MarketsandMarkets forecasts the Penetration Testing Market size to grow from USD 1.6 billion in 2021 to USD 3.0 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 13.8% from 2021 to 2026. ncreasing 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 surge in mobile-based business-critical applications to boost the growth of penetration testing market across the globe during the forecast period.
By deployment mode, cloud based segment to hold the largest market size during the forecast period
Cloud penetration testing is an authorized simulated cyberattack against a system that is hosted on a cloud provider such as Amazons AWS or Microsofts Azure. The main objective of a cloud penetration test is to find the weaknesses and strengths of a system so that its security posture can be accurately assessed. The benefits of a cloud penetration test are increased technical assurance and a better understanding of the attack surface that the systems are exposed to. Cloud systems, whether they are infrastructure-as-a-service (IaaS), platform-as-a-service (PaaS), or software-as-a-service (SaaS), are prone to security misconfigurations, weaknesses, and security threats just like traditional systems. Although cloud providers offer increasingly robust security controls an organization is ultimately responsible for securing its workloads on the cloud. According to the 2019 Cloud Security Report, the top cloud security challenges highlighted are data loss and data privacy. That’s why companies must adopt penetration testing solutions for the cloud in recent times and the future.
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In vertical, healthcare to grow at the highest CAGR during the forecast period
The growing dependence on technology has brought a surge in cyberattacks, particularly in the healthcare industry. Even small clinics can store PHI (Protected/Personal Health Information) for thousands of patients. Adding more to the difficulties is the traditional culture of healthcare facilities where they avoid any suitable cybersecurity solution for their IT infrastructure, which makes it vulnerable to cyberattacks. With multiple attack vectors, it can be difficult to quantify the threats to the unique environment. The medical industry is one of the most widely regulated industries due to the quantity and sensitivity of medical information in healthcare companies. The primary regulation for these organizations is HIPAA, which mandates all organizations holding PHI to adhere to a standardized set of controls. Failing to comply with regulations such as HIPAA leads to a huge penalty for healthcare facilities. These laws and regulations also help to prevent such cyberattacks and are among the major factor toward the adoption of penetration testing solutions and services in the healthcare sector.
The penetration testing market includes major vendors, such as Rapid7(US), Fireeye(US), Micro Focus(UK), IBM(US), Secureworks(US), Sciencesoft (US), Acunetix(US), Netsparkar(UK), Veracode(US), Core Security(US), Hackerone(US), Immuniweb(Switzerland), Raxis(US), Coalfire Labs(US), Rhino Security Labs(US), Checkmarx(Israel), Port Swigger(England), Indium Software(US), Netraguard(UK), Offensive Security(US), Vumeric Cybersecurity(US). These players have adopted different growth strategies to expand their global presence and increase their market shares. New product launches, partnerships, and acquisitions are some of the important strategies adopted by the major players to grow further in the penetration testing market.
Rapid7 is one of the leading providers of security, data, and analytics solutions. It is trusted by more than 5,600 organizations, including 37% of Fortune 1,000 companies, across 100 countries. Its security solutions analyze the security data, reduce the risk of breaches, and accelerate security improvement in real time. It provides innovative solutions for incident detection and response, threat exposure management, security advisory services, and cybersecurity services, such as penetration testing, program assessment services, training, and managed services. It also provides a penetration testing tool, Metasploit, and various penetration testing services, including network penetration testing, web application penetration testing, mobile application penetration testing, and IoT and internet-aware penetration testing.
The company offers adaptive security for instances where conventional security techniques are not sufficient to mitigate new-generation threats. It serves SMEs and large enterprises across verticals such as financial services, energy, government, healthcare, education, and retail. It has presence in major regions such as North America, EMEA, and APAC.
FireEye is a cybersecurity company that provides hardware, software, and services to investigate cybersecurity attacks, provide protection against malicious software, and analyze IT security risks. Initially, FireEye focused on developing virtual machines that would download and test internet traffic before transferring it to a corporate or government network. With time, the company diversified through the acquisitions of Mandiant and nPulse Technologies, among others. It went public in 2014.
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The company offers various products, including threat detection and prevention solutions, e-mail security products, endpoint and content security products, security management and orchestration products, and forensics and investigation products. FireEye provides penetration testing services such as external penetration testing, internal penetration testing, web application assessments, mobile application assessments, wireless technology assessments, embedded devices and IoT assessments, and social engineering.
FireEye serves over 7,700 customers (including more than 50% of Forbes Global 2000 companies) across 67 countries. The company has adopted various organic growth strategies, including new product developments and product enhancements, and inorganic growth strategies such as partnerships, mergers, and acquisitions. Recently in June 2021, FireEye was acquired by Symphony Technology Group (STG), as a result of which Mandiant was again converted into a stand-alone firm.
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