Penetration Testing Market size is set to grow by USD 1.92 billion from 2024-2028, Increasing cyberattacks and data breaches to boost the market growth, Technavio

NEW YORK, May 24, 2024 /PRNewswire/ -- The global penetration testing market size is estimated to grow by USD 1.92 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 13.98% during the forecast period.

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Key Market Trends Fueling Growth

In the last decade, cloud computing's adoption by businesses for data storage and operation has surged, driven by scalability, economies of scale, and flexibility. This shift has resulted in a burgeoning penetration testing market due to heightened security concerns. Industries worldwide have embraced cloud solutions, leading to market expansion. Key factors fueling this trend include the demand for agility and compliance measures, digitization, IoT, wireless networks, and increasing awareness.

Vulnerability testing, cybersecurity frameworks, and layered defense mechanisms are crucial in this digital movement. Public Wi-Fi, connected public transport, and remote workers pose new risks, necessitating compliance testing and robust security solutions. Cyberattacks, regulations, internet penetration, smartphones, pandemics, data breaches, cybercrime, and the dark web further emphasize the importance of penetration testing in today's interconnected world. 

Market Challenges

• Penetration testing, an integral part of maintaining cybersecurity in today's digital world, faces a significant challenge due to escalating costs. Complex modern technology systems increase vulnerabilities, necessitating specialized skills and expertise from testers. SMEs, compliance measures, cloud-based security solutions, digitization, IoT, wireless networks, awareness, business operations, and digital networks all contribute to these expenses.
• Vulnerability testing, cyberattacks, regulations, internet penetration, smartphones, pandemic, data breach, cybercrime, dark web, and remote workers further complicate the process. Layered defense strategies, including firewalls, filtered DNS, security clients, and cybersecurity frameworks, aim to mitigate risks.

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Segment Overview 

1. Component 
• 1.1 Solution
• 1.2 Services
2. End-user 
• 2.1 Large enterprises
• 2.2 Small
• 2.3 medium enterprises
3. Geography 
• 3.1 North America
• 3.2 APAC
• 3.3 Europe
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Solution- The Penetration Testing Market segmentation by component reveals the significance of software, cloud-based solutions, and managed services in identifying vulnerabilities for businesses. SMEs prioritize compliance measures, ensuring adherence to cybersecurity frameworks and regulations. The digitization trend, fueled by the Internet of Things and wireless networks, necessitates vulnerability testing in digital networks and public Wi-Fi.

Compliance testing, such as GCI score assessment, is crucial for businesses to maintain a layered defense, including firewalls, filtered DNS, and security clients. Cybersecurity threats, including cyberattacks, regulations, and data breaches, have intensified due to the digital movement and the pandemic. As a result, the demand for cybersecurity solutions has surged, with healthcare organizations and remote workers relying on CoreSecurity, cloud-based, and DevSecOps solutions to protect against cybercrime on smartphones and connected public transport.

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Research Analysis

The Penetration Testing Market has experienced significant growth in recent years due to the increasing number of cyberattacks, driven by the pandemic and the widespread use of smartphones and internet penetration. With the digitization of various sectors, including healthcare and the Internet of Things, the need for robust security measures has become paramount.

SMEs and large enterprises alike have recognized the importance of Compliance measures and have invested in DevSecOps and CoreSecurity solutions. The Dark Web continues to pose a threat, with cybercriminals exploiting vulnerabilities in cloud-based software and wireless networks. Security analysts play a crucial role in identifying and mitigating these risks, making Penetration Testing an essential service in today's interconnected world.

Market Research Overview

The Penetration Testing market encompasses a range of security solutions designed to assess and improve an organization's defensive capabilities. These solutions, also known as ethical hacking or white-hat testing, utilize techniques to simulate real-world attacks and identify vulnerabilities in systems, applications, and networks. The market is driven by the increasing frequency and sophistication of cyber threats, as well as regulatory requirements and the need for proactive risk management.

Key components include penetration testing tools, services, and training. Security measures such as Secure Sockets Layer/Transport Layer Security (SSL/TLS) encryption, firewalls, and intrusion detection systems are integral to penetration testing, as they provide a foundation for identifying and mitigating vulnerabilities. Additionally, the market is influenced by trends such as the adoption of cloud computing, the Internet of Things (IoT), and the growing importance of artificial intelligence (AI) and machine learning (ML) in security. The penetration testing industry is expected to continue growing due to the evolving threat landscape and the ongoing need for organizations to protect their digital assets.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Component
• Solution
• Services
• End-user
• Large Enterprises
• Small
• Medium Enterprises
• Geography
• North America
• APAC
• Europe
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio