Penetration Testing Market predicted to grow $3.0 billion by 2026
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Increasing stringent regulations and compliances mandating regular penetration testing practices, increasing sophistication of cyberattacks resulting in financial and reputational losses for organizations and increased internet penetration and use of smartphones resulting in surge in mobile-based business-critical applications to boost the growth of penetration testing market across the globe during the forecast period. Moreover, rising trends of penetration testing-as-a-service (PTaaS) and remote working security assessments and integration of technologies such as AI and ML in penetration testing would provide lucrative opportunities for penetration testing market vendors.
By deployment mode, cloud based segment to hold the largest market size during the forecast period
Cloud penetration testing is an authorized simulated cyberattack against a system that is hosted on a cloud provider such as Amazons AWS or Microsofts Azure. The main objective of a cloud penetration test is to find the weaknesses and strengths of a system so that its security posture can be accurately assessed. The benefits of a cloud penetration test are increased technical assurance and a better understanding of the attack surface that the systems are exposed to. Cloud systems, whether they are infrastructure-as-a-service (IaaS), platform-as-a-service (PaaS), or software-as-a-service (SaaS), are prone to security misconfigurations, weaknesses, and security threats just like traditional systems. Although cloud providers offer increasingly robust security controls an organization is ultimately responsible for securing its workloads on the cloud. According to the 2019 Cloud Security Report, the top cloud security challenges highlighted are data loss and data privacy. That’s why companies must adopt penetration testing solutions for the cloud in recent times and the future.
In vertical, healthcare to grow at the highest CAGR during the forecast period
The growing dependence on technology has brought a surge in cyberattacks, particularly in the healthcare industry. Even small clinics can store PHI (Protected/Personal Health Information) for thousands of patients. Adding more to the difficulties is the traditional culture of healthcare facilities where they avoid any suitable cybersecurity solution for their IT infrastructure, which makes it vulnerable to cyberattacks. With multiple attack vectors, it can be difficult to quantify the threats to the unique environment. The medical industry is one of the most widely regulated industries due to the quantity and sensitivity of medical information in healthcare companies. The primary regulation for these organizations is HIPAA, which mandates all organizations holding PHI to adhere to a standardized set of controls. Failing to comply with regulations such as HIPAA leads to a huge penalty for healthcare facilities. These laws and regulations also help to prevent such cyberattacks and are among the major factor toward the adoption of penetration testing solutions and services in the healthcare sector.
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In region, APAC to grow at the highest CAGR during the forecast period
APAC has been one of the fastest-growing markets in terms of mobile workforce expansion, propagated with the rising adoption of mobile devices in this region. Countries in APAC such as Australia, China, and Japan have widely adopted penetration testing technologies to protect data from being stolen. According to the International Data Corporation’s (IDC) research, with South Korea, Australia, and Japan being among the top five countries, APAC leads in the adoption of IoT technology. Developing countries such as India are moving toward the rapid digitalization of processes by different initiatives taken by governments, such as Digital India, and the increased use of mobile applications and web-based applications across sectors, such as BFSI, retail, and IT. According to Sophos, organizations in Asia Pacific state that they are becoming more mature with cybersecurity, but they continue to be hit by a number of attacks, for instance, the company observed 56% of organizations suffering from a successful attack in 2021 up from 32% in 2019. With the rapid speed of digital transformation, security must be in place to protect users and sustain the digital businesses in APAC
Major vendors in the global Penetration testing market include Rapid7 (US), Fireeye (US), Micro Focus (UK), IBM (US), SecureWorks (US), Sciencesoft (US), Acunetix (US), Netsparkar (UK), Veracode (US), Core Security (US), Hackerone (US), Immuniweb (Switzerland), Raxis (US), Coalfire Labs (US), Rhino Security Labs (US), Checkmarx (Israel), Port Swigger (England), Indium Software (US), Netraguard (UK), Offensive Security (US), Vumeric Cybersecurity (US).
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