The drivers for the penetration of market growth in the services segment are the continuous trend of outsourcing professional services to the emerging markets and globalization, especially in the field of compliance and other value-added services.
Northbrook, IL 60062 -- (SBWIRE) -- 10/02/2023 -- The global Penetration Testing Market size is expected to grow from an estimated value of USD 1.4 billion in 2022 to 2.7 billion USD by 2027, at a Compound Annual Growth Rate (CAGR) of 13.7% from 2022 to 2027, according to research report by MarketsandMarkets™.
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 are some of the factors that are driving the market growth.
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The Penetration Testing market is led by some of the globally established players such as Rapid7, Secureworks, Synopsys, CrowdStrike, IBM and others. These players have adopted various growth strategies such as partnerships, agreements, collaboration, acquisitions, and product developments to increase their market presence.
Rapid7 is one of the leading providers of Penetration Testing platforms, that provides security data and analytics solutions. The company offers its products to small businesses, medium-sized businesses, and service providers. The company offers Rapid7 penetration testing services that take advantage of the companys industry-leading expertise in vulnerability management and exploit detection to mimic real-world assaults on client networks (internal and external), applications, devices, and/or people. The company offers its services to various industries including technology, energy, financial services, healthcare and life sciences, manufacturing, media and entertainment, retail, education, real estate, transportation, government, and professional services and operates in 144 countries and has a global reach in North America, Europe, Middle East and Africa, Asia Pacific, and Latin America.
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Apart from large vendors, some SMEs, and start-ups such as Hackerone, Raxis, RSI Security, Rhino Security Labs, Sciencesoft Limited, Portswigger, Netragard, Software Secured, Vumetric Cybersecurity, Nettitude, Zimperium, NowSecure, SecurityMetrics, NetSPI, CovertSwarm, Holm Security, Intruder Systems, BreachLock, ISECURION, and Redbot Security are also evolving in the Penetration Testing market. Hackerone is a bug bounty and vulnerability coordination platform that links corporations with penetration testers and cybersecurity experts. The company offers several solutions and products for penetration testing including Attack Resistance Management, Application Security, Vulnerability Management, Cloud Security Solutions and Hackerone Bounty, Hackerone Response, Hackerone Pentests, and Hackerone Insights as the products to save businesses from attacks and fix the vulnerabilities in the system.
According to MnM's market evaluation framework, most companies opt for inorganic growth strategies to maintain their position in the market. The number of deals increased by around 50-60% relatively in the period 2020-2021. These deals collectively include partnerships, acquisitions, collaborations, and alliances. Due to the COVID-19 outbreak, there was a sudden decline in product launches and business expansion activities. However, from 2021 onwards, companies are expected to follow organic growth strategies to provide Penetration Testing solutions and services to end users, which, on the other hand, would help companies in increasing their market revenue.
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