According to a research report "Penetration Testing as a Service Market by Offering (Solution and Managed Services), Organization Size, Testing Types, Verticals (BFSI, Healthcare, IT & ITES, Telecommunications, Retail & E-Commerce, Manufacturing, Education) - Global Forecast to 2029" published by MarketsandMarkets, the global Penetration Testing as a Service (PTaaS) market size is projected to grow from USD 118 million in 2024 to USD 301 million by 2029 at a CAGR of 20.5% during the forecast period. The PTaaS market is primarily driven by increasing cyber threats and security breaches, regulatory and compliance requirements, digital transformation by adopting cloud services and IoT devices, and a shift towards remote work.

Get a Sample PDF: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=36245315

Further, the opportunities in the PTaaS market are spurred by technological advancements and automation, expansion into new verticals, and alignment of PTaaS with DevSecOps practices.

By offering segment, PTaaS solutions will grow at the highest CAGR during the forecasted period.

Due to several key factors, the solution segment is anticipated to have the highest CAGR in the PTaaS market during the forecasted period. Firstly, organizations are growing aware of the critical need to identify and address security vulnerabilities proactively. Such awareness drives demand for advanced penetration testing solutions that simulate real-world cyberattacks and provide comprehensive insights into security gaps.

Additionally, technological advancements and AI and machine learning integration in these solutions enhance their effectiveness and efficiency, making them more attractive to enterprises. Moving ahead, the increasing regulatory requirements and compliance standards across various industries are pushing companies to adopt robust security solutions to safeguard their data and infrastructure. Moreover, the scalability and flexibility of these solutions allow businesses of all sizes to customize their security measures according to their specific needs, further boosting the adoption of PTaaS solutions. These factors collectively contribute to the growing adoption and development of PTaaS solutions.

The large enterprises segment holds the largest market size during the forecast period in terms of organization size.

The large enterprises segment of the PTaaS market is anticipated to achieve the largest market size in the forecasted period. This is because large enterprises typically possess more complex and extensive IT infrastructures, making them prime targets for cyberattacks. Such complexity necessitates comprehensive and sophisticated penetration testing services to identify and mitigate vulnerabilities effectively. Additionally, large enterprises are more likely to have substantial budgets for cybersecurity measures, allowing them to invest in advanced PTaaS solutions.

Moreover, these organizations often operate in highly regulated industries such as finance, healthcare, and telecommunications, where stringent compliance requirements mandate regular and thorough security assessments. Furthermore, the higher stakes associated with data breaches and cyber incidents in large enterprises drive a more proactive and robust approach to security, reinforcing the demand for PTaaS. The combination of these factors ensures that large enterprises dominate the market size in the PTaaS market segmented by organization size.

By region, the Asia Pacific market will grow at the highest CAGR during the forecast period.

The Asia Pacific region is projected to experience the highest CAGR in the PTaaS market, driven by several compelling reasons. Firstly, the region is witnessing rapid digital transformation across various industries, including finance, healthcare, and e-commerce, significantly increasing the demand for robust cybersecurity measures. Additionally, the rising number of cyberattacks and data breaches in the region has heightened awareness among organizations about the importance of penetration testing to safeguard their digital assets.

Moreover, government initiatives and regulations to strengthen cybersecurity frameworks in countries like China, India, and Japan propel the adoption of PTaaS solutions. The growth of SMEs and startups in the region, coupled with their increasing reliance on digital platforms, also contributes to the surge in demand for penetration testing services. Furthermore, the presence of a large and diverse IT services industry, along with continuous advancements in technology, enhances the region's capability to adopt and integrate sophisticated PTaaS solutions, driving its exceptional growth in the market.

Request For Sample Report: https://www.marketsandmarkets.com/requestsampleNew.asp?id=36245315

Market Players:

Synack (US), HackerOne (US), Synopsys (US), Intervision (US), Edgescan (Ireland), Bugcrowd (US), Guidepoint Security (US), Trustwave (US), Cobalt (US), NetSPI (US), Veracode (US), Yogosha (France), Software Secured (Canada), Raxis (US), Vumetric Cybersecurity (Canada), Nowsecure (US), Breachlock (US), Astra Security (India), Strobes Security (US), Pentest People (UK), Rootshell Security (UK), SafeAeon (US), Immuniweb (Switzerland), and Cyberhunter Solutions (Canada) are the key players and other players in the PTaaS market.