Growth Drivers
- Growing Penetration of Smartphones
In India, the smartphone penetration rate was about 50 percent in 2020 and was predicted to reach approximately 95 percent in 2040, a more than twofold increase from the financial year 2016 when only about 20 percent of the population used smartphones. Mobile phones are now an even bigger part of routine everyday activities. Owing to the pandemic the penetration of smart phones increased and is expected to boost further. Thus the trend suggests that customers are using the internet more frequently, utilizing more services such as financial technology platforms, and generally exposing themselves to more information technology service providers and data security concerns. Hence, penetration testing is an essential part of modern services since it could evaluate digital infrastructure and stop dangerous attacks.
- Urge to Avoid Security Breaches
Security breaches could cost the organization millions of dollars. For instance, for the 12th consecutive year, the United States has the greatest cost of a data breach, with about USD 4 million higher than the global average. Hence avoiding security breaches is necessary in order to avoid further expenses. Hence, to avoid security breaches in the system, penetration testing could be used to detect and eliminate vulnerabilities before they arise.
- Growing Adoption of Cloud Computing
In 2019, approximately, 89% of organizations were using cloud computing, high from 2020 which was about 85% of the organization.
- Rise in Adoption of Penetration Testing System
In April 2022, the Australian business Bugcrowd introduced project-based pen testing for quick deployment and real-time findings. It also offered a crowdsourced security platform. Additionally, the business unveiled a brand-new product called "Basic Pen Test and Standard Pen Test—purpose," which is accessible via the Bugcrowd platform and has a number of features that are intended to make compliance-based testing quick, simple, and, most importantly, efficient.
- Rapid Transition to Work from Home
About 25% of workers in America were working remotely in 2021. It is also believed that, by 2025, approximately 35 Million employees in America would work remotely.
Challenges
- High Cost of Penetration Testing Solutions - Penetration testing comes at a significant price. This price might varies depending on the organization size, scope, and complexities. However, not all businesses could afford the fees, hence further reducing the frequency of tests than necessary. Therefore, this factor is expected to restrain the growth of the market over the forecast period.
- Lack of Skilled Professionals to Operate the Penetration Testing System
- Large Number of Tools Used by Pentester
