Pune, India., July 27, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Penetration Testing Software Market Size Report, Share, Revenue, Growth Strategy, Industry Trends and Forecast to 2028 - COVID-19 Impact and Global Analysis By Type, Enterprise Size, Application, and Geography”, the global penetration testing software market is expected to grow from $1.58 billion in 2021 to $4.04 billion by 2028; it is estimated to grow at a CAGR of 14.4% from 2021 to 2028. The demand for comprehensive reporting and compliance audits and increasing number of data centers. However, the lack of skilled security professionals is expected hinder the growth of the market.
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The United States (US) has played a significant role in dominating the penetration testing software market and driving its growth through various key factors. Firstly, the US is known for its technological advancements and innovation. It houses many technology giants, cybersecurity firms, and startups that have been instrumental in developing and advancing penetration testing software solutions. These companies have driven the market by continuously improving the capabilities and features of their software, meeting evolving security needs, and staying ahead of emerging threats. Secondly, the US has a robust cybersecurity ecosystem and is home to numerous cybersecurity research centers, organizations, and educational institutions. This ecosystem fosters collaboration, knowledge-sharing, and expertise development, enabling the creation of cutting-edge penetration testing software. The presence of skilled cybersecurity professionals and a strong emphasis on research and development in the US has contributed significantly to the growth and innovation in the market.
Furthermore, the US has faced numerous high-profile cyber incidents, data breaches, and threats, underscoring the importance of robust security measures. These incidents have raised awareness among organizations and prompted them to invest in penetration testing software as a critical component of their cybersecurity strategies. The demand for effective security solutions, including penetration testing software, has surged in response to the growing cyber threats faced by US businesses and government agencies. Moreover, the US has implemented stringent regulatory frameworks and compliance standards, such as the NIST Cybersecurity Framework, and industry-specific regulations like HIPAA and PCI DSS. These regulations have necessitated the adoption of comprehensive security measures, including penetration testing, to ensure compliance and protect sensitive data.
The regulatory environment in the US has created a strong market driver for penetration testing software as organizations seek to meet compliance requirements. Additionally, the US has a vast and diverse market with companies spanning various industries, including finance, healthcare, technology, retail, and more. These sectors are often prime targets for cyberattacks, making cybersecurity a top priority. Adopting penetration testing software in these industries has driven the market's growth as organizations aim to identify vulnerabilities and strengthen their security postures. Lastly, the US boasts a thriving venture capital ecosystem that has fueled investments in cybersecurity startups and innovative technologies, including penetration testing software. These investments have provided resources and support for companies to develop and market their software, contributing to the market's expansion.
Browse key market insights spread across 164 pages with 88 list of tables & 83 list of figures from the report, "Penetration Testing Software Market Forecast to 2028 – COVID-19 Impact and Global Analysis – Type (Cloud-Based and On-Premises), Enterprise Size (Large Enterprises and SMEs), Application (Web Application, Network Infrastructure, Mobile Application, Social Engineering, and Others), and Geography" in detail along with the table of contents: https://www.theinsightpartners.com/reports/penetration-testing-software-market/
Global Penetration Testing Software Market Report Scope, Segmentations, Regional & Country Scope:
| Report Coverage | Details |
| Market Size Value in | USD 1.58 Billion in 2021 |
| Market Size Value by | USD 4.04 Billion by 2028 |
| Growth rate | CAGR of 14.4% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
| No. of Pages | 164 |
| No. of Tables | 88 |
| No. of Charts & Figures | 83 |
| Historical data available | Yes |
| Segments covered | Type, Enterprise Size, and Application |
Global Penetration Testing Software Market Analysis: Competitive Landscape and Key Developments
Acunetix, Bugcrowd, Defendify, HackerOne, Intruder Systems Ltd, Netsparker Ltd., Pentest-Tools.com, Rapid7, Veracode, Inc., and HelpSystems are a few of the key companies operating in the penetration testing software market. The market leaders focus on new product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities.
In October 2022: Veracode, a global provider of application security testing solutions, announced enhancing its continuous software security platform to include container security. Existing clients can now participate in the Veracode Container Security early access program.
In May 2022: Cisco Inc. released a cybersecurity assessment tool to help small and medium-sized companies (SMBs) in the Asia Pacific area better understand their security posture.
The Increasing Adoption of IoT (Internet of Things) and Connected Devices Provides Lucrative Opportunities for Penetration Testing Software Market:
As interconnected devices grow across industries, the potential attack surface expands, creating a pressing need for robust security assessments. Penetration testing software can be vital in identifying vulnerabilities in IoT devices, networks, and associated applications. With the proliferation of IoT, organizations face unique security challenges. IoT devices often have limited computing power, constrained environments, and diverse communication protocols, making them susceptible to security breaches. Penetration testing software can help organizations proactively identify and address these vulnerabilities, ensuring the security and privacy of IoT ecosystems.
Moreover, penetration testing software can assess the security of IoT networks, detecting potential weaknesses in the communication channels and protocols used by connected devices. By simulating real-world attack scenarios, these tools can help organizations understand the impact of compromised IoT devices and take appropriate measures to protect critical assets.
Furthermore, as IoT applications span various industries, such as healthcare, manufacturing, smart cities, and transportation, the demand for specialized penetration testing software tailored to these sectors is rising. Industry-specific IoT penetration testing solutions can address different sectors' unique security requirements and compliance standards, providing targeted assessments and recommendations. As the adoption of IoT continues to grow, the complexity and scale of IoT deployments also increase. This creates opportunities for penetration testing software providers to innovate and develop advanced features and techniques for identifying vulnerabilities in complex IoT ecosystems. Overall, the increasing adoption of IoT and connected devices presents a fertile ground for the penetration testing software market. By offering specialized testing solutions, addressing IoT-specific security challenges, and supporting diverse industry needs, penetration testing software providers can capitalize on this opportunity and contribute to the security and resilience of IoT ecosystems.
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Global Penetration Testing Software Market: Segmental Overview
Based on type, the market is bifurcated into cloud-based and on-premises. The cloud-based segment held the largest share of the market in 2020 and is anticipated to register the highest CAGR in the market during the forecast period. Based on application, the penetration testing software market is segmented into web application, network infrastructure, mobile application, social engineering, and others. The web application segment held the largest share of the penetration testing software market in 2020 and is anticipated to register the highest CAGR in the market during the forecast period. Based on enterprise size, the market is bifurcated into large enterprises and SMEs. The large enterprises segment held the largest share of the market in 2020 and is estimated to register the highest.
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