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Penetration Testing Market by Offering, Position, Type, Method (Black Box Testing, White Box Testing), Visibility (Covert Pen Testing, Automated Pen Testing), and End User (BFSI, Healthcare, Automotive, Others), and Geography - Global Forecast to 2029
Report ID: MRICT - 104697 Pages: 350 Oct-2022 Formats*: PDF Category: Information and Communications Technology Delivery: 24 to 72 Hours Download Free Sample ReportThe growth of this market is driven by a surge in the need to identify cybersecurity threats and risks across enterprise networks, adherence to regulatory compliance and laws for the implementation of penetration testing solutions and services, and the growing demand for web application firewalls. However, the high turnaround time and cost may restrain the implementation of penetration testing technologies.
In addition, the rising demand for cloud computing solutions among SMEs, the growing need for PTaaS and security assessment, increasing awareness regarding the benefits of penetration testing technology in the medical field/imaging, the increasing initiatives by governments for digitalization in penetration testing, and the rising number of data centers are expected to offer significant opportunities for growth of this market. The lack of skilled professionals is a major challenge to the growth of this market.
The COVID-19 pandemic hindered the growth of the penetration testing market to some extent; however, the demand for digital transformation remained elevated. The rapid shift to a work-from-home model resulting from the COID-19 pandemic ramped up penetration testing in enterprise environments for vulnerability management, security posture and hygiene checks, risk analysis, and compliance purposes. As per the survey of PortSwigger Ltd. on 19 March 2021, penetration testing of enterprise systems is prevalent as they are concerned about misconfigurations in the form of exposed servers, access control problems, phishing, lax passwords, and orphaned accounts.
Penetration testing has become essential, encouraging governments to invest in security solutions. Penetration testing solutions enable government and public sector organizations to offer effective security services and respond quickly and accurately to the citizens' needs. Digital and knowledge-based processes and methods are considered the pillars of the penetration testing market. Government bodies were the major purchasers of penetration testing solutions, as they maintain large volumes of confidential data. With the increasing number and complexities of IoT devices, connected devices and supply chains of the public sector were at an increased risk of cyberattacks, data breaches, and cyber espionage. The uncertainty of the COVID-19 pandemic and the generation of large amounts of data put forth a huge task for government bodies to secure data within a short span. This led to a sharp rise in the demand for penetration testing.
The digitization of medical records resulted in a paradigm shift in the healthcare sector during the last decade. Advancements in technology have enabled the healthcare sector to use interconnected IoT, OT, IT, and medical devices to improve patient care and outcomes. Data Breach Barometer Report 2019 revealed that 31,611,235 healthcare records were exposed between January 2019 and June 2019, double the number of data breaches in 2018. The growing need for remote patient monitoring, the large healthcare data pool resulting from the CVID-19 pandemic, and the continued threat of cyberattacks and data theft prompted the healthcare sector to adopt penetration testing.
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A Surge in need to identify cybersecurity threats and risks across enterprise networks is expected to drive market growth
Various industries such as the government & public sector, energy & utility, pharmaceutical and BFSI required penetration testing solutions in their systems due to a rise in cyberattacks while handling a large volume of data or business online. Cyberattacks are gradually increasing; cybercriminals attack networks, endpoints, and other IT infrastructure. These cyberattacks result in significant financial losses for individuals, enterprises, and governments. Cyberattacks may be motivated by political rivalry, financial gains, an intent to harm reputation, international rivalry, or the interests of radical groups, among other reasons. Ransomware, such as WannaCry, Petya, Not Petya, and BadRabbit, are some of the significant ransomware that have affected enterprises and government organizations globally. Hence, the increased frequency and sophistication of cyberattacks are expected to increase the adoption of penetration testing solutions and services, driving the growth of the global penetration testing market.
In 2022, the Solution Segment is Estimated to Dominate the Penetration Testing Market
Based on offering, the global penetration testing market is segmented into solutions and services. In 2022, the solutions segment is expected to account for the largest share of the global penetration testing market. The large market share of this segment is attributed to various enterprises that rapidly accept it for its flexible, affordable, easy, and scalable features. Additionally, it provides the highest level of data security and reliability. Furthermore, the increasing use of internet services, collaboration among antivirus providers and technology manufacturers such as mobile and computer, and internet banking and e-commerce transaction fuel the need for solutions. However, the services segment is projected to register the highest CAGR during the forecast period
In 2022, the External Network Segment is Estimated to Dominate the Penetration Testing Market
Based on position/location, the global penetration testing market is segmented into external network and internal network. In 2022, the external network segment is expected to account for the largest share of the global penetration testing market. The large market share of this segment is attributed to identifying security exposures and vulnerabilities before hacking, ensuring compliance with security standards and regulations, and rising demand for a faster and cheaper network. However, the internal network segment is projected to register the highest CAGR during the forecast period.
In 2022, the Gray Box Testing Method/Depth Segment is Estimated to Dominate the Penetration Testing Market
Based on method/depth, the global penetration testing market is segmented into black box testing, white box testing, and gray box testing. In 2022, the gray box testing segment is expected to account for the largest share of the global penetration testing market. The growth of this segment is attributed to the rising demand for efficiency and accuracy of testing in organizations, a surge in the number of aspects in web applications, and the growing need to test domains based on necessity. However, the white box segment is projected to register the highest CAGR during the forecast period.
In 2022, the Infrastructure or Network Testing Segment is Estimated to Dominate the penetration testing Market
Based on test type, the global penetration testing market is segmented into infrastructure or network testing, application testing, wireless (Wi-Fi) testing, configuration/build review testing, social engineering, and other test types. In 2022, the infrastructure or network testing segment is expected to account for the largest share of the global penetration testing market. The large market of this segment is attributed to the rising need for identifying exposed vulnerabilities and security weaknesses in the network infrastructure such as servers, firewalls, switches, routers, printers, and workstations, rising penetration of integrated security solutions & IP traffic, and increasing demand for better and more intelligent testing solutions that assess unauthorized access and leak of confidential, sensitive or personal information from within the organization. However, the application testing segment is projected to register the highest CAGR during the forecast period.
Based on visibility, the global penetration testing market is segmented into overt penetration testing, convert penetration testing, and automated penetration testing. In 2022, the covert penetration testing segment is expected to account for the largest share of the global penetration testing market. The large market of this segment is attributed to the rise in the number of vulnerabilities not only in the system but also undetected vulnerabilities to a system, growing demand among organizations to test the IT security teams' ability to respond to a cyberattack, and adherence to law enforcement. However, the automated pen testing segment is projected to register the highest CAGR during the forecast period.
In 2022, the Large Enterprises Segment is Estimated to Dominate the Penetration Testing Market
Based on organization size, the global penetration testing market is segmented into large enterprises and small and medium-sized enterprises. In 2022, the large enterprises segment is expected to account for the largest share of the global penetration testing market. The large market share of this segment is attributed to the early adopters of advanced technologies such as AI and blockchain that directly impact revenue growth, increasing focus on developing strategic IT initiatives, and consistently deploying state-of-the-art firewall protection solutions to stay ahead of cybercriminals. However, the small and middle-sized enterprises segment is projected to register the highest CAGR during the forecast period.
In 2022, the BFSI Segment is Estimated to Dominate the Penetration Testing Market
Based on end user, the global penetration testing market is segmented into BFSI, manufacturing, retail & e-commerce, education, IT & telecommunication, healthcare, media & entertainment, transport & logistics, automotive, government & public sector, and other end users. In 2022, the BFSI segment is expected to account for the largest share of the global penetration testing market. The large market share of this segment is attributed to the large volume of highly sensitive financial data of individuals, governments, and public and private corporations that are highly vulnerable to data breaches and cyberattacks, the rapidly increasing transactions through cloud-based QR/UPI, growing need to ensure confidentiality, integrity, and operations of customer transactions, and the enforcement of regulatory security compliance. However, the healthcare industry segment is projected to register the highest CAGR during the forecast period.
In 2022, North America is Estimated to Dominate the Penetration Testing Market
Based on geography, the global penetration testing market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In 2022, North America is expected to account for the largest share of the penetration testing market. The growth of this region is attributed to the rise in the number of cyberattacks on networks, especially in private and government companies, a surge in demand for advanced security and vulnerability management solutions in the healthcare industry, and increasing investments for R&D process and widespread adoption of the penetration testing technology across various verticals, growing emphasis towards web security & privacy concerns, and rise emergence of disruptive digital technologies. However, the Asia-Pacific region is projected to register the highest CAGR during the forecast period.
Key Players
The report includes a competitive landscape based on an extensive assessment of the key growth strategies adopted by leading market players in the penetration testing market between 2020 and 2022. The key players profiled in the penetration testing market report are Rapid7 (U.S.), Synopsys, Inc. (U.S.), Cisco Systems, Inc. (U.S.), International Business Machines Corporation (U.S.), Acunetix (U.K.), ASTRA IT, Inc. (U.S.), ScienceSoft (U.S.), SECURIFY BV (Netherlands), BreachLock Inc. (U.S.), Fortinet, Inc. (U.S.), SecureWorks, Inc. (U.S.), Netragard (U.S.), Cigniti Technologies Ltd. (U.S.), Rhino Security Labs, Inc (U.S.), FireEye (U.S.), Veracode (U.S.), NetSPI LLC. (U.S.), Trustwave Holdings, Inc. (U.S.), Coalfire (U.S.), and Software Secured (Canada).
Scope of the Report:
Penetration Testing Market, by Offering
Penetration Testing Market, by Position/Location
Penetration Testing Market, by Method/Depth
Penetration Testing Market, by Test Type
Penetration Testing Market, by Visibility
Penetration Testing Market, by Organization Size
Penetration Testing Market, by End User
Penetration Testing Market, by Geography
Key questions answered in the report:
A sector focusing on evaluating cybersecurity by simulating attacks to identify and address vulnerabilities in systems and networks.
Projected to grow to $4.05 billion by 2029, reflecting significant expansion and investment in cybersecurity measures.
Expected to grow at a CAGR of 12.5% from 2022 to 2029, driven by increasing cybersecurity needs and regulatory requirements.
Estimated to reach $4.05 billion by 2029, indicating substantial growth and market potential.
Key players include Rapid7, Cisco, IBM, Acunetix, Fortinet, and several others, offering a range of cybersecurity solutions and services.
Rising cyber threats and regulatory pressures are driving growth, with increased adoption of penetration testing to enhance security measures.
Growing need to identify cybersecurity threats, adherence to regulations, and increasing demand for web application firewalls are major market drivers.
Segments include Solutions vs. Services, External vs. Internal Network, Gray Box vs. White Box Testing, and various test types and visibility levels.
North America holds the largest market share, while Asia-Pacific is expected to experience the highest growth rate in the coming years.
The market is projected to grow at a CAGR of 12.5% during the forecast period of 2022 to 2029.
The market is projected to grow at a CAGR of 12.5% from 2022 to 2029.
North America is expected to hold the largest share of the market, driven by high demand for advanced cybersecurity solutions.
Published Date: Sep-2024
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