Pune, Aug. 30, 2024 (GLOBE NEWSWIRE) -- Penetration Testing Market Size Analysis:
“Based on the SNS Insider analysis, Penetration Testing Market was valued at USD 1.92 billion in 2023 and is estimated to be worth approximately USD 6.98 billion by 2032 with a significant growth rate of 15.46% from 2024 to 2032.”
Market analysis
The penetration testing market is experiencing robust growth, driven by the escalating need to combat evolving cyber threats. As cybercrime becomes more sophisticated, businesses are investing more in high-end penetration testing tools to defend themselves against complex web threats, network and digital-based attacks. Amid the global regulatory tightening of data privacy and cybersecurity regulations by global regulatory bodies is pushing companies to adopt stricter testing measures to ensure compliance. In industries such as healthcare, finance and government alike this is especially important–a breach can be devastating. Cybersecurity as a service is not just an own concern, with the world economic forum stating that cybercrime costs could rise to $10.5 trillion per year by 2025 and this makes enhanced cybersecurity.
The widespread adoption of cloud-based solutions is another key driver of market growth. Cloud computing provides benefits of scalability and reduced costs, but new vulnerabilities arise as well. Penetration Testing the Security of Cloud Environments, a new study from IBM noted misconfigurations and data breaches among top security challenges in cloud regions, confirming penetration testing is considered safe practice for provingection. Furthermore, automation in penetration testing is allowing to streamline workflows, lowering the chances of human errors and facilitating more regular probing tests. Expectations are also increasing for governments to strengthen their cybersecurity capabilities and after US announced $11 billion dollars towards federal cybersecurity in 2024, 5% more than the previous year. In the same manner, one of the mandatorily drive factors for penetration testing market is positive support from European Union via its GDPR forcing companies to accept strict standards of data privacy and security.
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Major Players Analysis Listed in this Report are:
- Breachlock Inc.,
- Astra Security,
- Isecurion,
- NetSPI LLC,
- Rapid 7,
- Vumetric Cybersecurity,
- CovertSwarm,
- SecurityMetrics,
- PortSwigger Ltd,
- Nowsecure,
- Vairav Technology,
- Cisco Systems, Inc.,
- Rebot Security,
- Netragard,
- Cigniti Technology Ltd.,
- Bugcrowd,
- Synopsys,
- TrustWave Holdings, Inc.
Penetration Testing Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 1.92 Bn |
| Market Size by 2032 | USD 6.98 Bn |
| CAGR | CAGR of 15.46% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Key Growth Drivers | • Increasingly sophisticated hacks that cause corporations to lose money and reputation • The demand for penetration testing is growing as more people utilize secured web applications, increasing the risk of cyberattacks and the prevalence of cybercrime across practically all sectors of the economy. |
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Recent Developments
In June of 2023, BreachLock launched Red Teaming as a service (RTaaS), challenging the way that Red Teaming services have been delivered by offering something completely new to market. This unique solution provides complete testing at a lower price, making high-end security assessments available to more businesses.
In March 2023, Redington Ltd partnered with the application security SaaS provider Indusface to deliver enterprises end-to-end security for their applications. Developed its extensive security offering, especially in AppTrana via it's partnership with us through White-Label program to help Redington customers build and maintain their application security posture.
Segment Analysis
On the basis of type, web applications segment accounted for the largest market share in 2023, as cloud service is growing with an expeditious pace and advanced threats targeting such setups are rising. With business going online and data sharing via the web, web applications have become a focus in reaching customers. As a result, they have even become prime targets of cybercriminals using SQL injection attacks as well Remote Code Execution(RCE), Cross Site Scripting (XSS) and so on. The increased incidence of such attacks has put a spotlight on the need for proper security measures and resulted in an increase demand for web application penetration testing solutions.
The cloud segment of the penetration testing market held 65% share in 2023, owing to significant transition towards utilization of mass-cloud based infrastructures across several industries by the year end assuaging prospects for increased usage and demand per data through cross tradable devices or machines. Cloud is attractive for its scalability, flexibility and low costs. But moving to the cloud has brought with it new security issues such as misconfigurations, data breaches and vulnerabilities unique to these environments. These issues have reinforced the need for thorough penetration testing in order to keep layers of security up and running over cloud-based systems.
Based on Vertical, the BFSI (banking, financial services & insurance) sector held the largest revenue share more than 19% of the market in 2023 as they are often targeted by cybercriminals because they deal with a large number of financial transactions at risk. This is handling significant amounts of money and sensitive personal data, so penetration testing plays an especially important role. In turn, cyber threats are evolving and in the case of institutions like BFSI whose security policies needs to keep up with rising regulatory pressure. Penetration testing Also enables compliance with these rules and safeguards against advanced cyber threats that target the availability, integrity & confidentiality of financial transactions as well customer data.
Penetration Testing Market Segmentation:
By Offering
- Solutions
- Services
By Organization Size
- Large Enterprises
- SMEs
By Type
- Web Applications
- Mobile Applications
- Network Solutions
- Cloud
- Social Engineering
By Deployment
- Cloud
- On-premises
- By Vertical
- BFSI
- Healthcare
- IT & IteS
- Telecommunication
- Retail & eCommerce
- Manufacturing
- Education
- Others
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Regional Analysis
In 2023 the North America held more than 35% share of Penetration Testing Market. The region is focused significantly on cybersecurity investments to keep sensitive data secure and ensure operational integrity. With extensive cybersecurity requirements for large enterprises and critical industries in the U.S. & Canada, penetration testing services are on-demand. This demand has been further propelled by both the proactive approach of the region in responding to evolving cyber threats, as well as a strong hub for cybersecurity companies and technology. The U.S. penetration testing market is projected to grow significantly from 2024-2032, owing their technological advancement and major investments in cyber security due to stringent compliance policies. The prevalence of large corporations and important infrastructure in the USA makes it extremely susceptible to cybersecurity threats a country where penetration testing must secure its data streams.
Key Takeaways
- The SNS Insider report, published recently on the Penetration Testing Market offers an in-depth analysis of market trends, opportunities growth drivers and challenges.
- The report notes the market is projected to reach USD 6.98 billion by 2032 due to rising cybersecurity threats and increasing demand for penetration testing services.
- The detailed segment analysis is covered, Substantial growth of the segment likely due to prominent industry trends with company development and focus on regional developments especially North America.
- The report provides stakeholders with the insights required to adapt their strategies for responding and mitigating an evolving threat landscape within cybersecurity, improving decisions at all levels in order to better protect organisations from cyber threats.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Penetration Testing Market Segmentation, By Offering
8. Penetration Testing Market Segmentation, By Organization Size
9. Penetration Testing Market Segmentation, By Type
10. Penetration Testing Market Segmentation, By Deployment
11. Penetration Testing Market Segmentation, By Vertical
12. Regional Analysis
13. Company Profiles
14. Use Cases and Best Practices
15. Conclusion
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