Penetration Testing Market Anticipated to Touch USD 8.13 Billion at a 13.5% CAGR by 2030 – Report by Market Research Future (MRFR)
Increase in Data Centers to Boost Penetration Testing Market Growth
New York, US, May 11, 2022 (GLOBE NEWSWIRE) — Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Penetration Testing Market” information by Type, by Components, by Deployment, by Organization Size and Region – Forecast to 2030” market size to reach USD 8.13 billion, growing at a compound annual growth rate of 13.5% by 2030.
Market Scope:
The increasing adoption of cloud computing solutions will offer robust opportunities for the market over the forecast period. The use of cloud computing solutions is quickly growing around the world, owing to the lower cost of cloud-based services and the lack of the need to set up separate IT infrastructure. In the near future, the penetration testing market is predicted to grow due to the increasing use of cloud-based solutions and services for multiple workloads such as email, data backups, CRM, and collaborative services. Cloud deployment exposes software to more vulnerability and makes it more accessible to unauthorized users.
Dominant Key Players on Penetration Testing Market Covered are:
- Core Security SDI Corporation (U.S.)
- Redteam Security Consulting (U.S.)
- Context Information Security (U.S.)
- Rapid7 Inc. (U.S.)
- Qualys Inc. (U.S.)
- Veracode (U.S.)
- Trustwave Holdings Inc. (U.S.)
- Acunetix (Malta)
- Hewlett Packard Enterprise (U.S.)
- IBM Corporation (U.S.)
- Cigital Inc. (U.S.)
- WhiteHat Security (U.S.)
- Checkmarx (Israel)
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Market USP Exclusively Encompassed:
Market Drivers
Increase in Data Centers to Boost Market Growth
The increase in data centers will boost market growth over the forecast period. Penetration testing is a vital part of ensuring a high level of data centre security. This test is also beneficial to businesses during security audits and assessments. The volume of data that is consumed has expanded dramatically in recent years as a result of high-speed internet connections, improved industrial automation, and increased mobile device usage. The increase in data volume has created a huge opportunity for the data centre sector. The industrial sector that is one of the greatest data generators, is likely to promote colocation data centre installations. Companies in this industry are increasingly digitizing their operations and services, putting them in a stronger position to rely on data centres. To increase operational efficiencies, process and manufacturing industries are adopting industrial IoT, which will result in the collection of big amounts of data and have a beneficial impact on the penetration testing industry.
High Cost to act as Market Restraint
The high cost related to performing these tasks may act as a market restraint over the forecast period.
Lack of Skilled Personnel to act as Market Challenge
The lack of skilled personnel coupled with the lack of awareness in various underdeveloped and developing countries may act as market challenges over the forecast period. Besides, the lack of security analysts to carry out penetration tests will also impede market growth.
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Segmentation of Market Covered in the Research:
The penetration testing market has been bifurcated based on component, organization size, type, and deployment.
By component, the global penetration testing market is segmented into services solutions and testing solutions.
By organization type, the global market is segmented to large enterprise and SMEs.
By type, the global penetration testing market is segmented into external testing, blind testing, internal testing, and double-blind testing.
By deployment, on-cloud will lead the market over the forecast period.
By end users, healthcare will dominate the market over the forecast period.
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Regional Analysis
North America to Head Penetration Testing Market
Over the projected period, the penetration testing market in North America is expected to increase significantly. Because of the presence of IT behemoths such as IBM Corporation & Oracle Corporation, the United States and Canada are prominent countries in the region. During the projected period, North America is expected to have the greatest market share in the worldwide penetration testing market. The region’s highly developed IT industry leads to increased software testing investment, which is expected to drive the worldwide penetration testing market forward over the forecast period. The presence of some of the region’s important competitors, such as Hewlett Packard Enterprise & IBM Corporation, is also propelling the worldwide penetration testing market forward. due of the existence of a large number of relevant actors The latter’s constant push to develop more advanced methods is anticipated to offer up new growth opportunities for the region’s market. Canada & the United States are leading the charge in North America.
APAC to Have Admirable Growth in Penetration Testing Market
In the penetration testing industry, the Asia Pacific region is predicted to develop at the fastest rate. The region’s leading countries include China, Japan, India, and South Korea. This is attributable to a surge in the number of small and medium-sized businesses in the IT industry. Furthermore, India is predicted to be the fastest developing country in the Asia Pacific area as a result of government initiatives to support IT companies. For the worldwide penetration testing market, the Asia-Pacific region is expected to grow at the fastest rate. Because of the region’s growing IT and retail industries, mobile and web-based business apps are becoming more popular. As a result, the worldwide penetration testing market in the region is expected to rise at a faster pace. Mobile & web-based business apps are becoming increasingly popular.
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COVID-19 Impact on the Market
Disruptions in supply chain, fluctuations in demand share, economic situations, along with immediate & with long term impact of the novel coronavirus possessed a negative impact on the penetration testing market growth. Such outbreak has put the economic activity at a halt, thus pushing the worldwide economy in a very steep recession. Besides, with the roots originating in China, supply chains across the globe are facing shutdown and unprecedented disruption. Following the relaxation of lockdowns and restrictions across the globe, the market is likely to get back to usual in the days to come.
Industry Updates
Zen Internet and Kroll have established a new strategic agreement to improve online security for businesses in the United Kingdom. Kroll Responder, the company’s flagship managed detection and response solution, as well as penetration testing, protection services, and attack simulation, and will be available through Zen.
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