4 November, 2022
Penetration Testing Market Will Grow through 2031
The global penetration testing market is expected to witness robust growth over the next several years. The rise in a number of data centers and the high adoption of cloud computing solutions and services have boosted the growth of the global market. Furthermore, strict government regulations to boost the adoption of penetration testing solutions supplemented the market growth. However, the dearth of skilled security professionals and high implementation costs hinder market growth. On the contrary, the rise in the popularity of PTaaS and security assessment for remote workers would open new opportunities in the future.
The Covid-19 pandemic was a major win for the market. The rapid adoption of work from home by various governments, the public, and other organizations has led to the increased demand for PTaaS. Moreover, IT & telecom industries have been using PTaaS for improving the loss suffered during the lockdown.
However, due to the lack of skilled IT professionals and highly skilled hackers increasing the rate of cyber-crimes and security breaches, there has been an increase in demand for penetration testing services and solutions.
The penetration testing market is expected to grow at a CAGR of 14.5% during 2021-2023. The market is witnessing the increasing adoption of advanced technologies such as cloud technology, big data, artificial intelligence, and machine learning for automation across industries.
North America dominated the market with a share of more than one-third in 2021, due to an increase in penetration testing awareness and growth in the number of SMEs adopting cloud-based security testing in the region. Asia-Pacific was estimated to register the highest CAGR of 14.5% during the forecast period, owing to a rise in penetration testing awareness and growth in the number of SMEs adopting cloud-based security testing in the region.
Key Market Players
Breachlock Inc. is estimated to be the largest player in 2021, followed by Bugcrowd and CovertSwarm; however, Cisco Systems Inc., Cigniti Technology Ltd., NowSecure, NetSPI LLC, PortSwigger Ltd., Rapid 7, and Reboot Security are projected to be among top five players by 2022
The global penetration testing market is one of the most lucrative markets. The report analyzes the key players operating in this market and finds out their strategies adopted to increase their market penetration and strengthen their positions in the industry. The report also provides information about the product portfolio of all players and their performance during the past few years.
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