Penetration Testing Market Expected to Reach US ~$4.84 Billion and CAGR 13.9% by 2030 – Polaris Market Research
The global penetration testing market size is expected to reach USD 4.84 billion by 2030, according to a new study by Polaris Market Research.
The primary factors for the market growth are growing trends of remote working security assessments, penetration testing-as-a-service (PTaaS), coupled with the incorporation of technologies such as ML and AI, which is anticipated to spur the market demand.
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In addition, the increasing proliferation of the internet and rising smartphone adoption resulting in a surge in mobile-based business-critical applications are further offering various growth prospects for industry development worldwide. Moreover, the rising number of stringent regulatory frameworks and norms for penetration testing practices and the increasing number of cyberattacks are further acting as a catalyzing factor for the global demand.
Based on the deployment model, the cloud-based segment dominates the global market and is anticipated to lead the industry over the forecast period. The segment’s growth can be attributed to the features provided by cloud deployment, like there is no need for high capital investment, offers flexibility, and high scalability.
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The imposition of stringent regulatory policies and norms to adopt these practices is one of the key driving factors for global industry growth. Several regulations such as PCI DSS, SOX, GDPR, NIS, SOC2, and OWASP are mandated for adopting penetration testing in organizations. For instance, according to the GDPR Article 32, organizations are projected to execute a process for regular trying and assessing the competence of organizational and technical measures to ensure the security of data processing.
Moreover, as per the 2020 Pen Testing Report, 67% of surveyed cybersecurity professionals declared that compliance was the main reason for performing penetration tests. Therefore, the execution of strict regulations for regular penetration testing is surging the demand for the industry, thus, in turn, propels market growth over the forecast period.
Market participants such as Checkmarx, Acunetix, Coalfire Labs, Core Security, Fireeye, Cyberhunter Solutions, Hackerone, IBM, Immuniweb, Veracode, Isecurion, Indium Software, Micro Focus, Offensive Security, Netsparkar, Port Swigger, Rapid7, Raxis, Rhino Security Labs, Secureworks, and Vumeric Cybersecurity are some of the key players operating in the global market.
For instance, in April 2021, Velociraptor- leading open-source technology and community used for digital forensics, endpoint monitoring, and incident response, was acquired by Rapid7. This acquisition aims to build the Velociraptor community and control its technology and insight to improve Rapid7’s incident response capabilities.
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Polaris market research has segmented the penetration testing market report on the basis of offering, application area, deployment mode, vertical, and region:
Penetration Testing, Offering Outlook (Revenue – USD Billion, 2018 – 2030)
Penetration Testing, Application Area Outlook (Revenue – USD Billion, 2018 – 2030)
- Web Applications
- Mobile Applications
- Network Infrastructure
- Social Engineering
Penetration Testing, Deployment Mode Outlook (Revenue – USD Billion, 2018 – 2030)
Penetration Testing, Vertical Outlook (Revenue – USD Billion, 2018 – 2030)
- Banking, Financial Services, And Insurance
- IT and ITeS
- Retail and Ecommerce
Browse detailed report with in-depth TOC – Penetration Testing Market
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