Dublin, April 22, 2024 (GLOBE NEWSWIRE) — The “Global Penetration Testing Market by Offering (Solution, Services), Type (Web Applications, Mobile Applications, Network Infrastructure, Social Engineering, Cloud), Organization Size, Deployment Mode, Vertical and Region – Forecast to 2029” report has been added to ResearchAndMarkets.com’s offering.The global penetration testing market is estimated to be valued at USD 1.7 billion in 2024 and is expected to grow to USD 3.9 billion by 2029, with a compound annual growth rate (CAGR) of 17.1%. The penetration testing market is witnessing significant growth due to escalating cyber threats, stricter regulations, and evolving business landscapes. With cyberattacks becoming more frequent and sophisticated, businesses are increasingly adopting proactive security measures like penetration testing to identify vulnerabilities.
Stricter data privacy regulations globally mandate regular security assessments, driving market demand. The rapid adoption of cloud computing and IoT technologies creates new security challenges, further fueling the need for penetration testing – affordability and limited in-house expertise prompt SMEs to invest in penetration testing services tailored to their needs. Cloud-based solutions, automation, and the shift toward proactive security strategies are expected to sustain market growth.By offering, the services segment is expected to achieve a high growth rate during the forecast period.Many organizations back the growth of the penetration testing market by services and lack in-house expertise for comprehensive penetration testing, driving the demand for skilled professionals offered by service providers. Procuring services on a project basis proves more cost-effective for businesses, especially SMEs, than hiring dedicated personnel. Service providers provide scalability, flexibility, and compliance assurance, tailoring testing to suit specific needs and regulatory requirements.Moreover, in the face of evolving cyber threats, service providers stay updated with the latest technologies and methodologies, ensuring effective testing against emerging risks. The shortage of skilled professionals further emphasizes the importance of outsourcing to specialized service providers, enabling businesses to focus on their core operations. The service segment’s growth is propelled by the increasing demand for expertise, cost-effectiveness, and staying ahead of evolving threats, making partnerships with experienced providers essential for maintaining a robust security posture.By deployment mode, the cloud segment is expected to achieve a high growth rate during the forecast period.The cloud-based segment is poised to grow at a higher growth rate in the penetration testing market due to its scalability, cost-effectiveness, and global accessibility. Cloud solutions offer efficient testing from any location by eliminating the need for hardware and software investments. Moreover, businesses benefit from access to skilled penetration testing teams provided by cloud service providers and seamless integration with existing cloud security tools. These solutions address evolving cloud security challenges while emphasizing automation and regulatory compliance. With businesses increasingly adopting cloud technologies, cloud-based penetration testing is expected to experience significant growth, meeting the demands of a rapidly evolving cybersecurity landscape.The North America region will dominate the penetration testing market during the forecast period.North America is positioned to hold a significant share and experience substantial growth in the future penetration testing market. This is attributed to several key factors: North America is a tech hub with early adopters, driving widespread cloud adoption and necessitating robust penetration testing to address unique security challenges. The stringent regulations such as HIPAA and PCI DSS mandate regular security assessments, fueling demand for proactive security measures. Other contributing factors include high disposable income, a well-established pool of cybersecurity professionals, and a focus on innovation in cybersecurity solutions. With a focus on cloud adoption, evolving threats, and demand from SMEs, North America’s penetration testing market is expected to witness significant growth. Despite competition and emphasis on automation, North America’s robust technology and data security foundation positions it as a global penetration testing market leader.Key Attributes:
Penetration Testing Market to Witness Significant Growth During Forecast Period
Attractive Opportunities for Players in Penetration Testing Market -Rising Need for Secure Web and Mobile Applications to Drive Market Growth
Penetration Testing Market, by Offering – Services Segment to Account for Larger Market Size During Forecast Period
Penetration Testing Market, by Vertical – BFSI Vertical to Lead Market During Forecast Period
Penetration Testing Market, by Deployment Mode – On-Premises Deployment Mode to Dominate During Forecast Period
Penetration Testing Market, by Organization Size – Large Enterprises Segment to Exhibit Larger Market Size During Forecast Period
Penetration Testing Market, by Type – Web Applications Segment to Lead During Forecast Period
Market Investment Scenario – Asia-Pacific to Emerge as Best Market for Investments in Next Five Years
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