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Penetration Testing Market worth $3.9 billion by 2029 - Exclusive Report by MarketsandMarkets(TM)
Thursday, April 11, 2024
CHICAGO, April 3, 2024 /PRNewswire/ -- The Penetration Testing Market's future will be determined by the adoption of DevSecOps methods, automation and artificial intelligence integration, and specialised testing for sophisticated technologies like cloud computing and the Internet of Things. In addition to worldwide expansion and possible service provider consolidation, other factors that will propel market evolution include red team testing, regulatory changes, and improved reporting with threat intelligence integration.
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The global Penetration Testing Market is proliferating, valued at USD 1.7 billion in 2024 and expected to reach USD 3.9 billion by 2029, with a significant % growth rate of 17.1%, according to a new report by MarketsandMarkets(TM). The remarkable growth is attributed to several factors, such as cyber threats, which are constantly evolving, becoming more complex, and posing ongoing challenges. Organizations are placing a greater emphasis on cybersecurity, actively fortifying their defenses against various tactics employed by cybercriminals. The rise of remote work and interconnected systems underscores the need for robust penetration testing measures. Stricter regulations like GDPR mandate the adoption of advanced cybersecurity solutions. In this dynamic cybersecurity landscape, penetration testing plays a pivotal role. It simulates real-world cyberattacks, helping organizations identify and address system vulnerabilities before malicious actors exploit them. By proactively identifying weaknesses, penetration testing enhances cyber resilience, strengthening organizations' overall security posture. The growing demand for robust cybersecurity measures, combined with the evolving threat landscape, is propelling the significant growth of the Penetration Testing Market.
Browse in-depth TOC on "Penetration Testing Market"
374 - Tables
48 - Figures
329 - Pages
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Scope of the Report
Report Metrics
Details
Market size available
for years
2019-2029
Base year considered 2023
Forecast period
2024-2029
Forecast units
Value (USD) Million/Billion
Segments Covered
By offering, type, deployment mode, organization size, type, vertical and region
Region covered
North America, Europe, Asia Pacific, Middle East and Africa, and Latin America
Rapid7(US), Secureworks(US), Synopsys(US), Crowdstrike(US), IBM(US), Coalfire Labs(US), Indium Software(US), Cigniti Technologies(US),
Trustwave(US), Cisco Systems(US), Fortinet(US), Bugcrowd(US), Invicti(US), Hackerone(US),Raxis(US), Rsi Security(US), Rhino Security Labs(US),
Sciencesoft(US), Portswigger(US), Netraguard(US), Software Secured(Canada), Vumentric Cybersecurity(Canada), Netitude(UK), Zimperium(US),
Nowsecure(US), Security Metrics(US), NetSpi(US), Covertswarm(UK), Holm Security(Sweden), Intruder Systems(UK), Breachlock(US), Isecurion(India),
Companies covered Redbot Security(US).
By deployment mode, the cloud segment is expected to demonstrate the highest growth rate in the Penetration Testing Market during the forecast period.
Growth in the cloud-based Penetration Testing Market is driven by businesses' swift adoption of cloud services for flexibility, cost-efficiency, and remote work capabilities. This shift expands the potential targets for cyber threats, necessitating robust security measures. Cloud environments pose unique security challenges compared to traditional setups, demanding specialized testing methods. Cybercriminals increasingly target cloud platforms, intensifying the need for advanced testing approaches. Cloud-based penetration testing offers scalability, cost savings, automation, and remote access advantages, boosting appeal. Cloud solutions simplify compliance with regulations and address the shortage of skilled testers. The overall growth reflects the escalating reliance on cloud technologies and the crucial need for security.
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Based on organization size, the SMEs segment is projected to exhibit the highest growth rate at the highest CAGR during the forecast period.
The Small and Medium Enterprises (SMEs) are becoming more aware of cyber threats and their potential impact, prompting them to invest in cybersecurity measures. Penetration testing service providers offer cost-effective solutions tailored to SMEs' needs, making cybersecurity more accessible. Regulatory mandates and limited in-house expertise further drive SMEs towards penetration testing services. Factors like rapid digitalization, evolving cyber threats, and the availability of managed security service providers are also contributing to the high growth rate in this segment, addressing SMEs' increasing vulnerability and the need for robust cybersecurity solutions.
Asia Pacific is anticipated to experience substantial growth in the Penetration Testing Market during the forecast period.
The Asia Pacific region is poised to witness significant expansion in the Penetration Testing Market during the forecast period, driven by escalating cybersecurity concerns, stringent regulatory requirements, and the rapid adoption of digital technologies across industries. With the proliferation of cyber threats and the increasing sophistication of attacks, organizations are prioritizing proactive measures to identify and address vulnerabilities in their IT infrastructure and applications. Penetration testing, a vital component of cybersecurity strategies, enables businesses to assess their security posture, uncover potential weaknesses, and implement effective remediation measures. As governments and regulatory bodies in the region impose stricter data protection regulations, the demand for penetration testing services is expected to surge, further fueling market growth. The continued digital transformation initiatives and the growing reliance on cloud services contribute to the heightened need for robust security testing solutions, positioning the Asia Pacific Penetration Testing Market for substantial expansion in the coming years.
Top Key Companies in Penetration Testing Market:
The major players in the Penetration Testing Market are Rapid7(US), Secureworks(US), Synopsys(US), Crowdstrike(US), IBM(US), Coalfire Labs(US), Indium Software(US), Cigniti Technologies(US), Trustwave(US), Cisco Systems(US), Fortinet(US), Bugcrowd(US), Invicti(US), Hackerone(US),Raxis(US), Rsi Security(US), Rhino Security Labs(US), Sciencesoft(US), Portswigger(US), Netraguard(US), Software Secured(Canada), Vumentric Cybersecurity(Canada), Netitude(UK), Zimperium(US), Nowsecure(US), Security Metrics(US), NetSpi(US), Covertswarm(UK), Holm Security(Sweden), Intruder Systems(UK), Breachlock(US), Isecurion(India), Redbot Security(US).
Recent Developments
-- Oct 2023 - Rapid7's recent acquisition of Penumbra Security bolsters its
security offerings by integrating Penumbra's Breach and Attack
Simulation (BAS) platform. This strategic move enhances Rapid7's
penetration testing capabilities by amalgamating traditional
vulnerability assessments with real-world attack simulations. By
leveraging Penumbra's BAS platform, Rapid7 aims to provide customers
with a more holistic and proactive approach to cybersecurity, enabling
them to identify and address potential vulnerabilities more effectively
while simulating realistic attack scenarios to fortify their defenses.
-- Sep 2023 - Tenable has unveiled a pioneering cloud-native penetration
testing solution tailored for cloud environments, marking a significant
advancement in cybersecurity. This innovative platform responds to the
escalating need to fortify cloud infrastructure against evolving cyber
threats. Tenable's solution offers organizations comprehensive
protection and peace of mind by focusing on cloud-specific security
challenges. With the increasing migration to cloud computing, this
initiative underscores Tenable's commitment to providing cutting-edge
cybersecurity solutions that effectively safeguard digital assets in
today's dynamic threat landscape.
-- Aug 2023 - The International Organization for Standardization (ISO) has
released the latest iteration of its Penetration Testing Standard
(ISO/IEC 29119:2023), offering a structured framework for conducting
penetration testing exercises. This comprehensive standard sets
guidelines and best practices, promoting consistency and efficiency
across the industry. Organizations can ensure thorough assessments of
their security posture by providing a clear roadmap for penetration
testing engagements. ISO's initiative underscores the importance of
standardized approaches in enhancing cybersecurity and mitigating risks
in an increasingly interconnected digital landscape.
-- Jul 2023 - The US Department of Homeland Security (DHS) has unveiled its
latest Cybersecurity Strategy, highlighting the critical role of
proactive measures such as penetration testing in strengthening the
nation's cybersecurity posture. Emphasizing prevention over reaction,
the strategy underscores the significance of identifying and addressing
vulnerabilities before malicious actors can exploit them. The DHS aims
to enhance resilience against cyber threats by prioritizing proactive
approaches like penetration testing and safeguarding vital national
infrastructure and assets from potential attacks.
-- Jun 2023 - The European Union Agency for Cybersecurity (ENISA) has
issued a report focusing on penetration testing in cloud environments,
shedding light on the increasing demand for methodologies explicitly
tailored to cloud infrastructure. Stressing the significance of
embedding security measures throughout the software development
lifecycle, the report underscores the necessity for proactive approaches
to address evolving cyber threats effectively. ENISA aims to promote a
comprehensive security framework that safeguards cloud-based systems
against potential vulnerabilities by highlighting the importance of
cloud-specific penetration testing methodologies.
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Penetration Testing Market Advantages:
-- Penetration testing assists in finding weaknesses in the system before
actual attackers may take use of them. By taking a proactive stance,
organisations can increase their security posture and address issues.
-- Penetration testing gives organisations the ability to efficiently
prioritise and eliminate risks by identifying vulnerabilities and flaws
in systems. As a result, there is a decreased chance of cyberattacks
being effective and their possible effects on company operations.
-- Penetration testing increases stakeholders' and employees' knowledge of
possible security risks and the value of upholding a safe workplace.
This promotes an organisational culture that is security-conscious.
-- Organisations can assess their incident response capabilities and
preparedness to successfully handle security incidents through
penetration testing. As a result, they may improve their response
processes and lessen the effect of cyberattacks.
-- Organisations may preserve the trust of stakeholders, partners, and
consumers by proactively detecting and resolving security issues. This
is especially important for sectors where data security and privacy are
critical.
-- Although penetration testing is an upfront expense, organisations can
save money in the long run by avoiding expensive data breaches, monetary
losses, fines from the government, and reputational harm from
cyberattacks.
-- Organisations can gain a competitive advantage by regularly conducting
penetration tests to show their dedication to security and to reassure
partners and customers about the safety of their assets and data.
Report Objectives
-- To describe and forecast the global Penetration Testing Market by
offering, type, deployment mode, organization size, vertical, and region
-- To forecast the market size of five central regions: North America,
Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin
America
-- To analyze the subsegments of the market concerning individual growth
trends, prospects, and contributions to the overall market
-- To provide detailed information related to significant factors (drivers,
restraints, opportunities, and challenges) influencing the growth of the
market
-- To analyze the opportunities in the market for stakeholders and provide
the competitive landscape details of major players
-- To profile the key players of the Penetration Testing Market and
comprehensively analyze their market shares and core competencies
-- To track and analyze competitive developments, such as Mergers and
Acquisitions (M&A), new product developments, and partnerships and
collaborations in the market
-- To track and analyze the impact of COVID-19 on the Penetration Testing
Market
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