Penetration Testing Market to Reach USD 6622.8 Million By 2029, witnessing a CAGR of 21.4%| Valuates Reports
BANGALORE, India, May 22, 2023 /PRNewswire/ -- Penetration Testing Market is segmented by type (Network Penetration Testing, Web and Wireless Penetration Testing, Social Engineering Penetration Testing, Cloud Infrastructure Penetration Testing), by application (Small and Medium Enterprises, Large Enterprises) : Global Opportunity Analysis and Industry Forecast, 2023-2029. It is published in Valuates Reports under the Computer Security Category.
The global Penetration Testing market was valued at USD 2068.9 million in 2022 and is anticipated to reach USD 6622.8 million by 2029, witnessing a CAGR of 21.4% during the forecast period 2023-2029.
Major factors driving the Growth of the Penetration Testing Market
The widespread use of cloud computing products and services as well as the rise in data center construction are fostering the expansion of the worldwide penetration testing industry. Additionally, the rise in the number of hacks and strict government requirements to promote the use of penetration testing products and services have a favorable effect on the Penetration Testing market expansion.
TRENDS INFLUENCING THE GROWTH OF THE PENETRATION TESTING MARKET
The desire for software-based assets like online and mobile applications to be secure is expected to increase market growth for pen testing worldwide. Additionally, it is projected that increased use of cloud-based security services would increase demand for penetration testing. Additionally, it is anticipated that the trend of linked devices based on the Internet of Things would increase due to emerging nations' ongoing digitalization. Pen-testing is hence more essential. Companies are becoming more vulnerable to hacks and harmful assaults. The predicted period will see growth in the worldwide Penetration Testing market as a result of an increase in cyberattacks and a greater need to comply with compliance requirements.
One of the best approaches for determining an organization's risk position is penetration testing. Pen testing cannot be replaced, even though other common practices like gap analyses, audits, architectural reviews, and vulnerability management are valuable. When done properly, it serves as a situational barometer for matching security defenses with constantly changing cyber threats and financial realities. It represents the point at which the rubber hits the road. The number and pace of assaults will continue to increase as common malevolent hackers are given more tools to consistently outperform their peers, which highlights the need for good pen testing programs that lessen the devastating effects of breaches on businesses. This factor is expected to drive the growth of the Penetration Testing market.
Effects of Remote Employment Work dynamics have changed significantly over the past two years as businesses all around the world announce a permanent shift to remote or hybrid models. While many workers applaud this increased flexibility, security experts see new difficulties and a change in priorities. Remote employees face inherent security challenges since IT companies cannot monitor how individuals use their home networks, thus leaving them vulnerable to external attacks. By doing more network security tests, cybersecurity experts may locate weaknesses and take appropriate action. This factor is expected to drive the growth of the Penetration Testing market.
PENETRATION TESTING MARKET SHARE ANALYSIS:
The leading companies in global penetration testing are Synopsys (Cigital), Acunetix, Checkmarx, Qualys, Inc., and others. Over 20% of the market is held by the top four producers globally.
The biggest market is North America, with a market share of over 35%, followed by Europe and Asia-Pacific, both of which have market shares of over 55%. The increased usage of cutting-edge technologies like cloud computing, big data, artificial intelligence, and machine learning for automation across businesses has increased the demand for penetration testing in North America.
With a market share of over 35%, Web and Wireless Penetration Testing is the most significant product group. The requirement for software-based assets like mobile and online apps to be protected is expected to expand, which will bolster the worldwide penetration testing market's expansion. Penetration testing need is also anticipated to rise as cloud-based security solutions are used more often. Additionally, a growing number of wireless networks and linked devices across several industrial sectors are driving up the need for penetration testing.
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Key Companies:
- Synopsys(Cigital)
- Acunetix
- Checkmarx
- Qualys, Inc.
- Rapid7, Inc.
- CA Technologies(Veracode)
- Hewlett Packard Enterprise
- IBM
- Whitehat Security
- Trustwave Holdings, Inc.
- Contrast Security
- Portswigger Ltd.
- Wireshark
- Netsparker Limited
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