The Penetration Testing Market in 2021 was valued at USD 1.62 Billion and is expected to reach USD 2.7 Billion by 2027, with a CAGR of 13.7% during the forecast period 2022-2027.
Penetration testing executes a cyberattack on your computer system to look for exploitable defects. It is also commonly known as the Pen test. The results and analysis provided by the Penetration test help modify or improve the Web Application Firewall. This testing has five stages: planning, scanning, gaining access, maintaining access, and analysis. Artificial intelligence is one of the latest trends in Pen Test and is gaining a place by helping in understanding the behavioral patterns of malicious threat actors. Another trending phenomenon is Machine learning which can make all cybersecurity operations, including Web Application Penetration testing, more proactive. It is forecasted that the penetration testing market will grow immensely as organizations need it to streamline processes and optimize expenses.
Due to the rising adoption of data centers, the demand for penetration testing is increasing globally because of security concerns. Penetration Testing helps the organization in security audits and assessments. In addition, the cloud Computing platform helps the organization in storage at a lower cost than other traditional methods. Still, it is vulnerable to security attacks, and due to the increasing adoption and usage of these platforms, the penetration testing demand is also rising simultaneously. In short, due to increasing reliance on technology, security, and attacks by cyber hackers have become a concern, which is penetration testing.
Although penetration testing has a lot of advantages, at the same time, it has a few downsides too. To conduct penetration testing, organizations rely on automated tools because of the large of tests to be undertaken, but this opens room for error. As a result, the test gives false results. Penetration Testing requires the testing environment to replicate the error, but not every organization has the climate to produce a mistake. Organizations are adopting an agile environment that requires modifications and additional features to be released frequently in the scheduled sprint cycle. Due to this, the test needs to be run and re-run often. Hence, it becomes challenging to evaluate real situations and risks. The cost of doing the test also limits the market because it requires resources and tools that not every company can afford.
Due to the shift to technology, security improvement is needed, allowing the penetration testing industry. In addition, the properties of penetration testing, like tracing and monitoring, increase its application in industries. To fulfill business requirements, improve processes, and reduce the costs of organizations, penetration is more practical, reliable, and preferred over traditional testing. Along with the technology industries, the opportunity for penetration testing is growing in the healthcare industry as the industry is moving towards digitalization which makes it prone to cyber-attack. Thus, the healthcare industry is adopting penetration testing.
COVID-19 has positively impacted the penetration testing industry as many companies, businesses, industries, and governments have adopted penetration testing due to increased security concerns during the lockdown. Additionally, during work from home, data breaches and cyber-attacks increased due to a lack of employee training on security, which led to increasing adoption of penetration testing.
Based on Segmentation, the trend of outsourcing professional services to developing markets, especially in compliance and other value-added services, is the main factor pushing the growth of the services segment in the penetration market. The services offered by the penetration service market improve the efficiency of the companies in terms of security. This services segment is expected to show a higher growth rate.
Based on Segmentation by Vertical, the central vertical provides an opportunity for the penetration testing industry because of the sensitive data of millions of people available here. Now, healthcare is also moving towards digitalization; hence the records of the patients are also public digitally, which is critical and vulnerable to cyber hacks. In case of a data breach, healthcare companies are levied with hefty fines. These rules and regulations are why the healthcare industry uses penetration testing solutions and services. BFSI is also forecasted to have high growth in the future because of the critical financial data of companies and customers it has. By 2027, BFSI is expected to cross USD 370 million.
Based on Segmentation by Deployment Mode, On-Premise mode is forecasted to have the highest market share. On-Premise has the highest market share and growth due to the ease of use it offers to organizations. When it comes to using large organizations are the prevalent users because of the critical information they have with them. Now, most information and data can be accessed on mobile, making it more vulnerable to cyber-attacks. This has increased the demand for On-Premises. The cloud computing market is also expected to grow by a CAGR of 18.5%, and most companies will be cloud-based, contributing to penetration testing growth.
Based on Segmentation by Region, North America is forecasted to have the highest growth rate during 2022-27, owing to the technology and innovation in the country. Asia-Pacific is also one of the regions with a higher growth rate because of companies' increasing need for cyber security. Also, since it's a growing market, adopting these technologies is growing. Along with this, the compliance and government regulation in a few verticals, such as healthcare, has made it mandatory to abide by privacy and security norms; hence the usage and growth of penetration testing are on a higher growth rate side.
Penetration Testing Market Key Players:
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