Security Testing Market worth $7.61 Billion by 2021 - Report by MarketsandMarkets™

To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges).

(EMAILWIRE.COM, October 12, 2018 ) According to the new market research report "Security Testing Market by Type (Network, Application, and Device), Tool (Penetration Testing, Web Testing, Automated Testing, and Code Review), Deployment Mode (Cloud and On-Premises), Organization Size, Vertical, and Region - Global Forecast to 2021", The security testing market is estimated to grow from USD 3.31 Billion in 2016 to USD 7.61 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 18.1%.

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The major forces driving the security testing market are need for protection of valuable assets such as web & mobile applications and government mandates and regulatory compliances. The security testing market is growing rapidly because of the growing security needs of Internet of Things (IoT) and Bring Your Own Device (BYOD) trends and increased deployment of web & cloud-based business applications.

Application security testing to grow at the highest CAGR from 2016 to 2021

Application security testing is expected to witness the highest CAGR in the global security testing market during 2016–2021. Application security testing solutions are used to secure web and mobile applications deployed by organizations for efficient business operations. Moreover, the emerging IoT and BYOD trends have connected a large number of applications that are susceptible to vulnerabilities and Advanced Persistent Threats (APTs). Thus, the security of these applications is the prime objective of organizations.

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Government and public utilities vertical to have the largest market size in 2016

The security testing market has been also segmented into various industry verticals; out of which, the adoption of security testing solutions is expected to be the highest in the government and public utilities vertical as the critical data and applications used by the vertical are prone to advanced threats. Moreover, security testing for Banking, Financial Services, and Insurance (BFSI), retail, and IT & telecom verticals are expected to gain traction during the forecast period.

North America is expected to dominate the security testing market in 2016

North America is expected to hold the largest share of the security testing market in 2016 due to the technological advancements and early adoption of security testing in the region. The market in APAC is expected to grow at the highest CAGR between 2016 and 2021. The major driving forces for this growth are increasing technological adoption and huge opportunities across industry verticals in APAC countries, especially India and China.

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The report also encompasses different strategies, such as mergers & acquisitions, partnerships & collaborations, business expansions, and product developments, adopted by major players to increase their market share. Some of the major technology vendors include Cisco Systems, Inc. (U.S.), Hewlett Packard Enterprise (U.S.), IBM Corporation (U.S.), Qualys, Inc. (U.S.), WhiteHat Security (U.S.), Applause App Quality, Inc. (U.S.), Veracode (U.S.), Checkmarx (Israel), UL LLC (Netherlands), and Intertek Group plc. (U.K.).

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