Security Testing Market Size - By Type (Network Security, Application Security, Device Security), Industry Vertical (BFSI, Healthcare, Education, IT & Telecom, Retail & E-commerce), Enterprise Size, Deployment Model & Global Forecast, 2023 - 2032

Security Testing Market Size - By Type (Network Security, Application Security, Device Security), Industry Vertical (BFSI, Healthcare, Education, IT & Telecom, Retail & E-commerce), Enterprise Size, Deployment Model & Global Forecast, 2023 - 2032

Security Testing Market size is projected to record over 13% CAGR from 2023 to 2032, driven by the widespread adoption of cloud computing to address the unique challenges associated with cloud-based infrastructures.

Of late, cybersecurity issues are increasing in tandem with the growing convergence of IT and OT networks in industrial manufacturing. The influx of regulatory requirements are further compelling industrial organizations to improve cybersecurity in their operations. In consequence, several industry participants are investing in the development of innovative technologies to meet the rising demand for industrial cybersecurity solutions, thereby augmenting the industry outlook. For instance, in October 2023, Siemens expanded its cybersecurity solution portfolio with the launch of its all-in-one security testing suite for industrial communication networks combining several best-in-class security solutions into a single user interface.

The security testing industry is segmented into type, enterprise size, deployment model, industry vertical, and region.

Based on type, the network security testing market is poised to gain significant traction from 2023 to 2032 owing to the escalating sophistication of cyber threats. The rising frequency and complexity of cyberattacks is driving the demand for comprehensive network security testing solutions. The growing necessity amongst businesses to safeguard their digital assets and the hefty investments in advanced testing tools and services dedicated to fortifying network security will influence the segment growth.

In terms of industry vertical, the security testing market from the IT and telecom segment generated substantial revenue in 2022 and is anticipated to record steady growth through 2032. The evolving landscape of cyber risks is prompting multiple organizations to invest significantly in comprehensive security testing solutions, ranging from penetration testing to vulnerability assessments. With data breaches becoming more sophisticated, the commitment of the IT and telecom sector to fortify its digital ecosystem will propel the need for security testing solutions.

Regionally, the Asia Pacific security testing industry is set to record robust growth from 2023-2032 owing to the increasing frequency of cyber threats coupled with rising digitalization across industries. Governments and enterprises across the region are also prioritizing cybersecurity investments to safeguard critical assets and sensitive information. Additionally, the dynamic and expansive nature of the digital landscape is providing lucrative growth opportunities to the market participants. For instance, in October 2023, AZ Asia-Pacific collaborated with watchTowr to improve the security posture of enterprises in ASEAN's various markets. Such strategic business initiatives are likely to boost the regional industry growth.