Penetration Testing Market Emerging Growth Analysis, Future Demand and Business Opportunities 2030
Global Penetration Testing Market
The market for penetration testing has an environment of competition with a variety of companies. They are implementing different growth strategies like alliances and mergers launches of new products as well as R&D investments to increase their market share.
Rapidly growing digitalization, escalating incidents of cyberattacks, and strict lockdowns as a result of the COVID-19 pandemic are driving the market for penetration testing. In addition, increasing demands for faster Internet connectivity and the increasing the popularity of remote working are also driving the penetration testing market globally.
Penetration Testing Market Predictable at $1100 Million in 2023, is estimated to increase at a CAGR of 13.8% from $1810 Million by 2024 to $7100 Million by 2030.
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Market Dynamic
In 2022, the largest enterprises will hold the most market share in the testing industry due to their use of the latest technologies, their constant determination to develop strategically-oriented IT strategies, as well as the the implementation of cutting-edge firewall security solutions to keep ahead of cybercriminals.
Small and medium-sized enterprises are also taking on penetration testing methods as they are becoming conscious of the danger that cybercriminals pose and the need to improve security infrastructure. The market for penetration testing is also drawing the attention of authorities that are particularly susceptible to data breaches and cyberattacks.
North America is a significant contribution to the penetration testing market. This is mostly due to the rapid adoption of cutting-edge technologies like artificial intelligence, cloud computing sentiment analysis, automation across companies.
In addition, the industrial sector is one of the biggest data generators is increasing the demand to use penetration tests as the solution (PTaaS) to safeguard their data centers that are colocated from security attacks.
Another major driver of the market for penetration testing is the rise of remote working practices. In the case of COVID-19, severe lockdowns resulted in the closing of workplaces and commercial buildings, which forced employees to work at their homes.
This has led to the need for penetration tests to determine the vulnerability of remote systems. These vulnerabilities can be fixed. Additionally, periodic penetration tests assist organizations in meeting standards of the industry and ensure the security of data.
Growth Driver
The market for penetration testing is growing quickly due to the rising incidence of cyberattacks in a variety of industries and the increasing use of security tools that are advanced.
Additionally, the COVID-19 epidemic has resulted in severe lockdowns, which has prompted companies to switch to a operating in a virtual environment and popularize remote working methods. This has further fueled the development of the penetration testing, due to its ability to protect sensitive information from all types cyber-attacks.
The world market for penetration testing is dominated by the players like Rapid7, SecureWorks, Synopsys and CrowdStrike. They have adopted a variety of growth strategies, including agreements, partnerships, joint ventures, collaborations, acquisitions, as well as product launches to increase their presence within the market.
The market for penetration testing is anticipated to experience significant growth over the forecast period, due to the growing demands in PTaaS and security testing for small and medium enterprises (SMEs).
The rising demand for high-end technology in healthcare/imaging, the increasing government initiatives to encourage digitalization, the emergence of BYOD devices and the growing role of the telecommunications network also driving the market for penetration testing.
However, the shortage of highly skilled professionals hinders the growth of the market. But, technological advancements and the adoption of novel methods are helping overcome this issue. For example this penetration test service has been capable of detecting weaknesses using machines learning and automated tools. methods.
Competitive Landscape of the Penetration Testing Market
- IBM Corporation
- Microfocus
- Qualys Inc.
- Synopsys Inc.
- Core Security SDI Corporation
- Whitehat Security
- Trustwave Holdings Inc.
- com LTD
- VERACODE Inc.
- Secure Works Inc.
- Acunetix
Recent Development
The market for penetration testing is gaining momentum because of the growing instances of cyber-attacks as well as data breaches. In addition penetration testers have begun using bug bounty programs to find and report weaknesses in software. This can help limit the effects of hackers providing them with information regarding the exploitation of their zero-days and creates income sources to penetration testers.
Furthermore, the growing acceptance of cloud services across different sectors like IT & telecom and BFSI is also driving the expansion of the market for penetration testing. Cloud-based systems come with numerous entry points which is why penetration tests are necessary to evaluate their security. This is crucial for companies dealing with sensitive customer data.
As a region, North America dominated the penetration testing market in 2022, and is expected to for the duration of the forecast. This is due in large part to the rise of cloud-based technology as well as Bring Your Own Device (BYOD) technologies within the region.
Large players in the market of penetration testing are implementing various strategies, including expansion of new products, partnerships and collaborations in order to sustain their place in the market. In addition they invest in R&D processes and adopting digitalization strategies to improve their offerings. This has helped them increase their market share and draw in a wide range of clients.
Segments Covered in the Penetration Testing Market
Penetration Testing Market by Type
- Network Penetration Testing
- Web Application Penetration Testing
- Mobile Application Penetration Testing
- Social Engineering Penetration Testing
- Cloud Infrastructure Penetration Testing
Penetration Testing Market by Component
- Software
- Pen-test Services (Consulting and Software-as-a-Service)
Penetration Testing Market by Enterprise Size
- Small and Medium Enterprises
- Large Enterprises
Regional Insight
The penetration testing market in the world is defined with the existence of many major companies that offer solutions and services within the area. The top players include Rapid7 (US), Secureworks (US), Synopsys (US), CrowdStrike (US), IBM (US), Coalfire Labs (US), Indium Software (US), Portswigger (UK), RSI Security (US), Rhino Security Labs (US), Sciencesoft Limited (US), SECURIFY BV (Netherlands), Netragard Inc. (US), Cigniti Technologies Ltd. (US) along with Trustwave (US).
In all of them it was the solution segment that held the highest market share 2022, mostly because of the need for regular penetration testing procedures for compliance, strict guidelines and standards, and the an increasing sophistication of cyberattacks that could result in substantial reputational and financial damage.
The services segment however was responsible for a larger share than the solutions segment. This is due to the fact that many businesses prefer using penetration testing services that are hosted on premises to provide greater control over data.
Different market players are implementing strategies like launch of new products, acquisitions, collaborations and partnerships to ensure their competitive advantage in the penetration testing industry.
For example In March 2023 Rapid7 Inc. acquired Minerva Labs which is a supplier of anti-evasion and ransomware protection technology. This acquisition is expected to improve Rapid7's penetration testing capabilities and increase the customer's satisfaction. This is likely to drive the market's growth over the next few years. It will expand its reach into the healthcare industry and expand its presence in the rapidly growing IoT market.
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