NEW YORK, USA, September 21, 2022 (GLOBE NEWSWIRE) – According to a report published by Research Dive, the Global Security Testing Market expected to be born Revenues of $2,7593.9 million and rise at a Compound annual growth rate of 20.7% During the time frame of the analysis from 2020 to 2027.
According to our analysts, with increasing government regulations to increase adoption of security testing solutions and services to beat security related crimes, the security testing market is expected to notice explosive growth during the forecast period. Furthermore, the increasing importance of cloud-based security testing and the evolution of technologies is expected to create extensive growth opportunities for the market throughout the analysis period. However, the high cost of Security Testing Tools may hamper the growth of the market during the estimated time frame.
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Segments of the Security Testing Market
The report has segmented the Security Testing Market into segments based on test type, development type, enterprise size, vertical type, and region.
Test type: Application security testing subpart is the most productive
The Application Security Testing sub-segment is expected to generate revenue of $8782.3 million over the forecast period. The increasing adoption of strategic collaboration by market leaders to provide advanced application security testing platforms to businesses is expected to boost the growth of the market sub-segment over the estimated period.
Development type: sub-cloud chip to be the most profitable
The cloud computing sub-segment is expected to generate revenue of $14,111.7 million during the analysis period. This is mainly due to the increasing adoption of cloud-based services, lower maintenance costs, and ease of setup. Moreover, the availability of highly integrated cloud security testing tools like Microsoft Cloud Monitoring, AppDynamics and many more is expected to amplify the growth of the sub-market segment during the projected time frame.
Organization size: the sub-segment of large business organizations is the most profitable
Large business enterprises are expected to generate revenue of $15,148.2 million during the estimated period. The incremental launch of new products for large organizations by leading security testing solution providers is expected to drive further growth of the market sub-segment within the analysis time frame over the forecast time frame.
Vertical type: BFSI sub-segment is the most useful
The BFSI sub-segment is expected to generate revenue of $8,522.2 million during the analysis period. This is mainly due to the ability of security testing tools to help monitor hidden flaws and errors that could restrict potential hackers from browsing customer data. Additionally, increasing strategies by major market players to assist BFSI players is expected to amplify the growth of the market sub-segment over the estimated period.
Region: The North American region with the largest market share
The North American region of the security testing market is expected to rise at a CAGR of 21.4% during the time frame of the analysis. The increasing adoption of security testing solutions among SMEs and large corporations in this region, due to increasing cyber threats, is expected to drive the regional growth of the market throughout the forecast period.
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The impact of Covid-19 on the security test market
The Covid-19 outbreak has had a positive impact on the security testing market. During the pandemic, healthcare professionals are beginning to interact via phone, email, chats, and virtual medicine portals. This has led to an increased demand for security tests to secure online transactions for payments and conversation data. Moreover, several prominent players in the market have come forward with innovative security platforms and solutions to help the community during the chaos caused by the coronavirus. All these factors drove the market growth during the crisis period.
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Major Players in the Security Testing Market
Key players in the Security Testing Market include
- Cigniti Technologies Limited
- google (alphabet)
- Hewlett Packard Enterprise Development L.P.
- Cisco Systems
- Data Theory, Inc.
- IBM and many more.
These players are extensively working on developing new strategies and business methods to gain a leading position in the global industry. – Inquire about purchasing here before purchasing the full report
for example, In July 2022, UL Solutions, an independent global safety science company, announced its partnership with Iliad Solutions, a purely play-testing company that combines payments industry knowledge with testing expertise. This collaboration combines third-party services independent of UL Solutions with the Iliad test platform to provide optional support features to financial institutions and processors implementing FedNow.
In addition to this, the report also presents other important aspects such as the product portfolio, the financial performance of the major players, SWOT analysis, and the latest strategic developments.
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