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According to a new report Global Security Testing Market, published by KBV Research, the global Security Testing market is expected to attain a market size of $7.8 billion by 2022, growing at a CAGR of 16.5% during the forecast period.
The introduction of wide range of applications and an unprecedented growth in cyber threats have led to need for security testing services. Security Testing is a fast growing technology as many other industry verticals find the technology as promising and efficient.
The major drivers that are driving the security testing market are the need for protecting vital assets such as web & mobile applications, data such as government mandates and regulatory compliances. The security testing market has unprecedented demand due to rapid growth in the need for security of Internet of Things (IoT) and Bring Your Own Device (BYOD) trends. Increased deployment of web & cloud-based business applications has further propelled the market growth.
Application security testing market is anticipated to register the highest CAGR during 2016-2022. Application security testing solutions are used to ensure security of web and mobile applications that are deployed by organizations to bring in efficiency in business operations. The new technological trends such as IoT and BYOD have successfully connected wide range of applications, which have despite efficiency, have turned vulnerable to advanced persistent threats. Therefore, the security of these applications has been a prime concern for organizations.
The security testing market is segmented into various industry verticals. Government and public utilities vertical has been the leading sector with wide spread adoption of security testing solutions, as the sector uses applications and critical data that are highly prone to attacks. Additionally, security testing would also gain prominence in sectors such as Banking, Financial Services, and Insurance (BFSI), retail, and IT & telecom verticals.
Geographically, the market is segmented into North America, Europe, Asia-Pacific and LAMEA. North America is the highest revenue generating segment in 2015. However, LAMEA is the fastest growing market, and is anticipated to grow at a CAGR of 17.4% during the forecast period.
The report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key influencing factors of the global Security Testing market have been discussed in the report along with the elaborated company profiles namely IBM Corporation, HP Enterprise Company, FireEye, Inc., Logrhythm, Inc., Alien Vault, Inc., Arbor Networks, Inc. and Blue Coat Systems, Inc.