CHICAGO, September 5, 2022 (Global News) — According to a new report by MarketsandMarkets™, the penetration testing market size is expected to grow from an estimated $1.4 billion in 2022 to $2.7 billion in 2027, at a compound annual growth rate (CAGR) of 13.7% from 2022 to 2027. Some of the factors driving the market growth include the rising sophistication of cyber-attacks due to stringent regulations and compliance requiring regular penetration testing practices leading to financial and reputational damage to organizations, increasing use of smartphones and the internet, Ahead to increase mobile-based business-critical applications.
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By deployment model, the cloud segment is expected to grow at a higher CAGR during the forecast period
Authorized simulated cyber-attacks on systems hosted on cloud providers such as Microsoft Azure or Amazon AWS are called cloud-based penetration testing. Discovering system vulnerabilities and strengths allows for an accurate assessment of its security posture, which is the fundamental goal of cloud penetration testing. Increased technical assurance and a deeper understanding of the attack surface a system faces are two of the main benefits of cloud penetration testing. Whether infrastructure-as-a-service, platform-as-a-service, or software-as-a-service, cloud systems are vulnerable to security breaches, attacks, and threats similar to traditional systems. While cloud service providers offer more effective security measures, protecting their cloud-based operations is ultimately the responsibility of the organization. Therefore, enterprises must use cloud penetration testing services now and in the future.
By type, the web application segment will have the larger market size during the forecast period
As the use of Web applications increases, business processes also change as data is shared and accessed. Therefore, malicious attackers have the opportunity to break into the system. Therefore, web application penetration testing has become an important means of protecting applications and networks. Web application penetration testing simulates unauthorized attacks internally or externally to access sensitive data. This process helps end users discover the possibility of hackers accessing data from the Internet, check the security of their email servers, and protect web hosting sites and servers. Additionally, the results of web application penetration testing help to identify and mitigate security vulnerabilities in web applications and other components such as source code, backend networks, and databases associated with application penetration testing.
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By region, Europe will grow at a significant CAGR during the forecast period
Europe includes major growth economies, including the UK, Germany and France. The region has shown continued growth in adoption of penetration testing solutions. The growing number of mobile users accessing massive amounts of business data and a lack of skills has led to concerns about data security and privacy breaches in the region.
In Europe, penetration testing is mainly used to comply with regulations such as the Payment Card Industry Data Security Standard (PCI DSS) or the EU GDPR. Various regulations and standards provide a variety of products specifically related to system auditing and security, and point out or specify that penetration testing is necessary to determine whether an identified vulnerability poses a real risk to an organization. Red teaming has become an increasingly common practice in finance. The European Union has developed the Threat Intelligence-Based Ethical Red (TIBER) partnership to test the resilience of European financial institutions to cyberattacks.
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Major global suppliers Penetration Testing Market Including 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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