Penetration Testing Market Reach USD 5.3 Billion by 2031, Growing at a CAGR of 13.1%

Allied Market Research published a new report, titled, " Penetration Testing Market Reach USD 5.3 Billion by 2031, Growing at a CAGR of 13.1%." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter's Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.

Rise in number of data centers and high adoption of cloud computing solutions and services have boosted the growth of the global penetration testing market. Furthermore, strict government regulations to boost adoption of penetration testing solutions supplemented the market growth. Rise in popularity of PTaaS and security assessment for remote workers would open new opportunities in the future.

The global penetration testing market was valued at USD 1.6 billion in 2021, and is projected to reach USD 5.3 billion by 2031, growing at a CAGR of 13.1% from 2022 to 2031.

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The penetration testing market is segmented on the basis of by component, deployment mode, testing type, enterprise size, industry vertical, and region. On the basis of component, the market is categorized into solution and service. On the basis of deployment mode, the market is fragmented into On-Premise, and Cloud. On the basis of testing type the market is classified into network penetration testing, application penetration testing, social engineering tests, cloud penetration testing, and others. On the basis of enterprise size, the market is bifurcated into large enterprises and SMEs. By industry vertical, it is classified into BFSI, Manufacturing, Healthcare, Government and Defense, Energy and Utilities, Retail and E-commerce, IT and Telecom, and Others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players that operate in the penetration testing market are Breachlock Inc., Bugcrowd, Cigniti Technology Ltd., Cisco Systems, Inc., CovertSwarm, Isecurion, Netragard, NetSPI LLC, Nowsecure, PortSwigger Ltd., Rapid 7, Rebot Security, SecurityMetrics, TrustWave Holdings, Inc., Vumetric Cybersecurity, Astra Security, Vairav Technology.

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Key Industry Developments

March 2023: IBM Security announced the expansion of its penetration testing services to North America and Europe. The new services focus on advanced threat simulation and offer specialized testing for emerging attack vectors like AI-driven threats and cloud infrastructure vulnerabilities.

May 2023: Checkmarx, a leading provider of application security testing, launched a new penetration testing service tailored for DevOps environments in the Asia-Pacific region. This service aims to help companies integrate security testing into their continuous integration and continuous deployment (CI/CD) pipelines to reduce vulnerabilities early in the development process.

July 2023: Rapid7, a global cybersecurity firm, introduced its new cloud-native penetration testing platform in Europe, targeting industries like healthcare and finance. The platform provides continuous security testing and vulnerability assessments for organizations migrating to the cloud, helping them comply with stringent regulatory requirements.

September 2023: The Indian government announced the launch of a national cybersecurity program that mandates regular penetration testing for critical infrastructure sectors, including finance, healthcare, and government institutions. This initiative is part of India's efforts to enhance national security in response to the increasing frequency of cyberattacks.

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By region, the market across North America held the lion's share in 2021, accounting for more than one-third of the global penetration testing market, due to increase in adoption of advanced technologies such as cloud technology, big data, artificial intelligence, and machine learning for automation across industries. However, the market across Asia-Pacific is estimated to register the highest CAGR of 14.5% during the forecast period, owing to rise in penetration testing awareness and growth in the number of SMEs adopting cloud-based security testing in the region.

By organization size, the small and medium segment is estimated to register the highest CAGR of 14.4% from 2022 to 2031, due to the features of Penetration Testing systems such as cost-efficiency and less time & efforts for better management and enhanced business operations. However, the large enterprise segment held the largest share in 2021, contributing to more than two-thirds of the global penetration testing market, owing to increase their productivity with efficiency and constant quality.

By industry vertical, the healthcare segment is expected to portray the highest CAGR of 17.4% during the forecast period, as it helps the doctors to integrate their appointment and clinic management to streamline process and reduce the load of management on clinics without any security concerns. However, the BFSI segment held the largest share in 2021, contributing to more than one-fifth of the global penetration testing market, as it provides enhanced security to customers' financial information at the time of sanctioning unsecured loans.

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Covid-19 scenario:

● The market witnessed positive response during the Covid-19 pandemic, due to rapid adoption of work from home by various government, public, and other organizations. Moreover, IT & telecom industries have been using PTaaS for improving the loss suffered during the pandemic, due to rise in cyber-crime and data breaches during the lockdown.

● However, lack of skilled IT professionals and highly skilled hackers increased the rate of cyber-crimes and security breaches. This has increased the demand for penetration testing services and solutions.

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