Penetration Testing Market to be Worth $4.05 Billion by 2029-Exclusive Report by Meticulous Research®

According to a new market research report titled, 'Penetration Testing Market, by Offering, Position, Type, Method (Black Box Testing, White Box Testing), Visibility (Covert Pen Testing, Automated Pen Testing), and End User (BFSI, Healthcare, Automotive, Others), and Geography-Global Forecast to 2029,' the penetration testing market is expected to reach $4.05 billion by 2029, at a CAGR of 12.5% during the forecast period.

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The growth of this market is driven by a surge in the need to identify cybersecurity threats and risks across enterprise networks, adherence to regulatory compliance and laws for the implementation of penetration testing solutions and services, and the growing demand for web application firewalls. However, the high turnaround time and cost may restrain the implementation of penetration testing technologies.

In addition, the rising demand for cloud computing solutions among SMEs, the growing need for PTaaS and security assessment, increasing awareness regarding the benefits of penetration testing technology in the medical field/imaging, the increasing initiatives by governments for digitalization in penetration testing, and the rising number of data centers are expected to offer significant opportunities for growth of this market. The lack of skilled professionals is a major challenge to the growth of this market.

Impact of COVID-19 on the Penetration Testing Market
The COVID-19 pandemic adversely impacted the global economy. Lockdowns, movement restrictions, and social distancing norms were implemented across several countries, negatively affecting multiple industries, including the penetration testing market. Uncertainty regarding the duration of lockdowns made it difficult for the key market players to anticipate the recovery of the global penetration testing market. Penetration testing providers were under immense pressure due to the COVID-19 pandemic. Countries worldwide shifted their focus to security solutions, leading to various growth opportunities for the players operating in the penetration testing market.

The increase in remote working during the COVID-19 pandemic led to a growth in the use of cloud solutions and, subsequently, increased attacks on mobile devices and remote working systems. For instance, according to the 2021 Mobile Security Report by Check Point Research, in 2020, 97% of organizations faced mobile threats that used multiple attack vectors. Penetration testing providers plan to move forward and capitalize on the lucrative market growth opportunities resulting from the COVID-19 pandemic. Several leading companies are growing rapidly through strategies such as product launches, product enhancements, partnerships, and collaborations.

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The global penetration market is segmented by offering (solutions and services), position/location (external network and internal network), method/depth (black box testing, white box testing, and gray box testing), visibility (overt pen testing, convert pen testing, and automated pen testing), organization size (large enterprises and small and medium-sized enterprises), end user (BFSI, manufacturing, retail & e-commerce, education, IT & telecommunication, healthcare, media & entertainment, transport & logistics, automotive, government & public sector, and other end users), and geography. The study also evaluates industry competitors and analyses the markets at regional and country levels.

Based on offering, the global penetration testing market is segmented into solutions and services. In 2022, the solutions segment is expected to account for the largest share of the global penetration testing market. The large market share of this segment is attributed to various enterprises that rapidly accept it for its flexible, affordable, easy, and scalable features. Additionally, it provides the highest level of data security and reliability. Furthermore, the increasing use of internet services, collaboration among antivirus providers and technology manufacturers such as mobile and computer, and internet banking and e-commerce transaction fuel the need for solutions. However, the services segment is projected to register the highest CAGR during the forecast period.

Based on position/location, the global penetration testing market is segmented into external network and internal network. In 2022, the external network segment is expected to account for the largest share of the global penetration testing market. The large market share of this segment is attributed to identifying security exposures and vulnerabilities before hacking, ensuring compliance with security standards and regulations, and rising demand for a faster and cheaper network. However, the internal network segment is projected to register the highest CAGR during the forecast period.

Based on method/depth, the global penetration testing market is segmented into black box testing, white box testing, and gray box testing. In 2022, the gray box testing segment is expected to account for the largest share of the global penetration testing market. The growth of this segment is attributed to the rising demand for efficiency and accuracy of testing in organizations, a surge in the number of aspects in web applications, and the growing need to test domains based on necessity. However, the white box segment is projected to register the highest CAGR during the forecast period.

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Based on test type, the global penetration testing market is segmented into infrastructure or network testing, application testing, wireless (Wi-Fi) testing, configuration/build review testing, social engineering, and other test types. In 2022, the infrastructure or network testing segment is expected to account for the largest share of the global penetration testing market. The large market of this segment is attributed to the rising need for identifying exposed vulnerabilities and security weaknesses in the network infrastructure such as servers, firewalls, switches, routers, printers, and workstations, rising penetration of integrated security solutions & IP traffic, and increasing demand for better and more intelligent testing solutions that assess unauthorized access and leak of confidential, sensitive or personal information from within the organization. However, the application testing segment is projected to register the highest CAGR during the forecast period.

Based on visibility, the global penetration testing market is segmented into overt penetration testing, convert penetration testing, and automated penetration testing. In 2022, the covert penetration testing segment is expected to account for the largest share of the global penetration testing market. The large market of this segment is attributed to the rise in the number of vulnerabilities not only in the system but also undetected vulnerabilities to a system, growing demand among organizations to test the IT security teams' ability to respond to a cyberattack, and adherence to law enforcement. However, the automated pen testing segment is projected to register the highest CAGR during the forecast period.

Based on organization size, the global penetration testing market is segmented into large enterprises and small and medium-sized enterprises. In 2022, the large enterprises segment is expected to account for the largest share of the global penetration testing market. The large market share of this segment is attributed to the early adopters of advanced technologies such as AI and blockchain that directly impact revenue growth, increasing focus on developing strategic IT initiatives, and consistently deploying state-of-the-art firewall protection solutions to stay ahead of cybercriminals. However, the small and middle-sized enterprises segment is projected to register the highest CAGR during the forecast period.

Based on end user, the global penetration testing market is segmented into BFSI, manufacturing, retail & e-commerce, education, IT & telecommunication, healthcare, media & entertainment, transport & logistics, automotive, government & public sector, and other end users. In 2022, the BFSI segment is expected to account for the largest share of the global penetration testing market. The large market share of this segment is attributed to the large volume of highly sensitive financial data of individuals, governments, and public and private corporations that are highly vulnerable to data breaches and cyberattacks, the rapidly increasing transactions through cloud-based QR/UPI, growing need to ensure confidentiality, integrity, and operations of customer transactions, and the enforcement of regulatory security compliance. However, the healthcare industry segment is projected to register the highest CAGR during the forecast period.

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Based on geography, the global penetration testing market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In 2022, North America is expected to account for the largest share of the penetration testing market. The growth of this region is attributed to the rise in the number of cyberattacks on networks, especially in private and government companies, a surge in demand for advanced security and vulnerability management solutions in the healthcare industry and increasing investments for R&D process and widespread adoption of the penetration testing technology across various verticals, growing emphasis towards web security & privacy concerns, and rise emergence of disruptive digital technologies. However, the Asia-Pacific region is projected to register the highest CAGR during the forecast period.

The key players operating in the global penetration market are Rapid7 (U.S.), Synopsys, Inc. (U.S.), Cisco Systems, Inc. (U.S.), International Business Machines Corporation (U.S.), Acunetix (U.K.), ASTRA IT, Inc. (U.S.), ScienceSoft (U.S.), SECURIFY BV (Netherlands), BreachLock Inc. (U.S.), Fortinet, Inc. (U.S.), SecureWorks, Inc. (U.S.), Netragard (U.S.), Cigniti Technologies Ltd. (U.S.), Rhino Security Labs, Inc (U.S.), FireEye (U.S.), Veracode (U.S.), NetSPI LLC. (U.S.), Trustwave Holdings, Inc. (U.S.), Coalfire (U.S.), and Software Secured (Canada).

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