As per the report, the global penetration testing market was pegged at $1.6 billion in 2021, and is expected to reach $5.3 billion by 2031, growing at a CAGR of 13.1% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscape, and competitive scenario.
Rise in number of data centers and high adoption of cloud computing solutions and services have boosted the growth of the global penetration testing market. Furthermore, strict government regulations to boost adoption of penetration testing solutions supplemented the market growth. However, dearth of skilled security professionals and high implementation cost hinder the market growth. On the contrary, rise in popularity of PTaaS and security assessment for remote workers would open new opportunities in the future.
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The small and medium segment to showcase the highest CAGR through 2031
By organization size, the small and medium segment is estimated to register the highest CAGR of 14.4% from 2022 to 2031, due to the features of Penetration Testing systems such as cost-efficiency and less time & efforts for better management and enhanced business operations. However, the large enterprise segment held the largest share in 2021, contributing to more than two-thirds of the global penetration testing market, owing to increase their productivity with efficiency and constant quality.
The healthcare segment to manifest the highest CAGR through 2031
By industry vertical, the healthcare segment is expected to portray the highest CAGR of 17.4% during the forecast period, as it helps the doctors to integrate their appointment and clinic management to streamline process and reduce the load of management on clinics without any security concerns. However, the BFSI segment held the largest share in 2021, contributing to more than one-fifth of the global penetration testing market, as it provides enhanced security to customers’ financial information at the time of sanctioning unsecured loans.
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The solution segment dominated the market
By component, the solution segment held the lion’s share in 2021, accounting for nearly two-thirds of the global penetration testing market, as it assists organizations in detection zero-day attacks and predicts any future loopholes. However, the services segment is estimated to register the highest CAGR of 13.7% during the forecast period, due to rise in demand for cyber security services during remote working in COVID-19 pandemic to make the network more secure and convenient.
North America dominated the market
By region, the market across North America held the lion’s share in 2021, accounting for more than one-third of the global penetration testing market, due to increase in adoption of advanced technologies such as cloud technology, big data, artificial intelligence, and machine learning for automation across industries. However, the market across Asia-Pacific is estimated to register the highest CAGR of 14.5% during the forecast period, owing to rise in penetration testing awareness and growth in the number of SMEs adopting cloud-based security testing in the region.
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Key market players –
- Breachlock Inc.
- Bugcrowd
- Cigniti Technology Ltd.
- Cisco Systems, Inc.
- CovertSwarm
- Isecurion
- Netragard
- NetSPI LLC
- Nowsecure
- PortSwigger Ltd.
- Rapid 7
- Rebot Security
- SecurityMetrics
- TrustWave Holdings, Inc.
- Vumetric Cybersecurity
- Astra Security
- Vairav Technology
Key Findings of the Study –
- By testing type, the employer supplied penetration testing segment accounted for the largest penetration testing market share in 2021.
- Region wise, North America generated highest revenue in 2021.
- Depending on component, the solution segment generated the highest revenue in 2021.
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