Security Testing Market Size

Security Testing Market Size

Security Testing Market size was valued at USD 8.9 billion in 2023 and is estimated to register a CAGR of 20.5% between 2024 and 2032. The rising frequency and scale of data breaches have propelled the demand for security testing services. Organizations are increasingly investing in comprehensive security testing to identify vulnerabilities, protect sensitive information, and maintain regulatory compliance.

According to IBM July 2023 report, the global average cost of data breaches in 2023 is USD 4.45 million, a 15% increase over three years. The average savings for organizations that extensively use security AI and automation are USD 1.76 million compared to organizations that do not. 51% of the organizations aim to boost their security investments by allocating resources toward Incident Response (IR) planning & testing, enhancing employee training, and adopting advanced tools for threat detection & response.

The surge in cyberattacks has increased the need for security testing services. Fearing data breaches and system vulnerabilities, organizations are intensifying their focus on cybersecurity. For instance, in September 2023, Iranian hackers launched a cyberattack on Israel's railway system, employing a phishing campaign to compromise the electrical infrastructure. This attack also reportedly targeted companies in Brazil and the UAE, underscoring the global reach and potential impacts of such cyber threats.

The security testing market faces a significant challenge due to the shortage of skilled security professionals. The demand for robust cybersecurity measures is growing; however, enough experts are not available to conduct thorough security testing. This scarcity will hamper the timely identification and mitigation of vulnerabilities, leaving organizations exposed to potential threats. Bridging this skills gap is essential to meet the escalating demand for security testing services and fortify digital defenses effectively.