"Increasing Need to Implement Security Measures Is Driving the Penetration Testing Market"

Globally, the penetration testing market is expected to grow with a CAGR of 13.5% during the forecast period from 2023 to 2030, starting from $ 964.9 Mn in 2020. Penetration testing is also called as ethical hacking and is used to test security level of the computer system or network which can be exploited by a hacker or cyber attacker. Penetration testing is performed with the help of software solutions and also can be performed manually. Since information technology and consumer electronics market has seen tremendous development, the usage of smart devices has increased. Also, emergence of Internet of Things and artificial intelligence has also propelled use of smart devices for personal and commercial use which has created a need to implement security measures and protect the devices from cyber-attacks.

Furthermore, as every industry is going through technological development, there is an increasing threat of data exploitation. As technology has become backbone of almost every industry, there is an increasing need to adopt penetration testing and make sure about the security. Moreover, increasing number of wireless networks and growing number of connected devices are also generating demand for penetration testing across various industry verticals. However, lack of skilled personnel and lack of awareness in various developing and underdeveloped countries is likely to restrain the growth of penetration testing market during the forecast period.

"Cloud Based Services to Dominate the Penetration Testing Market"

The penetration testing market is segmented on the basis of deployment model into on-premise and cloud based model. The cloud based deployment model held largest market share of over 53% in 2018. The advantages associated with cloud based services as resulted in increasing penetration of cloud based techniques in various industrial verticals. Factors such as cost efficiency, time efficiency, and easy handling makes cloud based model a preferred one. Furthermore, on-premise model is also used by some organizations keeping in mind the benefits of the traditional deployment model.

"North America to Dominate the Penetration Testing Market"                       

North America held a leading position in the global penetration testing market by contributing around 35% of the total market. This huge market share is mainly attributed to the increasing focus on innovation and technological advancements. Key players based in US and Canada are investing significantly to provide efficient services that would help their clients feel secure. Furthermore, increasing adoption of mobile devices and various web based applications is also fuelling the demand for penetration testing in this region. However, Asia-Pacific offer significant growth opportunities to the key players operating in the global penetration testing market.

The prominent players in the penetration testing market are Acunetix, Cigital, Inc., Cisco Systems, Inc., Checkmarx, Synopsys, Inc., Qualys, Inc., Hewlett Packard Enterprise (HPE), IBM, and Portswigger Ltd.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Penetration Testing market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Penetration Testing market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Penetration Testing market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Penetration Testing market?
• Which is the largest regional market for Penetration Testing market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Penetration Testing market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Penetration Testing market worldwide?