Last updated on April 14th, 2024 at 08:40 am

Despite knowing its importance, many businesses do not conduct frequent security testing. According to a survey, 20% of businesses stated that they don’t conduct any security testing even though 95% of survey respondents reported encountering at least one of twelve common security issues associated with a security vulnerability. In the era of cybersecurity and emerging threats, security testing is of utmost significance. This includes both automated security scanning, which will help detect potential vulnerabilities, and in-depth penetration testing, which will expose the loopholes in security systems from the perspective of the attackers.  

We have recent examples of companies like Marriot and British Airways losing their data to hackers. With increasing need for recognition, the security testing market is expected to grow by 27.2% by 2024. The increasing adoption of IoT devices is the main driver in stimulating the market’s growth. As IoT-connected devices become an integral part of our lives, it becomes important that these devices are properly tested and a minimum baseline for security is established. 

Public Sector Reliance

The public sector relies heavily on information infrastructure services. This dependency is a vulnerability because of the rise in cybersecurity threats. Therefore, this issue is starting to get attention on the government level as well. 

New Way Forward

Traditional measures such as using anti-malware software are no longer sufficient to keep sensitive information safe. Therefore, for better protection, progressive organizations are turning to security testing companies to secure their sensitive information with a suitable cybersecurity strategy.

Emerging Standards and Frameworks

Resources like the OWASP Top 10 and NIST NVD also make it easier to scan for known vulnerabilities, enabling security testers to focus their attention on identifying and protecting against emerging threats. In the coming times, proactive vulnerability scanning software and penetration testing are likely to become the make-or-break factor in staying a step ahead of would-be hackers. New standards and frameworks are emerging in some countries such as the Netherlands which enable compliance testing, so testers should stay as up to date on all regulations as possible. 

Employee Training

Employees have been named among the biggest security risks for over a decade now. Training for threat awareness is a necessary part of organizational security. It is important to make provisions for this by incorporating awareness training and deploying e-learning modules to help proactively detect security threats, and even using gamification to keep users engaged. 

North America to Benefit the Most

The North American region is a technology hub. Therefore, federal governments have made very stringent rules regarding security testing services. The United States is increasingly focusing on cybersecurity at both the national and state level, notably for financial services firms. Also, the region is home to prominent cloud service providers, such as Microsoft and Amazon. This factor is expected to play a significant role in the growth of the cloud-based security testing market.

Market Competitiveness

Each cyber security testing company is facing high competition in the market. In terms of market share, few of the major players currently dominate the market. These major players with a prominent share in the market are focusing on expanding their customer base across foreign countries. These companies are leveraging strategic innovations and collaborative initiatives to increase their market shares and increase their profitability. Top major players are:

1. Kualitee

2. Cisco Systems Inc.

3. Hewlett Packard Enterprise

4. IBM Corporation

5. McAfee LLC