Penetration Testing Market Overview:
The global penetration testing market is garnering substantial traction. Penetration testing or pen testing is the practice of testing security vulnerabilities exploited by an attacker in a computer system, network/web application. The market growth attributes to the proliferating demand for pen testing to find security weaknesses and examine security policies of organizations, improving the compliance requirements and the security awareness of the organization to respond to incidents. Moreover, the spurting rise in usages of cloud services for confidential and private data stored on an organization's cloud storage escalates the market growth.
The global market report on the Penetration Testing Market has a chance to grow past valuation of USD 2.8 billion during the forecast period of 2018 to 2023, with a CAGR of 26%. Market Research Future (MRFR) claimed that factors like demand for measuring and testing the security level are getting fuel, which in turn can inspire the penetration testing market growth. Recent cyber-attacks on web applications have provided a further tailwind to the market. Internet penetration is also a major growth-inducer for the market.
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Industry Highlights
Additionally, the surge in demand for secured web applications to prevent cyber-attacks boost the growth of the market. Increasing internet prominence is a major driving force behind the growth of the penetration testing market. Due to the COVID-19 crisis have soared cyber attacks exponentially. At the same time, there is a colossal shortage of qualified professionals to safeguard data from hackers. These factors influence the demand for the penetration testing market cumulatively.
The rising advent of exclusive penetration testing solutions that can provide all-access cybersecurity pass pushes the market growth, revolutionizing the training & certification industry. Moreover, the burgeoning IT & telecom sector worldwide contributes to the growth of the penetration testing market. Besides, the internet and smartphone penetration accelerates the market demand, presenting cybersecurity vulnerability challenges.
On the other hand, the lack of technical expertise and awareness about penetration testing are significant factors projected to obstruct market growth. Nevertheless, advances in penetration testing solutions and digital transformation in organizations would support market growth during the review period. Similarly, growing numbers of businesses and IT companies would foster the growth of the market.
Segmentation:
The penetration testing market, as discussed by MRFR analysts, has been segmented in the report on the basis of component, organization size, deployment, type, and end-user. Data from these segments can help in proper know-how of the market and assist in developing strategies.
By component, the penetration testing market has been segmented into services and testing solutions. The services segment includes a study of professional services and managed services. The professional services encompass a discussion of implementing & integrating services, consulting services, and training services. The testing solutions include a proper understanding of web application penetration testing, network penetration testing, social engineering, wireless penetration testing, mobile application penetration testing, and others.
By organization type, the report on the penetration testing market has been segmented into large enterprise and small & medium enterprises.
By type, the study on the penetration testing market includes proper knowledge of blind testing, internal testing, external testing, and double-blind testing.
By deployment, the report on the penetration testing market includes on-cloud and on-premises. The on-cloud segment would get substantial acknowledgment as its cost-affordability and easy access are providing ample opportunity to register better growth.
By end-user, the penetration testing market includes a discussion of BFSI, manufacturing, IT & telecom, healthcare, media & entertainment, energy & power, and others. The IT & telecom industry is going to benefit in remarkable ways from this market.
Regional Analysis:
North America and Europe are two structurally-advanced regions where the constant influx of investment for funding of research and high capacity of people to invest in such practices are expected to bolster the market growth. In Asia Pacific, the market is percolating at great speed, using the burgeoning nature of industries as tailwinds.
Competitive Landscape:
The global market report comprising details of the penetration testing market includes coverage of latest strategic moves implemented by companies like Redteam Security Consulting (U.S.), Core Security SDI Corporation (U.S.), Qualys, Inc. (U.S.), Context Information Security (U.S.), Rapid7, Inc. (U.S.), Acunetix (Malta), Hewlett Packard Enterprise (U.S.), Veracode (U.S.), Trustwave Holdings, Inc. (U.S.), Cigital Inc. (U.S.), WhiteHat Security (U.S.), IBM Corporation (U.S.), and Checkmarx (Israel).
Industry News:
In September 2020, Pcysys Ltd., a penetration testing platform startup, revealed that it has raised $25 million in new funding with an aim to expand sales and delivery teams and also inspire the development of its technology. This Series B round saw the movement getting led by Insight Partners and it had existing investors Awz Ventures and the Blackstone Group. Pcysys is an acronym for “proactive cyber systems”, which offers an automated penetration testing platform that has been designed to assess and reduce cybersecurity risks. This is already known as Pentesting and it involves testing information technology networks using a series of simulated attacks to find out various vulnerabilities.
During the COVID-19 crisis, a lot of companies opted for various digital applications and developed technologies to counter the imminent crisis. This could transform the intake pattern of the penetration testing market.
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