Penetration testing, also known as pen testing or ethical hacking, is a process that simulates cyber attacks on IT systems to evaluate their security systems and identify potential vulnerabilities that can be exploited by cyber attackers. Penetration testing helps organizations assess and strengthen their cybersecurity posture by revealing weaknesses before real attackers discover them.
The global Penetration Testing Market is estimated to be valued at US$ 1.59 billion 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 key trends:
With increasing instances of data breaches and cyber attacks, there is a growing need amongst organizations across industries to shore up their cybersecurity defenses and prevent financial and reputational losses. The proliferation of ransomware and other sophisticated cyber threats have also highlighted the importance of regular penetration testing. As per recent studies, over 80% of successful data breaches involve vulnerabilities that were previously known but unaddressed. This has increased the demand for penetration testing services amongst enterprises to minimize their risks of being compromised by cybercriminals exploiting unknown loopholes and vulnerabilities in their networks and systems. With cybersecurity threats continuously evolving in the digital era, penetration testing providers are also enhancing their offerings with capabilities like cloud security assessment, IoT device testing, and social engineering simulations to help organizations identify a wider range of weaknesses.
SWOT Analysis
Strength: Penetration testing helps organizations strengthen their cybersecurity posture by identifying vulnerabilities. It allows to prioritize efforts to address security gaps.
Weakness: Conducting penetration tests require skilled resources which may not be available with all organizations. The process can also temporarily impact systems being tested.
Opportunity: Increasing investments from governments and enterprises into cybersecurity is driving greater adoption of penetration testing. Rapid digitalization and remote working trends are also creating new opportunities.
Threats: Lack of standardized methodologies and certifications in penetration testing can impact the quality and relevance of test results. Growing sophistication of cyber attacks poses ongoing challenges.
Key Takeaways
The global penetration testing market is expected to witness high growth over the forecast period supported by increasing spending on cybersecurity and proliferation of connected devices. The global Penetration Testing Market is estimated to be valued at US$ 1.59 billion in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030.
North America currently dominates the market owing to stringent data security regulations and growing adoption of advanced security technologies among organizations across sectors.
Key players operating in the penetration testing market include Rapid7, ImmuniWeb, Micro Focus, Synopsys, Cigital, Cobalt, Checkmarx, Veracode, Qualys, and Trustwave. Rapid7 leads the market with its wide portfolio of vulnerability management and penetration testing solutions. The company is focused on boosting its offerings through continued investment in research and development.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
