PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1532862
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1532862
Penetration Testing as a Service Market was valued at USD 110.90 million in 2023, expanding at a CAGR of 20.10% from 2024 to 2032.
PTaaS combines manual and automated penetration testing on a cloud-based platform, allowing IT professionals to conduct both point-in-time and ongoing security assessments. This service assists organizations in establishing effective vulnerability management strategies, facilitating quicker identification and resolution of security weaknesses. Certain PTaaS providers even offer real-time data visualization tools and educational resources to enhance organizations' comprehension of vulnerabilities and validate the efficiency of their security remediation efforts.
Penetration Testing as a Service Market- Market Dynamics
The market is expected to experience growth due to the rise in cyber threats, security breaches, as well as regulatory and compliance requirements
The dynamic landscape of cyber threats necessitates that organizations keep pace through continuous testing and updated security protocols. The increasing recognition among executives and board members regarding the significance of cybersecurity is fueling investments in PTaaS as a component of a comprehensive security approach. Anne Neuberger, U.S. Deputy National Security Advisor for cyber and emerging technologies, has projected that the annual average cost of cybercrime will surge to over USD 23 trillion by 2027, up from USD 8.4 trillion in 2022. Global cybercrime expenses are anticipated to reach USD10.5 trillion annually by 2025, underscoring the imperative for bolstered cybersecurity measures. Different sectors have distinct security benchmarks and optimal practices that mandate routine penetration testing to uphold compliance and safeguard the confidentiality of critical data. Moreover, the escalating demand for advanced testing solutions and the expansion of Managed Security Services present growth prospects for the market. Nevertheless, concerns regarding Data Privacy may impede the market's growth.
Penetration Testing as a Service Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 20.10% over the forecast period (2024-2032)
Based on Offering segmentation, Solution was predicted to show maximum market share in the year 2023
Based on Organization Size segmentation, Large Enterprises was the leading type in 2023
Based on End-User segmentation, Healthcare was the leading type in 2023
Based on region, Asia pacific was the leading revenue generator in 2023
The Global Penetration Testing as a Service Market is segmented based on Offering, Organization Size, Testing Type, End-User, and Region.
The market is segmented into two categories according to Offering: Solution and Managed Services. The solution holds the majority share in the market. PTaaS solutions are crafted to provide organizations with flexibility, scalability, and expertise in effectively managing their cybersecurity risks.
The market is segmented into two groups according to Organization Size: Large Enterprises and SMEs. Large Enterprises hold a significant share of the market. PTaaS serves as a valuable tool for large enterprises seeking to improve their security stance, effectively mitigate risks, and adhere to regulatory standards.
The market has been segmented into seven categories according to Testing Type: Network Testing, Web Application Testing, Mobile Application Testing, Social Engineering Testing, Cloud Testing Services, and Others. PTaaS provides a diverse array of testing services to cater to various security requirements. Every testing type offers valuable insights into particular aspects of an organization's security framework, aiding in the efficient identification and mitigation of risks.
The market is segmented into seven categories according to End-User: Government and Defense, BFSI, IT and Telecom, Healthcare, Retail, Education, Retail and E-commerce, and others. Healthcare holds the largest market share. Penetration testing as a Service (PTaaS) is gaining significance within the healthcare industry, given the crucial role of safeguarding sensitive patient information and adhering to strict regulations.
Penetration Testing as a Service Market- Geographical Insights
The market for penetration testing services is spread across various regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further segmented based on the countries where business activities take place. The Asia Pacific region stands out as the dominant force in the market, driven by the rapid digital transformation witnessed in sectors such as finance, healthcare, and e-commerce. This transformation involves the widespread adoption of cloud services, digital platforms, and cutting-edge technologies. As of June 2023, China boasted approximately 1.08 billion internet users, a figure nearly double that of the end of 2012. Moreover, internet penetration in the country surged from 42.1 percent to 76.4 percent during this period, as projected by The State Council Information Office of China (SCIO). On the other hand, North America emerges as the second-largest region contributing to market growth, owing to the increasing emphasis on compliance and regulatory requirements.
The market for Penetration Testing as a Service (PaaS) is highly competitive, with a variety of companies providing services tailored to the specific requirements of organizations in different sectors. Competition in this market is influenced by factors like technological progress, service excellence, pricing strategies, and specialization. Businesses are incorporating advanced technologies like AI and machine learning to improve the accuracy and effectiveness of their testing procedures. The automation of vulnerability scanning and testing is a prominent trend. Companies are placing a strong emphasis on delivering transparent communication, comprehensive reporting, and practical insights. Numerous service providers are dedicated to enhancing the customer experience by prioritizing transparency and offering robust support systems.
On February 29, 2024, Synack, a leading security testing platform, unveiled a new Attack Surface Discovery service and advanced AI penetration testing capabilities to assist overwhelmed security teams in keeping up with ever-changing threats.
NowSecure, a prominent provider of mobile app security and privacy software based on standards, has unveiled its newest offering, NowSecure Mobile Pen Testing as a Service (PaaS). This service aims to close the divide between manual and automated mobile security evaluations, ensuring ongoing security for mobile applications.
GLOBAL PENETRATION TESTING AS A SERVICE MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Synack
HackerOne
Synopsys
Intervision
Edges can
Bugcrowd
Guidepoint Security
Trustwave
Cobalt
NetSPI
Veracode
Yogosha
Software Secured
Raxis
Vumetric Cybersecurity
NowSecure
Breachlock
Astra Security
Strobes Security
Pentest People
Rootshell Security
SafeAeon
Immuniweb
Cyberhunter Solutions
Others