Cybersecurity, Red Teaming and Penetration Testing Market Size, Share, Growth, And Industry Analysis, By Type (Network Penetration Testing, Web Application Penetration Testing, Mobile Application Penetration Testing, Social Engineering, Wireless Penetration Testing, Others) By Application (Government and Defense, Banking, Financial Services, and Insurance (BFSI), IT and Telecom, Healthcare, Retail, Others), Regional Insights, and Forecast To 2031

Updated On: 22 April 2024

Cybersecurity, Red Teaming and Penetration Testing Market Report Overview

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global cybersecurity, red teaming & penetration testing market size was USD 133164.23 million in 2022 and  to touch USD 377364.56 million by 2031 at CAGR 12.27% during the forecast period.

A cybersecurity defense technique called penetration testing seeks to trick attackers by dispersing a number of traps and dummy assets throughout a system's infrastructure to mimic real assets. Additionally, it aids in identifying weaknesses in frontend/backend servers, sensitized inputs that are vulnerable to code injection attacks, and other application systems.

The widespread use of cloud computing products and services as well as the rise in data center construction are fostering the expansion of the worldwide penetration testing industry. Additionally, strict government regulations to promote the adoption of penetration testing products and services have a positive effect on the market's expansion. However, the growth of the penetration testing market is being constrained by a lack of highly qualified security professionals and high implementation costs. On the other hand, rising PTaaS and security assessment for remote employees are anticipated to provide lucrative chances for market advancement throughout the projection period.

COVID-19 Impact: COVID-19 Pandemic Crisis Has Had a Positive Effect On Market Growth

Due to the increase in digital applications during the lockdown, the COVID-19 pandemic crisis has had a positive effect on market growth. Penetration testing market development has also been aided by growing measures to reduce loss sustained in Asia-Pacific emerging countries and growing usage of penetration testing solutions. Due to several public, private, and other organizations adopting a work-from-home culture for their workers, the penetration testing sector is predicted to flourish in the COVID-19 circumstance. Additionally, a variety of IT and telecom sectors are implementing penetration testing solutions to reduce the loss they have incurred as a result of the pandemic situation and to increase their market share. Additionally, the lockdown significantly increases cybercrime and data breaches in businesses. Businesses throughout the world are facing great difficulties in carrying on with operations notwithstanding the widespread closure of offices and other facilities due to the epidemic. Cyberattacks are a possibility as a result of people using technology more and more to remain in touch with one another and run their enterprises effectively, particularly in pandemic situations. In 2020, the need for cutting-edge digital infrastructures increased dramatically. Employees are accessing business networks and data using their own devices that aren't adequately secure as a result of the growing trend of work from home (WFH), which exposes exploitable vulnerabilities to hackers. Additionally, many companies have created and upgraded their current web- and mobile-based applications to meet the rising demand for consumers to shop online, which has opened up opportunities for cyberattacks. This is due to the increased adoption of digital transformation. According to specialists in the field, the need for penetration testing started to increase in the second half of 2020. Due to the adoption of hybrid working practices by many businesses, there may be a greater demand for penetration testing in the future.

Latest Trends

"Increasing Use of Penetration Tools Leading Market Expansion"

Because there are so many cyberattacks worldwide, cybersecurity is becoming more and more crucial. With proactive strategies like those provided by penetration testing, businesses must priorities security more than ever. Cloud-based penetration testing, often known as penetration testing as a service, is a developing trend in the cybersecurity industry. It gives IT professionals the tools they need to perform and react to penetration tests. This service includes a never-ending cycle of testing and correction. It suggests that a continual testing and management programmer is necessary to address an organization's shifting security posture. This solution makes regular vulnerability scanning and continuous security management possible. The service's automated feature change tracking assures the traceability of security enhancements made to the application.

Cybersecurity, Red Teaming and Penetration Testing Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into Network Penetration Testing, Web Application Penetration Testing, Mobile Application Penetration Testing, Social Engineering, Wireless Penetration Testing; Others Network Penetration Testing is anticipated to be the leading segment.

• By Application Analysis

Based on application, the market can be divided into Government and Defense, Banking, Financial Services, and Insurance (BFSI), IT and telecom, Healthcare, Retail, Others. Government and Defense will be the dominating segment.

Driving Factors

"Growth in The Number of Data Centers Propel the Market Growth"

Opportunities frequently arise in the growing number of data centers, which are centralized clusters of networking and computing hardware. The data center industry is anticipated to see new prospects. Additionally, due to high-speed internet connections, improved industrial automation, and increased mobile device usage, the amount of data that is consumed has dramatically increased in recent years. The data center industry now has a sizable window of opportunity because to this surge in data volume. Additionally, a lot of businesses in this sector are increasingly digitizing their processes and offerings, which strengthens their reliance on data centers.

As a result, businesses are allowing data centers to gather a lot of data and maintain security throughout the epidemic, which is fueling the expansion of the penetration testing industry.

"High Use of Cloud Computing Services and Solutions Will Fuel the Market Growth"

Due to the cost of cloud-based services being comparably lower and the absence of the need for the construction of specialized IT infrastructure, their use is expanding quickly throughout the world. Additionally, cloud deployment makes software more accessible to unauthorized users and increases its vulnerabilities. Additionally, it aids organizations in obtaining a more thorough understanding of cloud assets. A completely functional cloud security solution that enables contemporary developers to continue their quick pace of invention safely, for example, was realized when Snyk announced the Cloud Security Solution in July 2021. This solution was created by and for developers. Penetration testing is also in great demand for cloud computing solutions and services since it is made to evaluate a cloud system's strengths and vulnerabilities in order to strengthen its overall security posture. These needs are fueling the penetration testing sector's expansion.

Restraining Factors

"High cost of Doing a Penetration Test and Its Complexity Impedes Market Growth "

The cost of excellent penetration testing varies according on the size, scope, complexity, testing method, tester experience, and remediation expenses of the organization. All businesses are unable to pay these costs, so many end up conducting testing less frequently than is necessary. For instance, even though the law mandates that a penetration test be conducted every two years, SMEs with limited cybersecurity resources may choose to do them annually or every two years. Therefore, the cost of performing penetration testing might prevent the market from growing.

Cybersecurity, Red Teaming and Penetration Testing Market Regional Insights

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"North America Will Dominate the Market During Forecast Period"

North America dominated the penetration testing market in terms of geography in 2021, and it is anticipated that it will continue to do so throughout the forecast period due to the rising use of cutting-edge technologies for automation across industries, including cloud computing, big data, artificial intelligence, and machine learning. But due to increased awareness of penetration testing and an increase in the number of SMEs using cloud-based security testing in the region, Asia-Pacific is anticipated to experience significant growth rate during the forecast period.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Splunk (U.S.)
• Accenture (Ireland)
• IBM (U.S.)
• Palo Alto Networks (U.S.)
• Invicti Security (U.S.)
• Qualys, Inc. (U.S.)
• Check Point Software Technologies (Israel)
• Fortinet (U.S.)
• Hewlett Packard Enterprise (U.S.)
• Redteam Security Consulting (U.S.)
• Contrast Security (U.S.)
• Veracode (U.S.)
• Symphony Technology Group (U.S.)
• Rapid7, Inc. (U.S.)
• Crowdstrike (U.S.)
• Core Security SDI Corporation (U.S.)
• Microsoft (U.S.)
• Synopsys, Inc. (U.S.)
• Portswigger Ltd. (U.K.)
• NortonLifeLock (U.S.)
• Trustwave Holdings, Inc. (U.S.)
• Cisco (U.S.)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.