Global Penetration Testing Market (2023-2028) Competitive Analysis, Impact of Covid-19, Ansoff Analysis

The Global Penetration Testing Market is estimated to be USD 2.05 Bn in 2023 and is expected to reach USD 5.77 Bn by 2028 growing at a CAGR of 23.03%.

• Key factors such as increasing digitalization have led to a rise in the number of data centers. The increased dependence upon the data centers for carrying out the operations has exposed the systems to higher data vulnerabilities levels. These factors are promoting the growth of the penetration testing market.
• However, the costs associated with the penetration testing solution and the internal data vulnerabilities attached with the data security amidst the growing sophistication of cybercrimes is likely to hinder the growth of the market.

Market Dynamics

Drivers

• Increasing Dependence on Data Centers
• Rapid Growth in Mobile-Based Business-Critical Applications
• Increase in Implementation of Security Measures

Restraints

• Higher Costs of Penetration Testing
• Security Breaches due to Internal Vulnerabilities

Opportunities

• Government Initiatives and Enterprises Focus on Digitalization
• Increased Adoption of Cloud-Based Penetration Testing

Challenges

• Limited Amount of Skilled Security Analysts

Segments Covered

• By Component, the Solutions segment is estimated to hold the highest market share. With the growing number of mobile-based applications and rising industrial applications with the growth in IoT, there has been a growth in the adoption of penetration testing services such as network penetration testing, web and mobile application penetration testing, and Internet of Things (IoT) penetration testing. The organizations are wilfully adopting these measures to curb the development of unknown data attacks. Though it is mostly provided as a service, large enterprises are incorporating these as a solution on-premise or cloud-based to have a good hold over the data.
• By Type, the White Box Penetration Testing is estimated to hold the highest market share during the forecast period. The white box penetration testing method provides complete information about the testing networks such as source code, IP address and the OS details, etc. Through this testing, one can gauge the system's weakness at every spot, such as typographical errors, syntax checks, etc. This makes it relatively easier to analyze and testing about potential threats. This is likely to create a demand for the white box penetration testing market.
• By Application, the Mobile Application Penetration Testing is estimated to hold the highest market share. Mobile application penetration testing is mainly used to analyze the security elements for mobile-led applications. Such testing can provide the organization with the potential risk factors to handheld devices by emphasizing network security. With the increasing attack vectors, the deployment of mobile-led penetration testing has been rising, thereby leading to a growth in the market segment.
• By Deployment, the Cloud-based deployment is estimated to hold the highest market share. Businesses are subscribing themselves to a remotely located server, thereby reducing the maintenance and workforce-related costs. These services can also be favorable for the SMEs with limited budgets for investments in security led solutions. These factors are aiding the growth of the stated market segment.
• By Organization Size, the Large Enterprise is estimated to hold the highest market share. Large enterprises are engaged in carrying out their operations through a diverse set of networking devices. Besides, they continuously engage in data sharing in real-time with their employees. This leads to a higher susceptibility of security-related risks for such enterprises. To prevent security-related risks, these enterprises are likely to adopt penetration testing solutions. The increasing demand from the large enterprises in protecting the organizational systems by adopting the testing solutions is likely to benefit the growth of the market.
• By Industry Vertical, the Banking, Financial Services and Insurance (BFSI) is estimated to hold the highest market share. Financial institutions own a large number of confidential information related to businesses and individuals. Therefore, they are one of the prime targets under the radar of cybercriminals. Therefore, to prevent vital data loss and ensure data safety, the BFSI sector is likely to invest in penetration testing solutions. These solutions can effectively highlight the risk areas and provide the necessary processes to be undertaken to mitigate the risks.
• By Geography, North America is projected to lead the market. The factors attributed to the region's growth are the strong and well-established IT infrastructure and the high adoption of penetration testing tools followed by skilled testers. One of the other prominent factors driving the growth of the region is the presence of stringent cybersecurity laws and regulations, which further augment the market growth of the area.
• The Global Penetration Testing Market is segmented further based on Component, Type, Application, Deployment, Organization Size, Industry Vertical, and Geography.

Company Profiles

Some of the companies covered in this report are IBM Corporation, Micro Focus, Netsparker, Qualys, Inc, Acunitix, Hewlett Packard Enterprise, FireEye, Rapid7, Inc, etc.

Competitive Quadrant

The report includes Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.

Why buy this report?

• The report offers a comprehensive evaluation of the Global Penetration Testing Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
• The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
• The report includes in-depth market analysis using Porter’s 5 force model and the Ansoff Matrix. The impact of Covid-19 on the market is also featured in the report.
• The report also contains the competitive analysis using Competitive Quadrant, the proprietary competitive positioning tool.

Report Highlights:

• A complete analysis of the market, including parent industry
• Important market dynamics and trends
• Market segmentation
• Historical, current, and projected size of the market based on value and volume
• Market shares and strategies of key players
• Recommendations to companies for strengthening their foothold in the market