Dublin, Sept. 17, 2024 (GLOBE NEWSWIRE) -- The "Global Penetration Testing as a Service Market by Offering (Solution and Managed Services), Organization Size, Testing Types, Verticals (BFSI, Healthcare, IT & ITeS, Telecommunications, Retail & E-Commerce, Manufacturing, Education) - Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The Global Penetration Testing as a Service market size is projected to grow from USD 118 million in 2024 to USD 301 million by 2029 at a CAGR of 20.5%
The growth of the Penetration Testing as a Service (PTaaS) market globally is fueled by several key factors. Cyberattacks' increasing frequency and sophistication have heightened the need for robust security measures, prompting organizations to seek proactive solutions like PTaaS. Growing regulatory and compliance requirements across industries mandate regular security assessments, further driving demand.
The widespread adoption of digital transformation initiatives, including cloud computing and IoT, has expanded the attack surface, necessitating continuous and comprehensive security testing. Additionally, the rise of remote work has increased the complexity of securing distributed networks, making PTaaS an essential tool for maintaining a security posture. The cost-effectiveness, scalability, and flexibility of PTaaS solutions also make them attractive to organizations of all sizes, contributing to the market's rapid expansion.
The market's expansion is fueled by the increasing frequency and sophistication of cyberattacks, which drive the need for proactive security measures. Regulatory and compliance requirements necessitate regular security assessments, boosting demand for PTaaS. Adopting digital transformation initiatives like cloud computing and IoT expands the attack surface, requiring continuous and comprehensive security testing. Additionally, the rise of remote work has complicated network security, making PTaaS essential for maintaining a robust security posture. The scalability, cost-effectiveness, and flexibility of PTaaS solutions further contribute to their growing adoption across organizations of all sizes.
By testing type, the cloud testing segment will grow at the highest CAGR during the forecast period
The cloud testing segment is expected to achieve the highest CAGR in the PTaaS market during the forecasted period due to several compelling reasons. The rapid adoption of cloud computing by businesses across various industries has significantly expanded the digital attack surface, increasing the need for robust security measures to protect sensitive data and applications hosted in the cloud. Additionally, the complexity of cloud environments, which often involve hybrid and multi-cloud architectures, presents unique security challenges that require specialized testing.
As organizations migrate critical workloads to the cloud, ensuring compliance with regulatory standards and maintaining data integrity becomes paramount, further driving the demand for comprehensive cloud penetration testing. Moreover, cloud services' dynamic and scalable nature necessitates continuous and automated security testing to keep pace with the evolving threat landscape. These factors collectively contribute to the accelerated growth of the cloud testing segment in the PTaaS market.
By vertical, the BFSI segment will grow at the largest market size during the forecast period
The BFSI sector is a prime target for cyberattacks because it handles vast amounts of sensitive financial data, making security a top priority. Stringent regulatory requirements and compliance standards, such as PCI DSS, GDPR, and SOX, mandate regular and thorough security assessments to protect customer information and financial transactions.
Additionally, the increasing adoption of digital banking, mobile payments, and fintech innovations has expanded the digital attack surface, necessitating advanced penetration testing services to identify and mitigate vulnerabilities. The high stakes associated with data breaches and financial fraud further drive BFSI institutions to invest heavily in robust PTaaS solutions to safeguard their operations and maintain customer trust. These factors collectively contribute to the dominance of the BFSI segment in the PTaaS market.
The report provides insights on the following pointers:
- Analysis of key drivers (Increasing cyber threats and security breaches, Regulatory and compliance requirements, Digital transformation with the adoption of cloud services and IoT devices, and Shift towards remote work), restraints (High costs and budget constraints and complexity in integration with existing security workflows), opportunities (Technological advancements and automation, Expansion into new verticals, and Alignment of PTaaS with DevSecOps practices), and challenges (Balancing automation and human expertise, Maintaining data confidentiality and security, and Lack of skilled security professionals).
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and product & service launches in the PTaaS market.
- Market Development: Comprehensive information about lucrative markets - the report analyses the PTaaS market across varied regions.
- Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the PTaaS market.
- Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like Synack (US), HackerOne (US), Synopsys (US), Intervision (US), Edgescan (Ireland), among others, in the PTaaS market strategies.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 304 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $118 Million |
| Forecasted Market Value (USD) by 2029 | $301 Million |
| Compound Annual Growth Rate | 20.5% |
| Regions Covered | Global |
Companies Featured
- Synack
- Hackerone
- Synopsys
- Intervision Systems
- Edgescan
- Bugcrowd
- Guidepoint Security
- Trustwave
- Cobalt
- Netspi
- Veracode
- Yogosha
- Software Secured
- Raxis
- Vumetric Cybersecurity
- Nowsecure
- Breachlock
- Astra Security
- Strobes Security
- Pentest People
- Rootshell Security
- Safeaeon
- Immuniweb
- Cyberhunter Solutions
For more information about this report visit https://www.researchandmarkets.com/r/vx55la
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