Penetration Testing Market to Garner $5.3 Bn, Globally, by 2031 at 13.1% CAGR, Says Allied Market Research

Rise in number of data centers and high adoption of cloud computing solutions and services have boosted the growth of the global penetration testing market.

PORTLAND, Ore., Nov. 4, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Penetration Testing Market by Component (Solution, Services), by Deployment Mode (On-Premise, Cloud), by Testing Type (Network Penetration Testing, Application Penetraiton Testing, Social Engineering Tests, Cloud Penetration Testing, Others), by Organization Size (Large Enterprise, Small and Medium Enterprise), by Industry Vertical (BFSI, Manufacturing, Healthcare, Government and Defense, Energy and Utilities, Retail and E-commerce, IT and Telecom, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". As per the report, the global penetration testing industry was pegged at $1.6 billion in 2021, and is expected to reach $5.3 billion by 2031, growing at a CAGR of 13.1% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscape, and competitive scenario.

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Major determinants of the market growth

Rise in number of data centers and high adoption of cloud computing solutions and services have boosted the growth of the global penetration testing market. Furthermore, strict government regulations to boost adoption of penetration testing solutions supplemented the market growth. However, dearth of skilled security professionals and high implementation cost hinder the market growth. On the contrary, rise in popularity of PTaaS and security assessment for remote workers would open new opportunities in the future.

Covid-19 scenario:

• The market witnessed positive response during the Covid-19 pandemic, due to rapid adoption of work from home by various government, public, and other organizations. Moreover, IT & telecom industries have been using PTaaS for improving the loss suffered during the pandemic, due to rise in cyber-crime and data breaches during the lockdown.
• However, lack of skilled IT professionals and highly skilled hackers increased the rate of cyber-crimes and security breaches. This has increased the demand for penetration testing services and solutions.

The small and medium segment to showcase the highest CAGR through 2031

By organization size, the small and medium segment is estimated to register the highest CAGR of 14.4% from 2022 to 2031, due to the features of Penetration Testing systems such as cost-efficiency and less time & efforts for better management and enhanced business operations. However, the large enterprise segment held the largest share in 2021, contributing to more than two-thirds of the global penetration testing market, owing to increase their productivity with efficiency and constant quality.

The healthcare segment to manifest the highest CAGR through 2031

By industry vertical, the healthcare segment is expected to portray the highest CAGR of 17.4% during the forecast period, as it helps the doctors to integrate their appointment and clinic management to streamline process and reduce the load of management on clinics without any security concerns. However, the BFSI segment held the largest share in 2021, contributing to more than one-fifth of the global penetration testing market, as it provides enhanced security to customers' financial information at the time of sanctioning unsecured loans.

The solution segment dominated the market

By component, the solution segment held the lion's share in 2021, accounting for nearly two-thirds of the global penetration testing market, as it assists organizations in detection zero-day attacks and predicts any future loopholes. However, the services segment is estimated to register the highest CAGR of 13.7% during the forecast period, due to rise in demand for cyber security services during remote working in COVID-19 pandemic to make the network more secure and convenient.

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North America dominated the market

By region, the market across North America held the lion's share in 2021, accounting for more than one-third of the global penetration testing market, due to increase in adoption of advanced technologies such as cloud technology, big data, artificial intelligence, and machine learning for automation across industries. However, the market across Asia-Pacific is estimated to register the highest CAGR of 14.5% during the forecast period, owing to rise in penetration testing awareness and growth in the number of SMEs adopting cloud-based security testing in the region.

Key market players

• Breachlock Inc.
• Bugcrowd
• Cigniti Technology Ltd.
• Cisco Systems, Inc.
• CovertSwarm
• Isecurion
• Netragard
• NetSPI LLC
• Nowsecure
• PortSwigger Ltd.
• Rapid 7
• Rebot Security
• SecurityMetrics
• TrustWave Holdings, Inc.
• Vumetric Cybersecurity
• Astra Security
• Vairav Technology

The report analyzes these key players in the global penetration testing market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.

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