Penetration Testing Market Size

Penetration Testing Market size was valued at USD 2.43 billion in 2023 and is likely to reach USD 11.24 billion by 2036, expanding at around 12.5% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of penetration testing is estimated at USD 2.67 billion.

Further, the penetration testing market generated a revenue of USD 1,395.6 Million in the year 2021. The growth of the market can be attributed to the surge in cybercrime all across the globe which needs to be controlled. Data breaches and hacks from numerous sources, including mobile and IoT (internet of things) devices, have dramatically increased as a result of a lack of data protection solutions and servers, pandemic-related consequences, and increasingly sophisticated exploits. Cybercrime, which includes data theft or embezzlement, hacking, and destruction, grew by roughly 599% during the COVID-19 epidemic. Hence the adoption of penetration testing is anticipated to increase, since it has become one of the essential parts of cyber-security strategy.

Companies integrate cybersecurity best practices into their corporate culture to successfully combat harmful intent. Organizations of all sizes are protected from cyberattacks owing to the penetration testing solution's ability to conduct tests more quickly, inexpensively, and frequently. Further, as data security and privacy concerns are dealt about more, compliance requirements have increased. Hence, regulations have been developed by industry groups and sector-specific regulatory bodies, which firms must follow alongside governments. Some of these regulations even carry fines if data is not protected from hackers. For instance, the GDPR permits fines up to USD 10 million or 2% of worldwide revenues, whichever is greater. The maximum fine for serious offences is USD 20 million, or 4% of the global turnover. Therefore, a regular penetration test is the first step toward obtaining compliance if the firm needs to adhere to particular industry norms and laws.