The global Penetration Testing Market is estimated to be valued at US$ 1.59 Bn 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 Overview:
Penetration testing or ethical hacking involves evaluating the security of IT infrastructures, applications, and networks by safely simulating the actions of real cybercriminals. It helps to identify security issues and vulnerabilities in systems before hackers discover them. It safeguards organizations from potential threats and data breaches.
Market key trends:
The rising adoption of cloud-based services across industries is fueling the growth of the cloud computing segment in the penetration testing market. With an increasing number of companies opting for cloud services, it has become imperative for organizations to thoroughly test cloud security. Penetration testing helps to identify security gaps and issues associated with cloud infrastructure and applications. Other trends include the growing frequency of cyber-attacks, stringent data security regulations, and the increasing use of IoT and connected devices in enterprises.
Segment Analysis
The global penetration testing market is segmented by component, deployment, organization size, vertical and geography. By component, the market is divided into service and solution. Among these, the service segment dominated the market in 2022 as there is high demand for professional and managed services during the penetration testing process. By deployment, the market is bifurcated into cloud and on-premise. The cloud segment is expected to grow at a higher CAGR during the forecast period due to the increasing adoption of cloud-based security solutions among organizations.
Key Takeaways
The global penetration testing market is expected to witness high growth, exhibiting a CAGR of 13% over the forecast period, due to increasing cybersecurity threats and growing regulatory compliances for periodic vulnerability assessment.
Regional analysis
North America dominated the penetration testing market in 2022 due to stringent data privacy regulations and rising adoption of digital transformation strategies among organizations in the US and Canada. Asia-Pacific is expected to grow at the highest CAGR during the forecast period due to increasing spending on cybersecurity and cloud adoption in various industries in countries like China, India and Japan.
Key players
Key players operating in the penetration testing market are IBM Corporation, Rapid7, Inc., Microfocus, Qualys, Inc., Synopsys Inc., Core Security SDI Corporation, Whitehat Security, Trustwave Holdings, Inc., Checkmarx.com LTD, VERACODE, Inc., Secure Works Inc., Acunetix, Contrast Security, and Paladion Network Private Limited. IBM holds the highest market share as it offers extensive security testing and assessment services to enterprises across the globe.
