Penetration Testing Market Size Is Projected to Reach $5.28B Globally by 2028

PRESS RELEASE

LONDON, Nov. 23, 2022 /PRNewswire/ — The Global Penetration Testing Market is poised to reach a valuation of USD 5.28 Billion in 2028 from USD 1.87 Billion in 2021, registering a CAGR of 15.97% over the forecast duration.

Penetration test is referred to as a type of ethical hacking that is deliberately performed on a computer system to assess its security while identifying exploitable vulnerabilities. The testers adopt similar equipment, tool, and tactics used by cyberattacks. This is mainly done to deceive the criminals by distributing decoys and traps in the system that resemble the genuine assets. Organizations that are highly prone to cybercrime adopt this testing method to ensure the overall safety of their computer infrastructure.

The growth occurrences of cyberattacks, rising adoption of cloud computing solutions, along with technology advancements in the field are primarily augmenting the outlook of this business vertical. Further, the booming IT industry, stringent data safety regulations, and rapidly evolving technological infrastructure across various regions are creating lucrative opportunities for this marketplace to prosper.

Also, rising R&D activities in the field, surging digitalization trends across various industry verticals, coupled with increasing number of data centres worldwide, are adding traction to the development of Global Penetration Testing Market. Moreover, escalating demand for high-speed internet connection, rising popularity of remote working, and increasing incidences of cyberattack sophistication are stimulating the overall dynamics for this industry vertical. On the flip side, high costs pertaining to penetration tests and dearth of skilled professionals in the field are hindering the remuneration scope of this business sphere.

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Competitive Hierarchy

The prominent players characterizing the competitive Terrain of Global Penetration Testing Market are:

These companies are trying to enhance their position in the global market. They are adopting various strategies, including mergers & acquisitions, product launches, R&D investments, partnerships, and collaborations, among others to stay ahead of the curve.

Global Penetration Testing Market Segmentation:

By Type:

By Deployment:

By End-User:

Category-Wise Outlook

Which is the leading deployment mode segment in this business sphere?

The on-premises segment presently dominates the market in terms of volume share since it provides high control and flexibility to end-use enterprises which reducing the risks of data losses.

Which end-user segment is poised to amass notable gains over the estimated timeline?

The healthcare segment is anticipated to generate significant returns over the estimated timeline. This is credited to the rising adoption of EHR and telehealth solutions, which in turn increases the susceptibility of healthcare organizations to various forms of cybercrimes.

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Comparing the historical outlook and ongoing trends of this market

This industry has been generating significant returns due to the presence of various expansion propellants across the globe.

There has been rising occurrence of cyberattacks across various industry verticals worldwide. In fact, the crime dwellers have begun adopting advanced technologies such as AI, analytics, and ML to sophisticate cyber-attacks. Such attacks tend to go unnoticed or undetected since most of the organizations lack preparedness and high-end tools. Many enterprises incur massive financial losses due to such attacks which in turn also affects their reputation in the market. This has increased the demand for effective tools and tactics to minimize the risk of sophisticated cybercrimes across numerous organizations.

The rising digitalization trend across a wide range of industries has resulted in the rising data privacy concerns. Due to widespread internet proliferation and growing adoption of smart devices, sectors such as healthcare, education, and retail, among others are trying to streamline their operations with an aim to reduce their overall expenses while leaving no room for human errors. But this has provided hackers with profitable opportunities since they can easily crack into the system of these organizations and procure confidential data. After getting their hands on these valuable assets, cybercriminals sell them on the dark web and earn massive profits. Therefore, many of these organizations have strengthened their cybersecurity entities which in turn is increasing the deployment of penetration testing solutions.

The onset of the COVID-19 pandemic is adding momentum to the progression of Global Penetration Testing market. Stringent lockdowns completely restricted the mobility of the masses and led to the temporary closure of commercial complexes. This pushed organizations to shift to a virtual mode of operations, thereby popularizing remote working trends. Unfortunately, this resulted in the surging occurrence of cyberattacks which in turn necessitated the deployment of effective tactics and tools to ensure user data safety and privacy during online communications, data transfer, and other activities.

Region-Wise Insights

Which is the fastest growing region in this industry vertical?

North America has emerged as one of the most rapidly growing regions in this marketplace owing to rapid internet proliferation, growing adoption of smart devices, and rising disposable income of the masses.

How is Asia-Pacific faring in the marketplace?

Asia Pacific is reckoned to capture a substantial revenue share over the forecast timeframe due to the rising occurrence of cyberattacks, the booming IT sector, and technological innovations in the field.

Major Developments

In June 2022, Synopsys announced the acquisition of Whitehat Security to strengthen its overall portfolio in this vertical.

On Special Requirement, Penetration Testing Market Report is also available for regions listed below:

North America

Europe

Asia-Pacific

Latin America

Middle East and Africa

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