The Penetration Testing Market was valued at USD 2.43 billion in 2023 and is expected to reach USD 6.38 billion by 2031, growing at a CAGR of 12.80% during the forecast period from 2024 to 2031.

Penetration testing Market Scope is a cybersecurity technique designed to deceive attackers by deploying traps and dummy assets throughout a system’s infrastructure to mimic real assets. Additionally, it helps identify vulnerabilities in frontend/backend servers, unprotected inputs prone to code injection attacks, and other application systems.

Get Sample Copy of Report: https://www.snsinsider.com/sample-request/3469 

Key Players: Leading companies in the market include Breachlock Inc., Astra Security, Isecurion, NetSPI LLC, Rapid 7, Vumetric Cybersecurity, CovertSwarm, SecurityMetrics, PortSwigger Ltd., NowSecure, Vairav Technology, Cisco Systems, Inc., Rebot Security, Netragard, Cigniti Technology Ltd., Bugcrowd, Synopsys, and TrustWave Holdings, Inc.

The market is expanding due to several factors. One key driver is the presence of stringent regulations and compliance requirements that mandate regular penetration testing to ensure the security of organizational systems and networks. Additionally, the rising sophistication of cyberattacks, which have led to significant financial and reputational damage, has underscored the necessity of effective penetration testing to identify and mitigate vulnerabilities. The widespread use of smartphones and the internet has led to a surge in mobile-based business-critical applications, prompting organizations to increasingly rely on penetration testing to secure these applications and protect sensitive data from potential threats.

Market Dynamics

Drivers:

  • Growing Sophistication of Cyberattacks: The increasing complexity of cyberattacks is causing significant financial and reputational damage to companies. This has driven the demand for penetration testing as organizations seek to secure web applications and reduce the risk of cybercrime across nearly all sectors.

Cyberattacks have significantly increased in frequency and sophistication in recent years. Although 97.5% of cyberattacks rely on social engineering, hackers are leveraging technologies like AI, ML, and analytics to enhance the complexity of their attacks. Even when these sophisticated attacks are detected, the recovery process can be lengthy. According to a report by Retarus, 76.2% of organizations lack a well-defined incident response plan, and 93.1% of healthcare businesses have reported at least one security breach in the past three years. Moreover, nearly 80% of senior IT personnel and security leaders admit that their organizations are not adequately protected against cyberattacks. These statistics reveal the vulnerabilities that companies face, creating opportunities for cybercriminals. Data, including login credentials, is being sold on the dark web, which other cybercriminals use to launch attacks. Additionally, various hacking groups and state-sponsored actors carry out cyberattacks for commercial or political motives. The rising cost of data breaches and the impact on organizational reputation underscore the need to prevent cyberattacks, driving the demand for penetration testing across businesses of all sizes.

Key Market Segmentation:

  • By Component:

    • Solution
    • Services

  • By Organization Size:

    • Large Enterprise
    • Small and Medium Enterprise

  • By Deployment Mode:

    • On-Premise
    • Cloud

  • By Testing Type:

    • Network Penetration Testing
    • Application Penetration Testing
    • Social Engineering Tests
    • Cloud Penetration Testing
    • Others

  • By Industry Vertical:

    • BFSI
    • Manufacturing
    • Healthcare
    • Government and Defense
    • Energy and Utilities
    • Retail and E-commerce
    • IT and Telecom
    • Others

Regional Analysis: North American organizations are highly advanced in implementing security, penetration testing, and vulnerability management solutions as part of their daily operations. This has led to the increased adoption of penetration testing tools in the region. Other key factors driving demand include heightened security concerns, the need for regulatory compliance, and the growing sophistication of cyberattacks. The United States and Canada, the two largest economies in the region, are the primary contributors to the penetration testing market in North America.

Related Reports:

Video Streaming Software Market Scope
Web Content Management Market Scope
Customer Intelligence Platform Market Scope
Casino Management System Market Scope
Customer Journey Analytics Market Scope