NEWARK, Del, Nov. 09, 2023 (GLOBE NEWSWIRE) -- The global penetration testing market is on the brink of reaching a substantial valuation, projected to reach US$ 1913.6 million by 2024. The growth is primarily driven by the burgeoning interest and insights surrounding the penetration testing market. The trend is expected to open doors to new opportunities within the market, with a projected CAGR of 14.4% from 2024 to 2034. By 2034, the market is poised to soar to an estimated total valuation of around US$ 7,363.3 million.
The global penetration testing market is poised for significant growth during the forecast period, primarily driven by several key factors. The increasing frequency and sophistication of cyber-attacks have placed cybersecurity at the forefront of organizational priorities. To combat these threats and protect sensitive data, companies are turning to penetration testing.
The adoption of cloud-based security solutions is also on the rise, creating a parallel need for penetration testing services to ensure the integrity of these cloud environments. The global trend towards digitization, particularly in developing countries, has led to the widespread adoption of Internet of Things (IoT)-based connected devices. This surge in digital transformation initiatives drives the demand for penetration testing as organizations aim to secure their expanding digital ecosystems.
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The growth of internet activities worldwide and the increasing emphasis on security further propel the penetration testing market. This is particularly evident during the COVID-19 pandemic, where remote work and increased online interactions have exposed vulnerabilities in business networks and applications.
Despite these opportunities, challenges exist. A lack of skilled personnel and awareness in some developing and underdeveloped countries may hinder market growth. Nonetheless, adopting hybrid work models and the government's growing reliance on digital platforms for citizen services are expected to sustain the demand for vulnerability testing.
Key Takeaways from the Market Study
- The market valuation in 2023 was US$ 1,676.6 million.
- Based on type, network penetration testing is expected to dominate at a market share of 34.30% in 2024.
- Based on components, the software will register at a market share of 65.1% in 2024.
- The penetration testing market size expanded at 13.3% CAGR between 2019 and 2023.
- Japan is estimated to expand at a CAGR of 14.30% by 2034.
- India experienced significant growth at a CAGR of 17.70% by 2034.
“The surge in usage of cloud-based solutions and services for multiple workloads such as email services, data backups, CRM, and collaboration services is anticipated to drive the growth of the penetration testing market shortly and is considered one of the major drivers of the penetration testing market,” opines Sudip Saha, managing director at Future Market Insights (FMI).
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Competitive Landscape
The penetration testing industry boasts a substantial array of market participants. Research and development play a pivotal role among these players, primarily focusing on introducing eco-friendly product lines as a core aspect of their manufacturing endeavours. Furthermore, they employ various expansion strategies, including collaborations, mergers and acquisitions, and diligent exploration of regulatory approvals to bolster their market presence.
Some of the key developments are-
- NetSPI, a prominent cybersecurity firm, is at the forefront of innovation in security testing, bringing a revolutionary approach to safeguarding machine learning models. In a landscape where compliance and data protection regulations are becoming increasingly stringent, NetSPI's ML/AI penetration testing is a game-changer designed to help organizations maintain compliance with industry standards and regulatory mandates.
- In May 2022, Cisco Inc. made significant strides in bolstering cybersecurity measures for small and medium-sized companies (SMBs) in the Asia Pacific. Cisco introduced a cybersecurity assessment tool designed to empower SMBs with a better understanding of their security posture. This tool is a valuable addition, significantly, when cyber threats are rising, and businesses of all sizes need to fortify their defenses.
Key Companies Profiled in the Penetration Testing Market
- IBM Corporation
- Microfocus
- Qualys Inc.
- Synopsys Inc.
- Core Security SDI Corporation
- Whitehat Security
- Trustwave Holdings Inc.
- Checkmarx.com LTD
- VERACODE Inc.
- Secure Works Inc.
- Acunetix
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Penetration Testing Market Survey by Category
By Type:
- Network Penetration Testing
- Web Application Penetration Testing
- Mobile Application Penetration Testing
- Social Engineering Penetration Testing
- Cloud Infrastructure Penetration Testing
By Component:
- Software
- Pen-test Services (Consulting and Software-as-a-Service)
By Enterprise Size:
- Small and Medium Enterprises
- Large Enterprises
By Vertical:
- BFSI
- Healthcare and Life Sciences
- Consumer Goods and Retail
- Automotive
- IT and Telecommunication
- Media and Entertainment
- Government
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and the Pacific
- East Asia
- Middle East and Africa
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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