Penetration Testing Market Share, Size, Trends, Industry Analysis Report, By Offerings (Solution, Services), By Application Area (Web Applications, Mobile Applications, Network Infrastructure, Social Engineering, Cloud, Others), By Deployment Mode (Cloud Based, On Premises); By Region; Segment Forecast, 2022 - 2030
- Published Date:May-2022
- Pages: 120
- Format: PDF
- Report ID: PM2372
- Base Year: 2021
- Historical Data: 2018 - 2020
Report Outlook
The global penetration testing market was valued at USD 1.62 billion in 2021 and is expected to grow at a CAGR of 13.9% during the forecast period. The growing popularity of the IoT, surging demand for smartphones, and increasing proliferation of the internet are the chief factors for the market growth. Also, the rising number of cloud-based services, application security concerns for businesses, and growing incidences of cyber-attacks are further fueling the global penetration testing market demand.
Know more about this report: Request for sample pages
Furthermore, the growing integration of the technologies like ML and AI in penetration testing and the rising inclination towards the adoption of penetration testing-as-a-service (PTaaS) and remote working security assessments are also creating lucrative opportunities for penetration testing market growth in the near future.
The arrival of the COVID-19 worldwide has shown a substantial impact on the various sector of the global economy. The government of numerous regions executes stringent social distancing norms and lockdown in multiple regions to prevent the spread of contagious coronavirus.
Accordingly, many enterprises are inclining toward adopting digital solutions for carrying out business activities during this period. Therefore, the transformation of the business activity from traditional to digital mode is acting as a catalyzing factor for the adoption of penetration testing. Hence, the outbreak of the COVID-19 has exhibited an upsurge in the penetration testing market demand and is anticipated to lead in the forecasting years.
Industry Dynamics
Growth Drivers
The rising number of data centers is one of the chief driving factors as penetration testing is a significant component that ensures a high level of security in the data center, which may propel the penetration testing market demand across the globe. This test is also beneficial for organizations during security assessments and security audits. Nowadays, data consumption has surged due to the growing adoption of mobile devices, rising industrial automation, and the availability of high-speed internet connections.
The increase in the data volume presents various opportunities for the data center as enterprises are significantly inclined towards digitizing their services and operations, resulting in rising dependence on data centers. Moreover, the rising adoption of the cloud computing platform is further propelling the penetration testing market growth.
The Cloud computing platform presents numerous innovative business opportunities and capabilities to enterprises and industries. Cloud-based storage is gaining massive traction among enterprises and replacing traditional physical servers. The cloud computing platform is accessible at a low cost and can strengthen the business expansion at a nominal investment. For instance, in 2018, Amazon accounted for nearly USD 25 Bn from its cloud services.
Further, Apple is investing about USD 306 million in Amazon’s cloud annually. However, its cloud solutions are more susceptible to getting hacked, propelling the need to get secured from malicious code. Therefore, the factors accelerate the demand for penetration testing to ensure additional security in a cloud computing platform. Hence, these factors spurring the industry demand over the forecasting years.
Know more about this report: Request for sample pages
Report Segmentation
The market is primarily segmented based on offering, application area, deployment mode, vertical, and region.
|
By Offering |
By Application Area |
By Deployment Mode |
By Vertical |
By Region |
|
|
|
|
|
Know more about this report: Request for sample pages
Insight by Vertical
The Banking, Financial Services, And Insurance (BFSI) segment is expected to hold the larger revenue shares in the global industry. The BFSI segment has more need to protect their consumer data by providing better security by protecting the confidential data of the population. Additionally, with the advent of the digital age, this segment has leveraged various online web portals and mobile applications to enhance their competent procedures and processes. Moreover, rising incidences of cyber threats are one of the primary factors for adopting penetration testing as it secures the network and its applications to protect the population's information on a large scale. Thus, these factors are leading the segment dominance in the global industry.
The IT and ITeS segment is projected to witness a significant growth rate in the forecasting years. The exponential growth of the IT industry and increasing digitalization are the foremost factors projected to drive the segment growth. Few vendors are developing cutting-edge technology to ensure data security, which may further support the segment development. Furthermore, the rapid proliferation of the internet and surging demand for smartphones are also anticipated to propel the segment's growth in the upcoming years.
Geographic Overview
Geographically, North America accounted for the largest revenue share in the global industry. The increasing number of technological developments, coupled with the high adoption of novel technologies such as cloud computing, AI, sentiment analytics, and others, is likely to propel market growth. The imposition of stringent regulations such as PCI DSS, FERC, HIPAA, and SOX across verticals is driving the need for penetration testing. Also, the region is more likely to adopt advanced solutions such as penetration testing, deploying security, and vulnerability management solutions to ensure additional protection, further offering growth prospects to the market growth.
Moreover, the Asia Pacific market is anticipated to exhibit the highest CAGR over the forecasting years. The increasing use of penetration testing to safeguard the security of the organizational data, along with the rising demand for skilled labor in emerging nations, is attributed to the market growth. Additionally, the increasing number of information technology (IT) enterprises in emerging countries and execution of mandate compliance by the regulatory body owing to the rising incidences of cyber scams also act as a catalyzing factor for the market growth across the APAC region.
Competitive Insight
Some of the major players operating in the global market include Acunetix, Checkmarx, Coalfire Labs, Core Security, Cyberhunter Solutions, Fireeye, Hackerone, IBM, Immuniweb, Indium Software, Isecurion, Micro Focus, Netsparkar, Offensive Security, Port Swigger, Rapid7, Raxis, Rhino Security Labs, Secureworks, Veracode, and Vumeric Cybersecurity.
Penetration Testing Market Report Scope
|
Report Attributes |
Details |
|
Market size value in 2021 |
USD 1.62 billion |
|
Revenue forecast in 2030 |
USD 4.84 billion |
|
CAGR |
13.9% from 2022 - 2030 |
|
Base year |
2021 |
|
Historical data |
2018 - 2020 |
|
Forecast period |
2022 - 2030 |
|
Quantitative units |
Revenue in USD billion and CAGR from 2022 to 2030 |
|
Segments covered |
By Offering, By Application Area, By Deployment Mode, By Vertical, By Region |
|
Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
|
Key Companies |
Acunetix, Checkmarx, Coalfire Labs, Core Security, Cyberhunter Solutions, Fireeye, Hackerone, IBM, Immuniweb, Indium Software, Isecurion, Micro Focus, Netsparkar, Offensive Security, Port Swigger, Rapid7, Raxis, Rhino Security Labs, Secureworks, Veracode, and Vumeric Cybersecurity. |
© 2024 Polaris Market Research and Consulting. All rights reserved
