Penetration Testing Market Size, Share, Outlook, and Opportunity Analysis, 2018 – 2026

Posted May 5, 2021 by shrushtig

Penetration testing is also known as pen testing. It is a simulated process used to test a computer system, application or a network to check for security weaknesses.
Increasing incidence of cyber-attacks and need to secure vulnerable data are key drivers for penetration testing market growth
Major driving factor for growth of the penetration testing market is the ability of penetration testing to provide security to industries from various cyber-attacks, as increasing incidence of cyber-attacks can increase the vulnerability of critical data stored by organizations and adversely impact the revenue. For instance, according to a report published by Academy and Industry Research Collaboration Center (AIRCC) in 2016, the number of web attacks in the U.S. in 2015, increased by 36% with over 4,500 new attacks each day. Moreover, increasing adoption of advance technologies such as Internet of Things (IoT), cloud computing, Bring Your Own Device (BYOD), and rise in disposable income has contributed to growth of the penetration testing market. For instance, according to a June 2018, report by Bureau of Economic Analysis (BEA), Disposable Personal Income (DPI) in the U.S. increased by US$ 39.8 billion (0.3 %) in April 2018 as compared to 2017. The same report stated that personal disposable income of Americans increased at an average rate of 2.8% year on year from the second quarter of 2015 to the second quarter of 2017. Adoption of cloud computing has increased over the last decade as this technology is highly scalable, efficient in operation, and cost effective in comparison to other data storage and transfer technologies but is highly vulnerable and provides easy access to unauthorized users. This makes the deployment of penetration technologies very important. For instance, according to 2016, report by United States International Trade Commission (USITC) US$ 43.3 billion was invested by the U.S. in cloud computing services in 2015.
Furthermore, use of computers and mobile devices have increased over the last few years. Computers or laptops are used for storing or handling large amount of critical data and applications, which are used by government and defense agencies. It is highly important to equip systems with security software, which can counter data theft. Moreover, security of Banking, Financial Services, and Industries (BFSI) are most important as critical web applications used in BFSI are at high risk of cyber-attacks. This makes the deployment of penetration testing indispensable.

Lower adoption of penetration testing systems by smaller organizations is hindering market growth
The adoption rate of penetration testing systems is very low in smaller enterprises, as these companies allocate lesser budget on cyber security solutions and penetration testing. Lack of knowledge and awareness regarding the use of security services in various industries coupled with shortage of skilled labor to carry out penetration testing exercises is adversely impacting growth of the penetration testing market.

Regional analysis of penetration testing market
North America and Europe dominated the market with respect to penetration testing and are expected to maintain their dominance during forecast period, owing to increasing adoption of cloud services and Bring Your Own Device (BYOD) technology. For instance, according to Coherent Market Insights, in 2018, the U.S invested around US$ 95 billion on cloud services, accounting for more than 58% of the amount spent on cloud services worldwide. Furthermore, the UK and Germany collectively spent over US$ 14 billion on cloud services in 2018.  Another factor which is contributing to the growth of the market in the region is presence of many key players (such as IBM Corporation, Synopsys, and WhiteHat Security among others) serving the penetration testing market in the region.

Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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Issued By Coherent Market Insights
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Categories Biotech , Computers , Engineering
Tags penetration testing market outlook , penetration testing market share , penetration testing market size
Last Updated May 5, 2021