The Computer Software Assurance market is estimated to be valued at US$ 8.48 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Computer software assurance refers to the process of ensuring that software applications function as intended and are free of vulnerabilities, errors, and bugs that could be exploited by cyber threats. It involves various processes like vulnerability assessment, penetration testing, application security testing, and risk assessment. Key end-users of computer software assurance include BFSI, IT & telecom, healthcare, government, retail, and manufacturing industries. The services help organizations secure their software applications and digital platforms from growing cyber threats like malware, ransomware, and phishing attacks.
Market Dynamics:
The computer software assurance market is driven by the growing number of cyber threats targeting software applications and platforms. According to reports, in 2021 alone there were over 1.5 million new malware threats detected per day. Further, ransomware attacks increased by 13% in 2021 affecting various organizations globally. This has increased the need for computer software assurance services among companies to protect their networks and customer data from such cyber threats. Additionally, the growing digitization of processes across industries has increased the usage of software applications. As more applications get deployed, the risk of vulnerabilities also increases necessitating assurance processes. Regulatory mandates like GDPR and data privacy laws also require companies to implement robust security practices to protect sensitive customer information processed via their software platforms. This is expected to further fuel demand for computer software assurance solutions over the forecast period.
SWOT Analysis
Strength:
- The computer software assurance market has witnessed strong growth owing to the growing adoption of digital technologies across various industries.
- Reliable third party testing and certification services help software developers to build robust and secure applications.
- Vendors provide end-to-end software testing solutions from development to deployment.
Weakness:
- High costs associated with testing, certification and maintenance of software applications can limit the scope of implementation.
- Lack of standard testing protocols and guidelines lead to inconsistencies.
Opportunity:
- Rising instances of cyber threats and security breaches have increased the need for thorough software testing and evaluation.
- Growing digitization in emerging economies will drive the demand for computer software assurance solutions.
Threats:
- In-house software testing teams of large enterprises pose competition to third party vendors.
- Open source testing tools available freely on the web threaten the revenue stream of established players.
Key Takeaways
The global Computer Software Assurance Market is expected to witness high growth, exhibiting CAGR of 13% over the forecast period, due to increasing spending on software development and security by enterprises. The market size for 2023 is US$ 8.48 Bn.
Regional analysis:
North America dominates the global market currently, owing to stringent regulations and early adoption of emerging technologies among organizations. Asia Pacific is expected to grow at the fastest pace during the forecast period with increasing investments in digital transformations across industries in developing countries.
Key players:
Key players operating in the Computer Software Assurance market are IBM Corporation, Accenture PLC, Cognizant Technology Solutions Corporation, Capgemini SE, Hewlett Packard Enterprise (HPE), Deloitte Touche Tohmatsu Limited, Ernst & Young Global Limited (EY), KPMG International Cooperative, PricewaterhouseCoopers (PwC), Synopsys, Â Inc., Micro Focus International plc, Veracode (Acquired by Thoma Bravo), Trustwave Holdings, Â Inc., WhiteHat Security (Acquired by NTT Ltd.), Rapid7, Â Inc.
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https://www.rapidwebwire.com/computer-software-assurance-market-size-share-growth-outlook-2023/
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