DUBLIN--(BUSINESS WIRE)--The "Penetration Testing Software Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type, Enterprise Size, and Application" report has been added to ResearchAndMarkets.com's offering.
The global penetration testing software market is expected to grow from US$ 1,411.9 million in 2021 to US$ 4,045.2 million by 2028; it is estimated to grow at a CAGR of 14.4% from 2021 to 2028.
Compliance is one of the most critical issues that an organization must address, as any failures can have far-reaching consequences. Not only do government-required regulations and industry standards' bodies often require compliance for organizations to meet or maintain certification, but client organizations may also require verifiable conformity to conduct business.
Unfortunately, this has resulted in a Pass/Fail approach to many security aspects, as excellence has fallen victim to expediency. As a result, penetration tests are sometimes misunderstood as check-the-box activities to meet expectations. On the other hand, penetration tests can help to improve security posture when done correctly.
Furthermore, Penetration testing software market is required by regulations such as General Data Protection Regulation (GDPR), The Sarbanes-Oxley Act (SOX), SOC2, Payment Card Industry Data Security Standard (PCI DSS), OWASP, and Network and Information Security (NIS), and failure with such regulations results in substantial fines imposed on enterprises.
According to RedScan, enterprises are required to develop a procedure for regularly testing and reviewing the efficiency of technological and organizational measures to maintain data processing security under GDPR Article 32. Obtaining information on technical security vulnerabilities, evaluating exposure to these vulnerabilities, and taking appropriate steps to address the associated risks in a timely way are all requirements of ISO 27001's objective A.12.6.1.
Penetration testing is also required annually or after any significant modifications to infrastructure, according to PCI DSS 3.2 Requirement 11. As a result, strict rules requiring regular penetration testing boost the demand for penetration testing software market.
In terms of the impact of COVID-19 pandemic on the penetration testing software market throughout the key verticals, North America had the biggest market share. The pandemic has had a significant impact on North America due to a high number of immigrants traveling through the region, the lack of an initial stage lockdown in the country, and the presence of a large number of virus carriers in the country at the same time, spreading the disease rapidly.
The IT industry in the region is dominated by two countries: the US and Canada. The COVID-19 pandemic has hastened the shift to a work-from-home model, which has increased the adoption of penetration testing software in the enterprise environment. Hence, the penetration testing software business in North America has benefited from the pandemic due to the presence of the US and Canada, wide-scale internet usage, and the presence of major penetration testing software providers in the region.
Reasons to Buy
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the penetration testing software market
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- The key findings and recommendations highlight crucial progressive industry trends in the penetration testing software market thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
Key Market Dynamics
Market Drivers
- Rise in Penetration of Internet and Cloud-Based Services
- Increasingly Stringent Rules and Compliance Requirements to Necessitate Use of Penetration Testing Software
Market restraints
- High Cost of Performing Penetration Test
Markey Opportunity
- Increasing Trends of Penetration Testing-as-a-Service (PTaaS) and Remote Working Security
Future Trend
- Emergence of Artificial Intelligence and Machine Learning Enabled Deployment Models
Company Profiles
- Acunetix
- Bugcrowd
- Defendify
- HackerOne
- Intruder Systems Ltd
- Netsparker Ltd.
- Pentest-Tools.com
- Rapid7
- Veracode, Inc.
- HelpSystems
For more information about this report visit https://www.researchandmarkets.com/r/v8hgo2
