(EMAILWIRE.COM, January 05, 2024 ) According to a research report “Penetration Testing Market Size by Offering (Software and Services), Type (Web Applications, Mobile Applications, Network Infrastructure, Social Engineering, Cloud), Organization Size, Deployment Mode, Vertical and Region – Global Forecast to 2027” published by MarketsandMarkets, the global Penetration Testing market size is expected to grow from an estimated value of USD 1.4 billion in 2022 to 2.7 billion USD by 2027, at a Compound Annual Growth Rate (CAGR) of 13.7% from 2022 to 2027. Some of the factors that are driving the market growth include regular penetration testing practices required due to strict regulations and compliances, the sophistication of cyberattacks is rising, causing organisations to suffer financial and reputational losses, and more people are using smartphones and the internet, leading to an increase in mobile-based business-critical applications.
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By deployment mode, the cloud segment is projected to grow with a higher CAGR during the forecast period
An authorised simulated cyberattack on a system that is hosted on a cloud provider, such as Microsoft Azure or Amazons AWS, is known as cloud-based penetration testing. Finding a systems vulnerabilities and strengths allows for an accurate assessment of its security situation, which is the fundamental goal of a cloud penetration test. Increased technical assurance and a greater comprehension of the attack surface that the systems are exposed to are two main advantages of a cloud penetration test. Whether they are Infrastructure as a Service, Platform as a Service, or Software as a Service, cloud systems are susceptible to security vulnerabilities, attacks, and threats similar to traditional systems. Despite cloud service providers providing more effective security measures, it is ultimately the organizations responsibility to secure its cloud-based operations. As a result, businesses must use penetration testing services for the cloud both now and in the future.
By Type, the web application segment to hold a larger market size during the forecast period
With an increase in the use of web applications, the business process has changed along with sharing and accessing data. Because of this, malicious attackers get an opportunity to intrude into the system. Therefore, web application pen testing has become important to defend the application and network. Web application penetration testing simulates unauthorized attacks internally or externally to access sensitive data. This process helps end users discover the possibility for a hacker to access the data from the internet, check out the security of their email servers, and secure the web hosting site and server. Furthermore, the outcomes of web application penetration testing help identify and mitigate the security weaknesses in web applications and other components, such as source code, back-end network, and database associated with application penetration testing.
By region, Europe to grow at a significant CAGR during the forecast period
Europe comprises the major growing economies, including the UK, Germany, and France. The region has been exhibiting continued growth in adopting penetration testing solutions. The growing number of mobile users accessing huge amounts of business data and the lack of skills have led to concerns over data security and privacy breaches across the region.
In Europe, penetration testing is mostly adopted to comply with regulations, such as the Payment Card Industry Data Security Standard (PCI DSS) or the EU GDPR. Various regulations and standards have multiple offerings specifically related to system auditing and security and either indicate or specify that penetration testing is necessary to determine whether identified vulnerabilities pose a genuine risk to an organization. Red teaming has become an increasingly present practice in the finance sector. The EU has developed the Threat Intelligence-Based Ethical Red (TIBER) teaming initiative to test the resilience of European financial institutions with regard to cyberattacks.
Key Players
Major vendors in the global Penetration Testing market include Rapid7 (US), Secureworks (US), Synopsys (US), CrowdStrike (US), IBM (US), Coalfire Labs (US), Indium Software (US), Cigniti Technologies Ltd (US), Trustwave (US), Cisco Systems (US), Fortinet (US), Bugcrowd (US), Invicti (US), Hackerone (US), Raxis (US), RSI Security (US), Rhino Security Labs (US), Sciencesoft Limited (US), Portswigger (UK), Netragard (US), Software Secured (Canada), Vumetric Cybersecurity (Canada), Nettitude (UK), Zimperium (US), NowSecure (US), SecurityMetrics (US), NetSPI (US), CovertSwarm (UK), Holm Security (Sweden), Intruder Systems (UK), BreachLock (US), ISECURION (India), and Redbot Security (US).
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