Penetration Testing Market Segmentation:
The small & medium enterprise [SMEs] segment predicted to record substantial growth during the forecast period. This growth can be attributed to rise in data breach activities faced by the organization. Data breach is one of the major concerns for the small & medium enterprise. In actuality, about 50% of small businesses fail within six months of suffering a data breach or cyberattack. Hence, it is vital for enterprises of all sizes to implement steps to monitor suspicious network behavior. Additionally, penetration testing for small & medium enterprise may be necessary for present or potential clients. A larger company are frequently expected to confirm that security of small & medium enterprise is strong enough, as they would be availing services. As by employing the product and services of respected enterprise, they risk damaging their brand and their reputation, further which could ultimately affect the SMEs growth. Hence, the adoption of penetration testing is growing in SMEs
The global penetration testing market is also segmented and analyzed for demand and supply by end user industry into education, BFSI, healthcare, retail, IT & telecom, and others. Amongst these segments, the BFSI segment is anticipated to hold the largest market revenue share of USD 15.56% by the end of 2035, growth of this segment can be attributed to growing cyber-attack on this sector. Compared to other industries, the financial sector always faces risks from innovative applications. The rise in cyberattacks is also attributed to platform advertising. Additionally, as a result of their migration to digital transactions and e-commerce platforms, banks and other financial institutions have become lucrative targets for hackers. For instance, the two main types of attacks against the BFSI sector in India were data breaches and digital banking threats, with data breaches accounting for more than 49% of reported occurrences in both years (2021 and 2022). About 17% of all attacks against this industry in 2022 were malware-based cyber events. Hence, these factors are estimated to boost the demand for penetration testing market.
Our in-depth analysis of the global penetration testing market includes the following segments:
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