DUBLIN, Sept. 23, 2022 /PRNewswire/ -- The "Penetration Testing Market 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" report has been added to ResearchAndMarkets.com's offering.
The global Penetration Testing market size is expected to grow from an estimated value of USD 1.4 billion in 2022 to USD 2.7 billion 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 the presence of stringent regulations and compliances mandating regular penetration testing practices, increasing sophistication of cyberattacks resulting in financial and reputational losses for organizations, and increased internet penetration and use of smartphones resulting in a surge in mobile-based business-critical applications. However, the costs involved in conducting penetration tests and insider threats are expected to hinder the market growth.
By Type, Mobile Applications to grow at the highest CAGR during the forecasted period
The application areas of penetration testing include web applications, mobile applications, network infrastructure, cloud, and social engineering. Mobile application penetration testing is used for mobile-based applications. Mobile has become an important tool in our daily life. Due to the increment in the usage of mobile devices, the users in this segment have surged. The application in mobile consists of sensitive data, and protecting the data used by mobile apps is becoming critically important. At the organization level, BYOD policies allow employees to connect their mobile devices to enterprise networks which allows an opportunity for hackers to penetrate the network. Hence, the need to secure mobile applications has become crucial. Mobile application users are becoming aware of various threats, and thus, the deployment of mobile application penetration testing is rapidly increasing. This has led to the highest CAGR of mobile applications in the forecasted period.
By Vertical, the BFSI vertical account for a larger market size during the forecasted period.
Data security and privacy are the main concerns of today's financial world. With rigorous legislations, such as GDPR, PCI DSS, and RBI Act, financial companies are now forced to ensure customer security and brand confidence. Organizations throughout the financial sector are acutely aware of the damage a cyberattack can do to their brand and reputation since such attacks directly affect the mindset of customers and employees. The BFSI institutes and organizations are careful about the security of their customers' sensitive data. Hence, to enhance the protection of online services from cyberattacks, penetration testing software and services are expected to witness higher adoption in the BFSI vertical
By Region, Asia Pacific to grow at the highest CAGR during the forecasted period
APAC has been one of the fastest-growing markets in terms of mobile workforce expansion, propagated by the rising adoption of mobile devices in this region. Countries in APAC such as India, China, and Japan have widely adopted penetration testing technologies to protect data from being stolen. Through many government programmes, like Digital India, and the rising usage of mobile applications and web-based applications across industries like BFSI, retail, and IT, developing nations like India is heading toward a rapid digitization process. Thus security must be incorporated to safeguard users and maintain the digital industry in APAC in the face of the rapid digital transformation.
Presence of Stringent Regulations and Compliances Mandating Regular Penetration Testing Practices
Increasing Sophistication of Cyberattacks Resulting in Financial and Reputational Loss for Organizations
Increased Internet Penetration and Use of Smartphones Resulting in Surge in Mobile-Based Business-Critical Applications
Costs Involved in Conducting Penetration Test
Rising Trends of PTAAS and Remote Working Security Assessments
Integration of AI, Ml, and Other Technologies in Penetration Testing
Increasing Digitalization Initiatives Across Verticals by Governments and Enterprises
Lack of Skilled Security Professionals
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview and Industry Trends
6 Penetration Testing Market, by Offering
7 Penetration Testing Market, by Deployment Mode
8 Penetration Testing Market, by Organization Size
9 Penetration Testing Market, by Type
10 Penetration Testing Market, by Vertical
11 Penetration Testing Market, by Region
12 Competitive Landscape
13 Company Profiles
14 Adjacent Markets
Rhino Security Labs
For more information about this report visit https://www.researchandmarkets.com/r/b85jyn
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