The Penetration Testing market is poised to grow significantly. The reports say the market will be worth around $4.05 billion by 2029. The predicted CAGR is 12.5.
The Market Drivers
This market is expanding due to rising demand for web application firewalls, regulatory compliance, and requirements for deploying penetration testing solutions and services.
Penetration testing is growing in popularity in the healthcare industry. This ever-increasing demand is another critical factor in driving industry growth.
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Cyber attacks in the healthcare sector have doubled since the year 2014. Cyber threats have become a significant worry because of stringent U.S. rules intended to protect patients’ medical information. Violations of these standards can result in severe fines.
Further, the healthcare industry had to deal with a new set of cyber threats during the days of the coronavirus. The potential of penetration testing to combat such cyber attacks has been proven.
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The market also derives its strength from the expanding requirement for PTaaS and security assessment and the growing demand for cloud computing solutions among SMBs.
Covid-19 has also had an impact on market growth.
It seems governing bodies also have realized the potential of penetration testing, as is evident from the digitalization initiatives by the former.