Penetration Testing Market: Global Industry Analysis and Forecast (2023-2029)

Penetration Testing Market size was valued at US$ 1.90 Billion in 2022 and the total Penetration Testing revenue is expected to grow at 16.5% through 2022 to 2029, reaching nearly US$ 5.53 Billion.
Penetration Testing Market Overview:
A penetration test is a decisive evaluation of the security and user-safety of an IT infrastructure by exploiting its vulnerabilities without compromising its safety. These vulnerabilities exist in different OSs, services, and applications, e.g. webpages and networks. Irregular configurations or careless user behavior. Therefore, penetration tests or assessments are useful in verifying the efficiency of defensive layers of different networks, as well as user conformity to security regulations. Penetration testing is usually done manually or through automated methods to comprehensively compromise servers, web applications, wireless networks, and devices, and other potential loose ends of security.To know about the Research Methodology :- Request Free Sample Report

The key factors for example increasing cyber-attacks which in turn cause major damage to the reputation and financial status of businesses, legislative regulations, and conformities mandating regular penetration tests are expected to fuel the growth of the global penetration testing market in the forecast period (2023-2029). The high usage of smartphones has also increased the use of mobile-based business-related applications e.g. banking applications and surging internet usage are some factors that are expected to offer lucrative growth opportunities to the global penetration testing market in the same forecast period.

The global penetration testing market report provides extensive segmentation and regional insights. The market report presents a detailed view of the global penetration testing market by type, deployment, industry, major players, and key regions and countries, market share, and growth opportunities. The report also has a thorough analysis of the competitive landscape of the global penetration testing market.
Penetration Testing Market Dynamics:
A major driver of the global Penetration Testing Market is the strict regulation policies imposed by the government on companies which mandate that companies do penetration tests regularly or they will be penalized. Some popular directives include NIS (Network and Information systems) and SOC (Systems Organization and Control). Another driving factor of the global market is the surge of penetration testing as a service (PTaaS). This helps IT, professionals, to organize and execute penetration tests on different apps.

A major restraint in the global market is the high costs of penetration tests. A penetration costs around US$ 3500 for SMEs and around US$90,000 for large organizations. Since these tests are mandated by government policies businesses have no choice but to allocate a certain portion of their revenue for these tests. This trend in the global penetration testing market is projected to hamper the overall market growth in the forecast period (2023-2029).

The key challenge in the global penetration testing market is the unavailability of skilled cyber-security experts required to run a penetration test. Many industries hire professionals to track and rectify security threats in their IT infrastructures; however, these people sometimes don’t have the skills needed to avoid a cyber-attack. Penetration testing is an expensive test, if it is not carried out by certified professionals; it could result in revenue losses for the companies.
Penetration Testing Market Segment Analysis:
By Type, the segments are Web Application Penetration Testing, Mobile Application Penetration Testing, Network Penetration Testing, and Other. Mobile application is projected to grow at the CAGR of 6.8% in the forecast period (2023-2029). This growth can be attributed to the high demand for E-Commerce apps like Amazon and Zomato in the global IT market. There are continuous data breaches in E-commerce giants like Amazon and Facebook. Penetration testing is projected to help identify the potential breach or vulnerability in these apps. The personal data of over 530 million Facebook users was leaked online in April 2022. It included personal phone numbers, e-mail addresses other biographical information of global users of the app. These frequent data breaches of global social media giants are projected to contribute to the penetration testing market growth in the same forecast period.

By Industry, Government, and Defense along with the Banking and Finance sector held the first and the second largest positions in the global penetration testing market in the year 2020. In 2020, the United States federal government database was breached by Russian hackers. Therefore cyber-attacks on government databases like these are projected to drive the growth of the government and defense segment in the global market in the aforementioned forecast period. In March 2022, A US financial firm CNA was the target of a ransomware attack that disrupted employee and customer services for more than three days. In the same month, the country’s Federal Trade Commission had issued an alert about an e-mail scam in the COVID-19 stimulus benefits offered by the governments. Recurring attacks like these on financial institutions on a global scale is projected to help the overall growth of the Banking and Financial segment of the penetration testing market.
Penetration Testing Market Regional Insights:
The North American region dominated the global penetration testing market in the year 2020. In December 2020, Australia, New Zealand, and the United States became targets of a cybercriminal group associated with FIN 11 which exploited vulnerabilities in Accellion’s Legacy File Transfer systems. In the same month, the Director of the FBI, Christopher Wray warned banks to be on alert for third parties exploiting vulnerabilities in the networks of financial institutions. These frequent malware and ransomware attacks in countries like the US and Canada are projected to influence the global penetration testing market.

The APAC region followed the North American region in terms of shares in the global penetration testing market in 2020. This can be attributed to various security measures deployed by companies after the outbreaks of many malware attacks in the region. For example, In November 2020, security scientists found that a common security application used by South Korean banks and government agencies had been compromised through a supply chain attack. Similarly in October 2020, the Indonesian Fintech company reported that over 3 million users’ data was leaked and sold on a hacker forum. These attacks prompted many regulations in the penetration testing of webpages and applications in this region. Furthermore, the European Central Bank also witnesses a defect in their network which disrupted their system for more than 10 hours. These defects are projected to impact the growth of the penetration testing market in the European region.

The objective of the report is to present a comprehensive analysis of the global Penetration Testing market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the global Penetration Testing market dynamics, structure by analyzing the market segments and projecting the global Penetration Testing market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Penetration Testing market make the report investor’s guide.
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Global Penetration Testing Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 1.90 Billion.


Forecast Period 2023 to 2029 CAGR:
16.5%
Market Size in 2029:
US $ 5.53 Billion.


 Segments Covered:
by Type
Web Application Penetration Testing
Mobile Application Penetration Testing
Network Penetration Testing
Other


by Deployment
On-premise
Cloud


by Industry
Government and Defense
BFSI
IT and Telecom
Retail & E-Commerce
Other



Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Key Players
1. WhiteHat Security
2. Checkmarx
3. FireEye
4. Micro Focus
5. Secureworks
6. Rhino Security Labs
7. Immuniweb
8. PortSwigger Web Security
9. iSECURION
10.Core Security SDI Corporation
11.Redteam Security Consulting
12.Context Information Security
13.Rapid7, Inc.
14.Qualys, Inc
15.Veracode
16.Trustwave Holdings, Inc
17.Acunetix
18.Hewlett Packard Enterprise
19.IBM Corporation
20.Cigital Inc
FAQs:
1. Which is the potential market for Penetration Testing in terms of the region?
Ans. The North American region dominated the global penetration testing market in the year 2022.

2. What are the challenges for new market entrants?
Ans. The key challenge in the global penetration testing market is the unavailability of skilled cyber-security experts required to run a penetration test.

3. What is expected to drive the growth of the market in the forecast period?
Ans. A major driver of the global Penetration Testing Market is the strict regulation policies imposed by the government on companies which mandate that companies do penetration tests regularly or they will be penalized.

4. What is the projected market size & growth rate of the Market?
Ans. Market size was valued at US$ 1.90 Billion in 2022 and the total Penetration Testing revenue is expected to grow at 16.5% through 2022 to 2029, reaching nearly US$ 5.53 Billion.

5. What segments are covered in the Market report?
Ans. The segments covered are Type, Deployment, Industry and Region.