Penetration Testing Market: Top Trends Driving the Industry to Surpass USD 11.10 billion by 2029

As per the report published by Fior Markets, the global penetration testing market is expected to grow from USD 2.08 billion in 2021 and to reach USD 11.10 billion by 2029, growing at a CAGR of 23.26% during the forecast period 2022-2029.

The penetration testing market is witnessing significant growth in the past years. This growth is attributed to the rising requirement to meet the compliance measures, the increasing application of cloud-based safety solutions, growing penetration of mobile devices, rising digitization in the developing countries, increasing industrial automation, and stringent regulations & compliances mandating regular penetration testing practices.

Penetration testing also named a pen test, is an authorized simulated attack on a computer system performed to assess the system’s security. The primary goal of penetration testing is to find the gap in the safety system. Penetration testing applies the standard framework for measuring the testing of the protection methods. Penetration testing aids confirm the ineffectiveness or effectiveness of the security measures executed. Penetration testing is a broad method to test the operational, complete, trusted and integrated, computing base containing people, hardware, and software. Penetration testing will improve the skill and knowledge level in the process. Penetration testing is a valued security appraisal tool that benefits both business and its operations.

The global penetration testing market is expected to witness significant growth due to the growing demand for the security of software based like web & mobile applications, the increasing internet activities over the globe, and the rising security compulsion. The expenses involved in conducting penetration tests are expected to hinder the market growth. The integration of technologies like ML & AI in penetration testing, the large volume of data generation, and growing trends of Penetration Testing-As-A-Service (Ptaas) are expected to be opportunities for market growth. The high cost & sophistication of the testing framework is the challenges for the market growth.

Key players operating in the global penetration testing market include Fireeye, Rapid7, Secureworks, Micro Focus, Sciencesoft, IBM, Veracode, Netsparkar, Immuniweb, Acunetix, Hackerone, Core Security, Rhino Security Labs, Coalfire Labs, Raxis, Vumeric Cybersecurity, Port Swigger, Isecurion, Offensive Security, and Indium Software, and among others. To gain a significant market share in the penetration testing market, the key players are now focusing on adopting product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. Rapid7 is vital manufacturers operating in the penetration testing market.

• For example, Rapid7 acquired Velociraptor in April 2021. Velociraptor provides digital forensic investigations, next-generation endpoint monitoring, and cybersecurity incident response. Concentrated on giving the “last step” in security monitoring, digital forensic investigations, and threat hunting. Velociraptor’s objective is to empower specialists & beginners to leverage enterprise knowledge to gather & examine malicious activities.

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Mobile applications segment dominated the market and held the largest market share of 27.12% in the year 2021

On the basis of application, the global penetration testing market is segmented into mobile applications, web applications, network infrastructure, social engineering, and others. Mobile applications segment dominated the market and held the largest market share of 27.12% in the year 2021. This growth is attributed to the significant adoption of mobile & handheld devices globally and the rising mobile application penetration testing demand.

Cloud segment dominated the market and held the largest market share of 56.17% in the year 2021

On the basis of deployment model, the global penetration testing market is segmented into cloud and on-premise. Cloud segment dominated the market and held the largest market share of 56.17% in the year 2021. This growth is attributed to enterprises’ increasing adoption of cloud-based solutions.

Large enterprise segment dominated the market and held the largest market share of 59.05% in the year 2021

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On the basis of organization size, the global penetration testing market is segmented into large enterprise and SMEs. Large enterprise segment dominated the market and held the largest market share of 59.05% in the year 2021. This growth is attributed to additional features like access risks, risk outliners, excess risk, and other vulnerabilities.

BFSI segment dominated the market and held the largest market share of 20.12% in the year 2021

On the basis of vertical, the global penetration testing market is segmented into retail, energy & utilities, government & defense, BFSI, manufacturing, healthcare, IT & telecom, and others. BFSI segment dominated the market and held the largest market share of 20.12% in the year 2021. This growth is attributed to adopting penetration testing control.