The global Penetration Testing Market is estimated to be valued at US$ 1.59 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Penetration testing involves simulating an attack from malicious-intentioned hackers to evaluate security vulnerabilities in applications, systems, networks or physical sites. It aims to identify security issues that need to be addressed and mitigated proactively before real attackers can exploit them. Penetration testing provides a way for organizations to check their security preparedness and prevent data breach attempts.
Market key trends:
The growing usage of cloud-based solutions and Bring Your Own Device (BYOD) policy in organizations along with increasing dependence on internet for day to day operations has significantly increased the cybersecurity risks. This has boosted the demand for periodic vulnerability assessments and penetration testing services. Furthermore, stringent data protection regulations worldwide have compelled enterprises to conduct regular ethical hacking audits. The rise in sophistication of cyber-attacks and evolving threat landscape also necessitates continuous assessment of security defenses. Growing investments of businesses in security solutions and tools that comply with guidelines will further propel the market growth over the forecast period.
SWOT Analysis
Strength: Penetration testing helps organizations identify vulnerabilities and closes security gaps before cybercriminals can exploit them. It also strengthens an organization’s overall security posture.
Weakness: Penetration testing requires highly skilled security professionals which increases the cost of testing. The testing process can also disrupt normal business operations.
Opportunity: With the increasing number of high-profile cyber attacks, there is growing awareness about the importance of security testing. Many organizations are now mandating regular penetration tests.
Threats: Alternative cybersecurity solutions like firewalls and antivirus software can reduce the need for dedicated security testing. Economic slowdowns may force organizations to cut down their security budgets.
Key Takeaways
The global penetration testing market size is expected to witness high growth, exhibiting a CAGR of 13% over the forecast period, due to increasing security breaches and rampant cybercrimes across the world. Various governments are also imposing stricter security compliance which is boosting the demand for penetration testing services.
North America is expected to dominate the global penetration testing market during the forecast period. This is attributed to high cybersecurity budgets of organizations and stringent regulations in the region. Furthermore, early adoption of advanced cybersecurity solutions also contributes to the largest market share of North America. Asia-Pacific is expected to exhibit the highest CAGR during 2023-2030 due to growing digitalization, increasing cyber threats, and favorable government policies in countries like India and China.
Key players operating in the penetration testing market are IBM Corporation, Rapid7, Inc., Microfocus, Qualys, Inc., Synopsys Inc., Core Security SDI Corporation, Whitehat Security, Trustwave Holdings, Inc., Checkmarx.com LTD, VERACODE, Inc., Secure Works Inc., Acunetix, Contrast Security, and Paladion Network Private Limited. Major players are focused on offering enhanced penetration testing solutions through partnerships, mergers, and acquisitions to strengthen their market position.
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