CHICAGO, March 12, 2020 /PRNewswire/ -- According to a new research report "Penetration Testing Market by Component (Solutions & Services), Application Area (Network Infrastructure, Web Application, Mobile Application, Cloud, & Social Engineering), Deployment Mode, Organization Size, Vertical, and Region - Global Forecast to 2025", the Penetration Testing Market is projected to grow from USD 1.7 billion in 2020 and expected to reach USD 4.5 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 21.8% during the forecast period.
The growing number of enterprises implementing security measures due to increased sophistication in cyberattacks is anticipated to be a major market driver, and the trend is expected to continue for the penetration testing industry. Additionally, the need to adopt necessary steps in advance to secure the overall security infrastructure and technological advancements in terms of Artificial Intelligence (AI) and Machine Learning (ML) have bolstered the potential use cases across verticals.
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By component, the solutions segment to hold a larger market size during the forecast period
Penetration testing includes network penetration testing, web and mobile application penetration testing, Internet of Things (IoT) penetration testing, and cloud penetration testing. Penetration testing is mostly provided as a service, but large enterprises as well as governments adopting the technology, contain sensitive information. For securing information, governments and large enterprises prefer deploying penetration testing solutions on their premises so that the controls remain in the hands of their in-house team of technical experts. Hence, the solutions segment is expected to be a larger segment during the forecast period.
Healthcare vertical to be the fastest-growing vertical during the forecast period
The deployment of web and mobile applications for offering various health services is gaining popularity day-by-day. The IoT and Bring You Own Device (BYOD) trends have increased the adoption of these healthcare applications among customers. Thus, a large amount of healthcare data is generated that includes patient's personal information, insurance IDs, social security numbers, medical history, historical data of financial transactions, and other confidential information. This data is susceptible to cyberattacks and its protection is of the highest priority of organizations. The breach of patient records, such as patient identity leads to many issues for patients. For instance, patients can become victims of medical identity theft resulting in the patient's health records to contain false medical and health data, which puts further treatments at risk. All these lead to unsafe and inefficient patient care. Hence, the healthcare vertical is expected to be the fastest growing vertical for the adoption of penetration testing solutions during the forecast period.
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North America to hold the highest market share during the forecast period
North America has sustainable and well-established economies, which empower it to invest significantly in Research and Development (R&D) activities, thereby contributing to the development of new technologies in the Penetration Testing Market. The presence of key players is expected to be the major factor driving the growth of the market in this region. Companies, such as Qualys, Rapid7, FireEye, IBM, Cigital along with several startups in the region, are offering penetration testing solutions and services to cater to the needs of customers.
The major vendors covered in the Penetration Testing Market include Qualys (US), Rapid7 (US), FireEye (US), IBM (US), Micro Focus (Berkshire), Cigita l(Synopses) (US), Secureworks (DELL) (Georgia), Trustwave Holdings(Singtel) (US), Acunetix (Malta), Netsparker (UK), Veracode (Broadcom) (US), Rhino Security Labs(US), Core Security (HelpSystems) (US), Immuniweb (High-Tech Bridge) (Switzerland), Checkmarx (Israel), PortSwigger Web Security (England), Context Information Security (UK), iSECURION (India), BreachLock(US), Raxis (Georgia).
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