The market for penetration testing, which assesses the security of computer systems and networks by simulating cyber-attacks, is expected to grow significantly in the coming years. By 2024, it’s estimated to be worth around US$ 1.9 billion, with a projected annual growth rate of 14.4% until 2034, reaching approximately US$ 7.4 billion.
This growth is fueled by several factors. Firstly, the increasing frequency and complexity of cyber-attacks have made cybersecurity a top priority for businesses. To defend against these threats and safeguard sensitive information, companies are turning to penetration testing.
Additionally, the adoption of cloud-based security solutions is expanding, creating a greater need for penetration testing services to ensure the security of these cloud platforms. Moreover, the global shift towards digitalization, especially in developing nations, has led to a widespread use of Internet of Things (IoT) devices. As organizations embrace digital transformation, they require penetration testing to secure their expanding digital networks.
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The growth of internet activities worldwide and the increasing emphasis on security further propel the penetration testing market. This is particularly evident during the COVID-19 pandemic, where remote work and increased online interactions have exposed vulnerabilities in business networks and applications.
Despite these opportunities, challenges exist. A lack of skilled personnel and awareness in some developing and underdeveloped countries may hinder market growth. Nonetheless, adopting hybrid work models and the government’s growing reliance on digital platforms for citizen services are expected to sustain the demand for vulnerability testing.
Key Takeaways from the Penetration Testing Market Report:
- The market valuation in 2023 was US$ 1,676.6 million.
- Based on type, network penetration testing is expected to dominate at a market share of 34.30% in 2024.
- Based on components, the software will register at a market share of 65.1% in 2024.
- The penetration testing market size expanded at 13.3% CAGR between 2019 and 2023.
- Japan is estimated to expand at a CAGR of 14.30% by 2034.
- India experienced significant growth at a CAGR of 17.70% by 2034.
Competitive Landscape:
The penetration testing industry boasts a substantial array of market participants. Research and development play a pivotal role among these players, primarily focusing on introducing eco-friendly product lines as a core aspect of their manufacturing endeavors. Furthermore, they employ various expansion strategies, including collaborations, mergers and acquisitions, and diligent exploration of regulatory approvals to bolster their market presence.
Some of the key developments are:
- NetSPI, a prominent cybersecurity firm, is at the forefront of innovation in security testing, bringing a revolutionary approach to safeguarding machine learning models. In a landscape where compliance and data protection regulations are becoming increasingly stringent, NetSPI’s ML/AI penetration testing is a game-changer designed to help organizations maintain compliance with industry standards and regulatory mandates.
- In May 2022, Cisco Inc. made significant strides in bolstering cybersecurity measures for small and medium-sized companies (SMBs) in the Asia Pacific. Cisco introduced a cybersecurity assessment tool designed to empower SMBs with a better understanding of their security posture. This tool is a valuable addition, significantly, when cyber threats are rising, and businesses of all sizes need to fortify their defenses.
Leading Key Players:
- IBM Corporation
- Microfocus
- Qualys Inc.
- Synopsys Inc.
- Core Security SDI Corporation
- Whitehat Security
- Trustwave Holdings Inc.
- Checkmarx.com LTD
- VERACODE Inc.
- Secure Works Inc.
- Acunetix
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Penetration Testing Market Segmentation:
By Type:
- Network Penetration Testing
- Web Application Penetration Testing
- Mobile Application Penetration Testing
- Social Engineering Penetration Testing
- Cloud Infrastructure Penetration Testing
By Component:
- Software
- Pen-test Services (Consulting and Software-as-a-Service)
By Enterprise Size:
- Small and Medium Enterprises
- Large Enterprises
By Vertical:
- BFSI
- Healthcare and Life Sciences
- Consumer Goods and Retail
- Automotive
- IT and Telecommunication
- Media and Entertainment
- Government
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and the Pacific
- East Asia
- Middle East and Africa
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