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.
New York, Sept. 06, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Penetration Testing Market by Offering, Type, Organization Size, Deployment Mode, Vertical and Region - Global Forecast to 2027" - https://www.reportlinker.com/p04128999/?utm_source=GNW
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.
Breakdown of primaries:
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the SOC as a Service market.
• By company type: Tier 1: 35%, Tier 2: 45%, and Tier 3: 20%
• By designation: C-level: 60%, Managerial and other levels: 60%
• By region: North America: 20%, APAC: 45%, Europe: 35%
Major vendors in the global Penetration Testing market include 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).
The study includes an in-depth competitive analysis of the key players in the Penetration Testing market, with their company profiles, recent developments, and key market strategies.
The report segments the Penetration Testing market and forecast its size, by Offerings (Software and Services), Deployment Mode (On-Premises and Cloud), Organization Size (SMEs and Large Enterprises), Type (Web applications, mobile applications, social engineering, cloud and network infrastructure) Verticals (BFSI, Healthcare, IT and ITeS, Telecommunication, Retail and eCommerce, Manufacturing, Education, and other verticals), and Region (North America, Europe, APAC, MEA, and Latin America).
The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key benefits of buying the report
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall Penetration Testing market and the subsegments.This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies.
The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
Read the full report: https://www.reportlinker.com/p04128999/?utm_source=GNW
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