With the emergence and long-term Impact of COVID-19, the Global Penetration Testing Market is to reach USD 3.91 Billion by 2030
Bizwit Research & Consulting LLP’s Recent Analysis on Global Penetration Testing Market is poised to raise up to USD 3.91 Billion by 2030. Penetration testing is a cybersecurity defense strategy that involves setting up traps and decoys within a system’s infrastructure to mimic real assets in order to deceive attackers. It also helps organizations identify vulnerabilities, such as unsensitized inputs that are at risk of code injection attacks, in various application systems and servers. The Market is expanding because of factors such as rising sophisticated cyberattacks leading to huge financial and privacy losses, stringent compliances by various IT authorities to adhere to testing procedures, increased internet penetration and use of smart devices leading to a surge in mobile-based internet applications.
Cyberattacks have become increasingly sophisticated in recent years. While social engineering accounts for 98% of cyberattacks, hackers are increasingly using advanced technologies such as AI, ML, and analytics to enhance their attacks. Such Sophisticated cyberattacks typically go unnoticed and need longer repair times. According to IT Web, in 2021, nearly 80% of senior IT employees and security leaders believe their companies are not adequately protected against cyberattacks. Additionally, more than 77% of organizations lack an incident response plan, and over 93% of healthcare organizations have experienced a security breach in the last three years (2020-2018). Furthermore, according to AAG IT in 2021, around 1 in 10 US Organizations have no insurance against cyber-attacks.
These statistics highlight enterprises’ lack of cyber preparation, creating opportunities for cyberattacks to succeed. Additionally, the increasing demand for software-based property protection, such as mobile and web apps, is expected to drive opportunities in the global Penetration Testing Market. Moreover, the growing usage of cloud-based security solutions is projected to drive up demand for penetration testing. This, in turn, is expected to boost the global Penetration Testing Market. Furthermore, increased digitization in developing countries is likely to fuel the growth of the Internet of Things (IoT)-based connected devices. However, the Lack of skilled cybersecurity professionals is expected to stifle market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Penetration Testing Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to factors such as large technological establishments in the region, stringent government regulations regarding cyber security and testing services. According to the International Telecommunication Union (ITU), North America is the most proactive and devoted area to cybersecurity-related projects.
The GCI scores assigned to the major countries (United States – 0.91 and Canada – 0.81) confirm their commitment to developing a strong cybersecurity framework and improved security testing procedures. Furthermore, due to the growing practice of Work From Home (WFH), employees are accessing business networks and data via insecure devices, exposing exploitable vulnerabilities to hackers. Asia Pacific is expected to grow significantly over the forecast period, owing to factors such as increased penetration testing awareness and the number of SMEs embracing cloud-based security testing in the region.
The global Penetration Testing Market is highly competitive owing to the presence of several key manufacturers such as International Business Machines Corporation, Rapid7, Inc., Trustwave Holdings Inc., Veracode, Synopsys Inc., Cisco Systems, Inc., Indium Software Pte. Ltd., Cigniti Technologies, and others.
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Key findings of the study suggest:
- Global Penetration Testing Market is anticipated to grow with a healthy growth rate of more than 13.7% over the forecast period 2023-2030.
- In the offering segment, services emerged as the leading market segment in 2022.
- North America is anticipated to drive regional growth owing to stringent government regulations regarding cyber security and testing services.
- Asia Pacific is expected to grow at a high CAGR followed by North America during 2023-2030.
Bizwit Research & Consulting has considered the following segments for the study:
By Offering:
- Software
- Services
By Type:
- Web Applications
- Mobile Applications
- Network Infrastructure
- Social Engineering
- Cloud
By Organization Size:
- SMEs
- Large Enterprises
By Deployment Mode:
- Cloud
- On-premises
By Vertical:
- BFSI
- Healthcare
- IT and ITeS
- Telecommunication
- Retail and E-Commerce
- Manufacturing
- Education
- Other Verticals
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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Bizwit Research & Consulting LLP is a global provider of business intelligence & consulting services. The company has a strong primary base of key industry leaders along with the chain of industry analysts to analyze the market trends and its future impact in order to estimates and forecast different business segments and markets. Bizwit incorporate big data, expert analysis, and huge industry database to deliver client focused business consulting reports. Our analysts perform unbiased measurement and assessment of market opportunities to comprehend detailed market forecast. Our team of key opinion leaders evaluates the market size, growth prospects, end-use, applications, value & supply chain and top vendors in the industry to help the clients to take conversant business decisions without any vague assumptions.
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