) of 21.9%. The substantial growth during the past periods is primarily on account of data breaches and cyber attacks, stringent regulatory adherence, the surge in mobile device usage, heightened awareness of internal threats, escalating cybersecurity threats, and the global security of supply chains.

Expectations are high for the security testing market to experience significant growth in the coming years. The projections indicate a rise to $28.01 billion in 2028 with a compound annual growth rate (CAGR) of 21.6%. This anticipated growth during the forecast period is due to the implementation of the zero trust security framework, regulatory focus on cybersecurity, secure remote work, emphasis on security awareness education, automated vulnerability fixes, and the shift towards continuous security testing. Important trends during this forecast period consist of a shift-left strategy in security testing, an increase in devsecops adoption, emphasis on automated security testing, continuous monitoring, threat intelligence, application programming interface (api) security testing, cloud security testing solutions, and IoT security testing.

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What Influences Are Propelling the security testing Market Forward?

The uptick in cybercrimes globally is anticipated to stimulate expansion in the security testing market. Cybercrime encompasses any unlawful activities that exploit computer systems, network devices, or networks. It is combated effectively by security testing, which helps to safeguard sensitive data from hackers and enables businesses to avert the risk of closure. As an illustration, in June 2022, the Federal Bureau of Investigation (FBI), a U.S.-based national security and law enforcement body, stated in its Internet Crime Report 2021, that a historic 84.73k cybercrime reports were lodged by the public to the FBI. This denotes a 7% growth from 2020, causing losses surpassing $6.9 billion. Thus, the worldwide escalation in cybercrimes is fueling the development of the security testing market.

What Are the Primary Segments of the Security Testing Market?

The security testing market covered in this report is segmented –

1) By Type: Application Security Testing, Network Security Testing, Device Security testing, Social Engineering

2) By Deployment Mode: On-Premises, Cloud

3) By Organization Size: SMEs, Large Enterprises

4) By Verticals: BFSI, Healthcare, IT, Telecom, Retail and eCommerce, Education, Other Verticals

What Trends Are Coming to the Forefront in the Security Testing Market?

Advancements in technology are emerging as a prominent trend within the security testing market. Numerous enterprises within this sector are introducing innovative tech solutions to bolster their market standing. Illustratively, Imvision, an API security technology enterprise based in Canada, unveiled the world’s inaugural Business Logic Application Security Testing (BLAST) in May 2021 to augment enterprise API security. This technology seamlessly integrates and enforces security testing criteria within the development lifecycle, thereby minimizing costs and reducing problem resolution time. BLAST leverages NLP-based technology to scrutinize each API’s conversation and understand application behavior. Through API discovery, the API business logic is identified. Subsequently, users can simulate attacks to modify the API which exposes vulnerabilities and automatically provides insights and suggestions to developers.

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What Regions Are Leading the Charge in the Security Testing Market?

North America was the largest region in the security testing market in 2023. Asia-Pacific is expected to be the fastest-growing region in the security testing market report forecast period. The regions covered in the security testing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Security Testing Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the security testing market, its market share, and analyzes key competitors along with their market positions.

The Table Of Content For The Security Testing Market Include

1. Security Testing Market Executive Summary

2. Security Testing Market Segments

3. Security Testing Market Size And Template Market Growth Rate

4. Key Security Testing Market Trends

5. Major Security Testing Market Drivers

……

25. Key Mergers And Acquisitions In The Security Testing Market

26. Top Security Testing Companies

27. Security Testing Market Opportunities And Strategies

28. Security Testing Market, Conclusions And Recommendations

29. Appendix

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