Penetration Testing Market size is expected to Reach US$ 5.53 Bn By 2029

Penetration Testing Market size is expected to Reach US$ 5.53 Bn By 2029
News Trail – Maximize Market Research
The Penetration Testing market was valued at $1.90 billion in 2022, with an expected revenue growth of 16.5% from 2022 to 2029, reaching nearly $5.53 billion.
This market research aims to provide insights into the definition, segmentation, market potential, trends, and challenges faced by the Penetration Testing industry in various regions.
The data used for analysis comes from credible sources such as websites, annual reports, and journals, and has been validated by industry professionals.
Government regulations mandating regular penetration tests and the rise of Penetration Testing as a Service (PTaaS) are major drivers of the market.
However, the high cost of penetration tests, ranging from $3,500 for SMEs to $90,000 for large businesses, poses a significant barrier to market growth.
Despite this, it is expected that the market will continue to expand during the forecast period.
The market is segmented into web application penetration testing, mobile application penetration testing, network penetration testing, and others.
The demand for mobile application penetration testing is predicted to grow at a CAGR of 6.8% due to the increasing vulnerabilities and data breaches in popular e-commerce applications like Amazon and Zomato.
The banking and finance sector, along with the government and defense sector, held the top positions in the global penetration testing market in 2020.
Cyber-attacks on government databases and financial institutions are expected to drive the growth of these sectors.
For example, Russian hackers breached the US government’s database in 2020, and a ransomware attack on the US banking institution CNA caused a three-day service interruption.
Overall, the Penetration Testing market shows significant potential for growth due to regulatory requirements and increasing cybersecurity concerns across various industries.
Link: https://www.newstrail.com/penetration-testing-market/


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