According to a new market research report "Penetration Testing Market by Testing Service (Network, Web, Mobile, Social Engineering, Wireless, Embedded Devices and Industrial Control System), Deployment Mode (Cloud and On-Premises), Organization Size, Vertical, and Region - Global Forecast to 2021", The penetration testing market is estimated to grow from USD 594.7 Million in 2016 to USD 1,724.3 Million by 2021, at a Compound Annual Growth Rate (CAGR) of 23.7%.
The major forces driving the penetration testing market are the need for protection from various cyber-attacks and increasing number of mobile users and applications. The penetration testing market is growing rapidly because of the growing security needs of Internet of Things (IoT) and Bring Your Own Device (BYOD) trends and increased deployment of web & cloud-based business applications.
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Wireless penetration testing to grow at the highest CAGR from 2016 to 2021
Penetration testing services are used to secure wireless infrastructures and the devices connected through it. The emerging IoT and BYOD trends and connected number of devices and applications are susceptible to vulnerabilities and Advanced Persistent Threats (APTs). Wireless penetration testing is expected to witness the highest CAGR in the global penetration testing market during the period 2016–2021. North America is expected to account for the largest market share in 2016, due to the presence of a number of security vendors in the region.
Government & defense vertical to have the largest market size in 2016
The penetration testing market is also segmented by various industry verticals; out of which, the adoption of penetration testing services is expected to be the highest in the government and defense vertical as the critical data and applications used by the vertical are prone to advanced threats. Moreover, BFSI, retail, and IT & telecom verticals are expected to gain traction during the forecast period.
North America is expected to dominate the penetration testing market in 2016
North America is expected to hold the largest share of the penetration testing market in 2016 due to the technological advancements and early adoption of penetration testing in the region. The market in APAC is expected to grow at the highest CAGR between 2016 and 2021. The major driving forces for this growth are increasing technological adoption and huge opportunities across industry verticals in APAC countries, especially India and China.
The report also encompasses different strategies, such as mergers & acquisitions, partnerships & collaborations, business expansions, and product developments, adopted by major players to increase their market share. Some of the major technology vendors include Hewlett Packard Enterprise (U.S.), IBM Corporation (U.S.), Rapid7, Inc. (U.S.), Qualys, Inc. (U.S.), Veracode (U.S.), Trustwave Holdings, Inc. (U.S.), Acunetix (Malta), Cigital, Inc. (U.S.), WhiteHat Security (U.S.), and Checkmarx (Israel).
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