Penetration Testing Market
The Penetration Testing Market is anticipated to reach USD 3,900 million by 2027, expanding at a CAGR of 13.8% over the forecast period (2020-2027).
The factors driving the growth of Penetration Testing Market includes increasing number of cyberattacks around the world, rising penetration of smartphones and growing adoption of connected medical devices. According to the report published by Statista the revenue generated from the sales of medical devices worldwide was valued around USD 367.78 billion in 2017 and is anticipated to reach USD 533.60 billion by the end of 2024, which is expected to boost the Global Penetration Testing Market in the approaching years. Moreover, the integration of advanced technologies such as Artificial Intelligence (AI) and Machine Learning (ML) with the penetration testing solutions, rise in the number of active internet users and increasing demand for cloud-based services, are some of the additional factors supplementing the Penetration Testing Market Growth. In addition, rise in the number of wireless networks across the globe, huge amounts of data generated on the internet and rapid urbanization, are further propelling the Penetration Testing Market size.
However, the growth of Penetration Testing Market is hindered due to insufficient availability of skilled workforce.
The prominent players operating in the market are Core Security Technologies, Netsparker, Context Information Security, Micro Focus International Plc, Secureworks Inc (Dell), Cigital Inc, PortSwigger Web Security, FireEye, Qualys Inc. and IBM Corporation, among others.
Organization Size: Segment Analysis
Based on Organization Size, the large enterprises segment is predicted to grow at a remarkable CAGR during the forecast period because large enterprises are increasingly adopting penetration testing because it prevents hackers from infiltrating systems.
Deployment Mode: Segment Analysis
Based on Deployment Mode, the Cloud segment is estimated to expand at a significant CAGR over the forecast period because it saves organization cost of hiring technical workforce and reduces the overall cost of security infrastructure.
Industry: Segment Analysis
Based on Industry, the Banking, Financial Services, and Insurance (BFSI) segment is projected to expand at a robust CAGR during the forecast period because it reduces the risks of cyberattacks and data breaches.
Regional: Segment Analysis
Based on Region, the North American region is anticipated to capture a sizeable market share over the forecast period. The increasing number of cybercrimes, rise in the number of smartphone users, improving internet penetration rates and technological advancements in the penetration testing, are some of the important factors augmenting the Penetration Testing Market share in the Asia Pacific region.
Market Segmentation
Segmentation by Component
- Solutions
- Services
Segmentation by Application Area
- Web application
- Mobile application
- Network infrastructure
- Social Engineering
- Cloud
- Others (Embedded and IoT)
Segmentation by Deployment Mode
- Cloud
- On-premises
Segmentation by Organization Size
- Large enterprises
- Small and Medium-sized Enterprises (SMEs)
Segmentation by Industry
- Banking, Financial Services and Insurance (BFSI)
- Healthcare
- Information Technology (IT)
- Telecom
- Retail and eCommerce
- Education
- Others (transportation, energy, and social media)
Segmentation by Region
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- North America
- United States of America
- Canada
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
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