Increasing adoption of cloud computing solutions and services and increasing number of data breaches to fuel the growth of the global penetration testing market
Valley Cottage, NY -- (SBWIRE) -- 07/02/2019 -- Key players in the global penetration testing market are launching new products and increasing their business partnerships with other players. The U.S. is expected to be a key market in the global penetration testing market, due to the presence of major players in the region, an increasing number of data breaches and a rising adoption of cloud computing solutions and services. Insights such as these are included in a new report published by Future Market Insights titled "Penetration Testing Market: Global Industry Analysis (2012-2016) and Opportunity Assessment (2017-2027)." The global penetration testing market is expected to witness significant growth with an impressive CAGR of 13.9% during the forecast period of 10 years from 2017 to 2027. This growth can be attributed to the increasing usage of penetration testing solutions in various industrial verticals, and the increasing adoption of cloud based solutions and services.
Global Penetration Testing Market: Challenges
One of the biggest challenges for penetration testing solution vendors is the extreme and growing shortage of skilled cyber security personnel to analyse and respond to incidents of cyber threats
There are many multinational companies in North America, especially in the United States, who are looking to build multinational conferencing facilities. Such companies normally face challenges such as unauthorised access to the company's bridge and network
Small businesses have smaller IT budgets, and consequently spend less on penetration testing and other cyber security solutions. The lesser adoption of penetration testing solutions in small enterprises is one of the major challenges for the penetration testing market
Lack of knowledge and awareness about the usage of cyber security solutions such as penetration testing, network testing, and firewalls is another big growth restraint in the penetration testing market
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Global Penetration Testing Market: Key Players
IBM Corporation, Rapid7, Inc., Microfocus, Qualys, Inc., Synopsys Inc., Core Security SDI Corporation, Whitehat Security, Trustwave Holdings, Inc., Checkmarx.com LTD, VERACODE, Inc., Secure Works Inc., Acunetix, Contrast Security, and Paladion Network Private Limited are some of the key companies operating in the global penetration testing market.
Global Penetration Testing Market: Segmental Analysis and Forecast
By type, the global penetration testing market is segmented into network penetration testing, web application penetration testing, mobile application penetration testing, social engineering penetration testing, and cloud infrastructure penetration testing. Among the type segments, the web application penetration testing segment dominated the global penetration testing market with a 27.8% share in terms of revenue in 2016. However, the mobile application penetration testing segment is expected to exhibit relatively high growth rates in terms of revenue, registering a CAGR of 14.9% over the forecast period.
On the basis of component, the global penetration testing market is segmented into software, and pen-test services (Consulting and Software-as-a-Service). Pen-test services segment is expected to register high Y-o-Y growth rates throughout the forecast period. In terms of value, this segment is expected to expand at a CAGR of 14.4% during the forecast period.
By enterprise size, the segmentation comprises small and medium enterprises and large enterprises. In terms of value, the large enterprises segment is projected to be the most attractive segment in the global penetration testing market over the forecast period. In 2016, the large enterprises segment was the dominant segment, valued at US$ 316.9 Mn, and is expected to remain dominant in terms of revenue throughout the forecast period.
By vertical the market is segmented into BFSI, healthcare and life sciences, consumer goods and retail, automotive, IT and telecommunication, media and entertainment, government, and others. The IT and telecommunication segment is expected to register high Y-o-Y growth rates throughout the forecast period. In terms of value, this segment is expected to expand at a CAGR of 14.6% during the forecast period.
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Global Penetration Testing Market: Forecast by Region
North America, Latin America, Eastern Europe, Western Europe, APEJ, Japan and MEA are the seven regions that are covered in this report. North America was the dominant market in 2016 in terms of revenue in the global penetration testing market. In the coming years, North America is expected to be a key market for substantial revenue generation. In terms of value, the North America market is projected to be the most attractive regional market for penetration testing during the forecast period.