Meticulous Research®, a leading global market research company, has published its latest report titled "Penetration Testing Market by Offering, Position, Type, Method (Black Box Testing, White Box Testing), Visibility (Covert Pen Testing, Automated Pen Testing), and End User (BFSI, Healthcare, Automotive, Others), and Geography - Global Forecast to 2029." According to the report, the global penetration testing market is projected to reach $4.05 billion by 2029, growing at a compound annual growth rate (CAGR) of 12.5% during the forecast period from 2022 to 2029.
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The market's robust growth is primarily driven by the escalating need to identify and mitigate cybersecurity threats across enterprise networks. Additionally, stringent regulatory compliance requirements are compelling organizations to adopt penetration testing solutions and services, further fueling market growth. The increasing demand for web application firewalls is another significant factor contributing to the market's expansion.
However, the high turnaround time and associated costs of implementing penetration testing technologies may pose challenges to market adoption. Despite these challenges, the market is poised for growth due to the rising demand for cloud computing solutions among small and medium-sized enterprises (SMEs), the increasing need for Penetration Testing as a Service (PTaaS), and heightened awareness of penetration testing benefits in the medical field. Furthermore, governmental initiatives promoting digitalization and the growing number of data centers present substantial growth opportunities.
The report also highlights a major challenge: the scarcity of skilled professionals in the penetration testing field, which could hinder market growth.
Market Segmentation and Insights
The global penetration testing market is segmented across several key dimensions:
• Offering: The market is divided into solutions and services. In 2022, the solutions segment dominated the market, driven by its flexible, affordable, easy, and scalable features, alongside its capability to provide high levels of data security and reliability. The services segment, however, is expected to exhibit the highest CAGR during the forecast period.
• Position/Location: The market is bifurcated into external and internal network testing. The external network segment led the market in 2022, owing to its critical role in identifying security exposures and ensuring compliance with security standards. The internal network segment is forecasted to grow at the fastest rate during the forecast period.
• Method/Depth: Penetration testing methods are categorized into black box, white box, and gray box testing. The gray box testing segment held the largest market share in 2022, driven by the need for efficient and accurate testing in organizations. The white box testing segment is expected to grow at the highest CAGR due to its comprehensive approach.
• Test Type: The market is segmented into infrastructure/network testing, application testing, wireless (Wi-Fi) testing, configuration/build review testing, social engineering, and others. Infrastructure/network testing led the market in 2022, attributed to the critical need for identifying vulnerabilities in network infrastructure. Application testing is anticipated to witness the highest growth rate during the forecast period.
• Visibility: The visibility segment is categorized into overt penetration testing, covert penetration testing, and automated penetration testing. Covert penetration testing held the largest market share in 2022, driven by the need to uncover undetected vulnerabilities. However, the automated pen testing segment is expected to register the highest CAGR.
• Organization Size: The market is segmented into large enterprises and SMEs. Large enterprises led the market in 2022, owing to their early adoption of advanced technologies and strategic IT initiatives. SMEs are expected to register the highest growth rate during the forecast period.
• End User: The BFSI sector dominated the market in 2022 due to the critical need to protect sensitive financial data and ensure regulatory compliance. The healthcare sector is projected to grow at the highest CAGR, driven by the increasing adoption of penetration testing to safeguard sensitive health data.
Regional Insights
Geographically, the penetration testing market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America dominated the market in 2022, with growth attributed to the high incidence of cyberattacks, particularly in private and government sectors, and the widespread adoption of advanced security solutions. The Asia-Pacific region is expected to register the highest CAGR during the forecast period, driven by rapid digitalization and increasing investments in cybersecurity.
Key Market Players
The report identifies several key players operating in the global penetration testing market, including Rapid7 (U.S.), Synopsys, Inc. (U.S.), Cisco Systems, Inc. (U.S.), International Business Machines Corporation (U.S.), Acunetix (U.K.), ASTRA IT, Inc. (U.S.), ScienceSoft (U.S.), SECURIFY BV (Netherlands), BreachLock Inc. (U.S.), Fortinet, Inc. (U.S.), SecureWorks, Inc. (U.S.), Netragard (U.S.), Cigniti Technologies Ltd. (U.S.), Rhino Security Labs, Inc (U.S.), FireEye (U.S.), Veracode (U.S.), NetSPI LLC. (U.S.), Trustwave Holdings, Inc. (U.S.), Coalfire (U.S.), and Software Secured (Canada).
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