The Latin America, Middle East and Africa Penetration Testing Market would witness market growth of 16.1% CAGR during the forecast period (2021-2027).
The expanding trend of IoT-based connected devices due to the escalated digitalization in emerging nations is accountable to fuel the demand for penetration testing solutions. Moreover, the augmented security compulsion and enlarged internet activities around the world are estimated to bolster the growth of the global penetration testing market over the forecasting years.
Further, the factor accelerating the demand for penetration testing solutions in several industry verticals is the increasing number of connected devices and wireless networks. Whereas, the lack of awareness and absence of skilled personnel among developing and underdeveloped nations are some of the factors that may hamper the growth of the penetration testing market in the upcoming years.
Unprecedented growth in cyber threats and the launch of a wide range of applications have increased the demand for security penetration testing services in this region. Penetration testing is a legal attack performed to identify the weaknesses of the system to resolve the problem in real-time to avoid any kind of cyberattack. In LAMEA, various companies come under small and medium enterprises due to which, they are unable to afford the frequent penetration testing of their systems.
The rapid penetration of smartphones and increased investments by the government in broadband infrastructure are surging the demand for penetration testing. The growing usage of smartphones, computers, and laptops along with the integration of IoT solutions leads to the generation of a high volume of data, which is needed to be secured by the security solutions. The growing companies including medical centers are investing money to adopt the penetration testing solutions so that there will be no chances of data breaching and data loss. These factors are anticipated to gradually surge the market growth of the regional penetration testing market.
The Brazil market dominated the LAMEA Small & Medium Enterprises Penetration Testing Market by Country 2020, thereby, achieving a market value of $25 million by 2027. The Argentina market would witness a CAGR of 18.3% during (2021 - 2027). Additionally, The UAE market is expected to witness a CAGR of 17.3% during (2021 - 2027).
Based on Offering, the market is segmented into Solution and Services. Based on Application, the market is segmented into Web Applications, Mobile Applications, Network Infrastructure, Social Engineering, Cloud, and Others. Based on Deployment Type, the market is segmented into Cloud-based and On-premise. Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. Based on End User, the market is segmented into IT & Telecom, BFSI, Retail, Healthcare, Manufacturing, Education and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Penetration Testing Market is Predict to reach $3.1 Billion by 2027, at a CAGR of 12%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, Micro Focus International Plc, FireEye, Inc., HelpSystems, LLC, HackerOne, Inc., Rhino Security Labs, Inc., Indium Software, Inc., Vumetric, Inc., Offensive security Services, LLC, and Checkmarx Ltd.
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