Research Insight

Artificial Intelligence in Chemicals Market Size & Share - Future Growth Expectations

The AI in chemicals market is expected to grow from USD 0.7 billion in 2024 to USD 3.8 billion in 2029, at a CAGR of 39.2% during the forecast period. The AI in chemicals market is experiencing a significant shift with the growing integration of AI in R&D, driven by the need for innovation and efficiency. There is a rising demand for AI-enhanced chemical process optimization, fueled by the industry's quest for cost-effectiveness and sustainability.

• Published: April 2024

Digital Map Industry - Upcoming Trends to Fuel the Global Growth

The digital map market is expected to grow at a Compound Annual Growth Rate (CAGR) of 11.1% during the forecast period, from USD 28.3 billion in 2024 to USD 47.8 billion by 2029. The adoption of digital map solutions is expected to be driven by the increasing need of organizations to enhance business efficiency, improve scalability and flexibility, and make informed decisions.

• Published: April 2024

Digital Map Market Size & Share - Future Growth Expectations

The digital map market is expected to grow at a Compound Annual Growth Rate (CAGR) of 11.1% during the forecast period, from USD 28.3 billion in 2024 to USD 47.8 billion by 2029. The adoption of digital map solutions is expected to be driven by the increasing need of organizations to enhance business efficiency, improve scalability and flexibility, and make informed decisions.

• Published: April 2024

Video Analytics Industry - Forthcoming Trends to Fuel the Global Growth

The video analytics market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 22.3% during the forecast period, to grow from USD 8.3 billion by 2023 to USD 22.6 billion by 2028. The increasing number of CCTV and surveillance system installations drives the adoption of video analytics software.

• Published: April 2024

Video Analytics Market Size & Share - Future Growth Expectations

The video analytics market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 22.3% during the forecast period, to grow from USD 8.3 billion by 2023 to USD 22.6 billion by 2028. The increasing number of CCTV and surveillance system installations drives the adoption of video analytics software.

• Published: April 2024

Decision intelligence Industry - Upcoming Trends to Fuel the Global Growth

The Decision intelligence market is expected to grow from USD 13.3 billion in 2024 to USD 50.1 billion in 2030, at a CAGR of 24.7% during the forecast period. The global decision intelligence market is witnessing substantial growth driven by factors such as the exponential growth of digital data from diverse sources, advancements in AI and machine learning technologies, the need for real-time insights for agile decision-making, a focus on enhancing customer experiences, and industry-specific applications.

• Published: April 2024

Decision intelligence Market Size & Share - Future Growth Expectations

The Decision intelligence market is expected to grow from USD 13.3 billion in 2024 to USD 50.1 billion in 2030, at a CAGR of 24.7% during the forecast period. The global decision intelligence market is witnessing substantial growth driven by factors such as the exponential growth of digital data from diverse sources, advancements in AI and machine learning technologies, the need for real-time insights for agile decision-making, a focus on enhancing customer experiences, and industry-specific applications.

• Published: April 2024

Middle East Cybersecurity Market Trends - Global Growth Predictions

The Middle East cybersecurity market is expected to increase from USD 14.8 billion in 2023 to USD 23.4 billion by 2028, with a compound annual growth rate (CAGR) of 9.6% during the forecast period.

• Published: April 2024

Digital Asset Management Industry - Forthcoming Trends to Fuel the Global Growth

The digital asset management market is expected to grow at a Compound Annual Growth Rate (CAGR) of 14.0% during the forecast period, from USD 5.3 billion by 2024 to USD 10.3 billion by 2029. The need for on-site support and enhancing customer experience is expected to drive the adoption of FSM solutions during the forecast period.

• Published: April 2024

Self-Sovereign Identity (SSI) Market Size & Share - Future Growth Expectations

The global self-sovereign identity (SSI) market size is projected to grow from USD 1.8 billion in 2024 to USD 47.1 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 90.5% during the forecast period. The expansion of self-sovereign identity is propelled by its critical role in revolutionizing healthcare data management and enhancing patient privacy and trust.

• Published: April 2024

Top Companies in Communication Test and Measurement - Anritsu (Japan) and VIAVI Solutions (US)

The communication test and measurement system market size is projected to grow from USD 9.6 billion in 2024 to USD 14.9 billion by 2029, at a CAGR of 9.1% during the forecast period. As communication technologies continue to evolve, there's a constant need for new test and measurement solutions to ensure the reliability, performance, and interoperability of these technologies. This includes emerging technologies like 5G, Internet of Things (IoT), and next-generation optical networks.

• Published: April 2024

Power Tools Companies - Stanley Black & Decker, Inc. (US) and Robert Bosch GmbH (Germany) are the Leading Manufacturers

The global power tools market size is expected to grow from USD 39.5 billion in 2024 to USD 45.5 billion by 2029, at a CAGR of 2.9%. Power tools are mechanical devices powered by electricity, batteries, and compressed air. These tools are designed to perform specific tasks more efficiently and with less manual effort compared to traditional hand tools. Power tools are commonly used in construction, woodworking, metalworking, and other industrial applications. They include a wide range of devices such as drills, saws, sanders, grinders, nail guns, routers, and impact wrenches, among others.

• Published: April 2024

Arc-based Plasma Lighting Companies - Ushio Inc. (Japan) and ams-OSRAM AG (Germany) are the Key Players

The global arc-based plasma lighting market is projected to grow from USD 616 million in 2024 to USD 676 million by 2029, registering a CAGR of 1.9% during the forecast period. The arc-based plasma lighting market is primarily driven by technological advancements and the increasing adoption of these lighting solutions across various applications such as entertainment & projection, solar simulation & environmental testing, and industrial lighting. Technological innovations in arc-based plasma lighting, including improved lamp designs and electrodeless HID lighting, are leading to the development of more efficient and reliable lighting solutions with better performance and flexibility.

• Published: April 2024

Top Companies in Waste Management Industry - WM Intellectual Property Holdings, L.L.C. (US), Suez (France) and Veolia (France)

The Global Waste Management Market is projected to reach USD 1598.1 billion by 2029 from an estimated USD 1219.6 billion in 2024, at a CAGR of 5.6% during the forecast period. The market has witnessed substantial expansion recently, propelled by stringent regulations aimed at reducing greenhouse gas emissions and promoting energy efficiency drive the adoption of waste managements, which are more energy-efficient than traditional heating and cooling systems.

• Published: April 2024

Intelligent Building Automation Technologies Industry - Forthcoming Trends to Fuel the Global Growth

The global intelligent building automation technologies market size is projected to grow from USD 90.2 billion in 2023 to USD 152.4 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 11.0% during the forecast period. The integration of edge computing in intelligent building automation represents a transformative leap in real-time data processing capabilities. By shifting computational tasks closer to the data source within the building infrastructure, edge computing ensures that critical information is processed instantaneously. This results in significantly quicker response times, minimizing delays and optimizing the overall performance of building automation systems.

• Published: April 2024

Enterprise Asset Management Market Size & Share - Future Growth Expectations

The enterprise asset management market is expected to grow at a Compound Annual Growth Rate (CAGR) of 9.8% during the forecast period, from USD 4.7 billion by 2023 to USD 7.6 billion by 2028. The adoption of enterprise asset management solutions is expected to be driven by the increasing need of organizations to improve business efficiency, maximize return on assets (ROA), and make informed decisions.

• Published: April 2024

Commercial Vehicle Telematics Software Market Size & Share - Future Growth Expectations

The global commercial vehicle telematics software market is projected to register a CAGR of 14.3% during the forecast period, reaching USD 10.3 billion by 2028 from an estimated USD 5.2 billion in 2023. The growth of commercial vehicle telematics solutions is propelled by a convergence of factors. These include increasing need for efficient fleet management, rising demand forreduced fuel consumption and vehicle downtime and the growing awareness for predictive maintenance.

• Published: April 2024

Workplace Safety Market Size & Share - Growth Predictions

The global workplace safety market size is projected to grow from USD 15.7 billion in 2023 to USD 30.3 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 14.0% during the forecast period. The increasing recognition of the importance of employee well-being fuels the growth of the workplace safety market. This shift is driven by a proactive approach inspired by NIOSH's Total Worker Health concept, emphasizing prevention-focused programs and education. Additionally, strict regulations from entities such as OSHA and global organizations like the ILO further propel the adoption of safety solutions.

• Published: April 2024

Digital Printing Packaging Companies - WestRock Company (US), DS Smith Plc (UK) and CCL Industries Inc. (Canada) are leading players in Digital Printing Packaging Market

The digital printing market is projected to grow from USD 30.2 billion in 2024 to USD 46.2 billion by 2029 at a CAGR of 8.9%. The digital printing packaging market is propelled by several key drivers and opportunities, including the increasing demand for customized and personalized packaging solutions driven by changing consumer preferences and brand differentiation strategies. Additionally, the flexibility and agility offered by digital printing technology enable shorter production runs, faster time-to-market, and cost-efficiency, aligning with the growing trend of just-in-time manufacturing and reduced inventory levels. Moreover, the ability of digital printing to accommodate variable data and designs fosters enhanced engagement and interaction with consumers, facilitating targeted marketing campaigns and supply chain traceability initiatives.

• Published: April 2024

Workplace Safety industry - Forthcoming Trends to Fuel the Global Growth

The global workplace safety market size is projected to grow from USD 15.7 billion in 2023 to USD 30.3 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 14.0% during the forecast period. The increasing recognition of the importance of employee well-being fuels the growth of the workplace safety market. This shift is driven by a proactive approach inspired by NIOSH's Total Worker Health concept, emphasizing prevention-focused programs and education. Additionally, strict regulations from entities such as OSHA and global organizations like the ILO further propel the adoption of safety solutions.

• Published: April 2024

Enterprise Asset Management Industry - Forthcoming Trends to Fuel the Global Growth

The enterprise asset management market is expected to grow at a Compound Annual Growth Rate (CAGR) of 9.8% during the forecast period, from USD 4.7 billion by 2023 to USD 7.6 billion by 2028. The adoption of enterprise asset management solutions is expected to be driven by the increasing need of organizations to improve business efficiency, maximize return on assets (ROA), and make informed decisions.

• Published: April 2024

Emerging Trends in Global Cloud Migration Services Market: Multi-Cloud, Containerization, AI Automation & More

The global cloud migration services market is projected to register a CAGR of 23.3% during the forecast period, reaching USD 29.2 billion by 2028 from an estimated USD 10.2 billion in 2023. Major factors to boost the market growth include the increasing demand for better agility and automation, the requirement for swifter and seamless deployment, and seamless integration and compatibility of enterprise applications with the evolving landscape of cloud technology.

• Published: April 2024

Cloud Migration Services Market Size & Share - Future Growth Expectations

The global cloud migration services market is projected to register a CAGR of 23.3% during the forecast period, reaching USD 29.2 billion by 2028 from an estimated USD 10.2 billion in 2023. Major factors to boost the market growth include the increasing demand for better agility and automation, the requirement for swifter and seamless deployment, and seamless integration and compatibility of enterprise applications with the evolving landscape of cloud technology.

• Published: April 2024

Emerging Trends in Global Smart Cities Market: IoT Integration, AI Analytics, Sustainable Infrastructure & More

The smart cities market is projected to grow from USD 549.1 billion in 2023 to USD 1,114.4 billion by 2028 at a CAGR of 15.2% during the forecast period. Shifts in demographics, such as an aging population and changing consumer behaviors, drive demand for smart solutions in healthcare, transportation, and housing.

• Published: April 2024

Smart Cities Market Size & Share - Future Growth Expectations

The smart cities market is projected to grow from USD 549.1 billion in 2023 to USD 1,114.4 billion by 2028 at a CAGR of 15.2% during the forecast period. Shifts in demographics, such as an aging population and changing consumer behaviors, drive demand for smart solutions in healthcare, transportation, and housing.

• Published: April 2024

Emerging Trends in Global IT Service Management (ITSM) Market: Cloud Adoption, AI Integration, and More

The ITSM market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 15.9% during the forecast period, to reach USD 22.1 billion by 2028 from USD 10.5 billion in 2023. An urge for convenient deployment in disaster-prone areas, adherence to regulatory compliance and government-led reporting standards across verticals and regions, and demand for enterprise service management across verticals are expected to drive the growth of the global ITSM market.

• Published: April 2024

Structural Health Monitoring Companies - COWI A/S (Denmark) and Campbell Scientific (US) are the Key Players

The global structural health monitoring market was valued at USD 2.5 billion in 2024 and is projected to reach USD 4.1 billion by 2029; it is expected to register a CAGR of 10.4% during the forecast period. The increasing need for structural health monitoring is propelled by various significant factors. The aging global infrastructure requires proactive monitoring to avert failures, and strict safety regulations mandate ongoing monitoring of vital infrastructure. Advancements in sensor technology and data analytics facilitate the development of advanced structural health monitoring solutions, encouraging their uptake.

• Published: April 2024

Modular Construction Companies - Laing O’Rourke (UK) and Fluor Corporation (US) are leading players in Modular Construction Market

Updated on : June 19, 2024

The global modular construction market size is projected to grow from USD 104.1 billion in 2024 to USD 140.8 billion by 2029, at a CAGR of 6.2% during the forecast period. The modular construction market is set to grow due to rising urbanization, population growth, and the need for rapid, cost-effective building solutions. Advancements in technology and design have enhanced the quality and customization options, making modular construction attractive for various building types. Additionally, its sustainability benefits, such as reduced waste and energy consumption, further drive its adoption. As these trends persist, the modular construction market is expected to expand significantly in the near future.

• Published: April 2024

Top Companies in Human Capital Management - Workday (US), SAP (Germany)

The HCM market is expected to grow at a Compound Annual Growth Rate (CAGR) of 8.5% during the forecast period, from USD 27.5 billion by 2024 to USD 41.3 billion by 2029. The adoption of HCM solutions is expected to be driven by the increasing need of organizations to enhance business efficiency, improve scalability and flexibility, and make informed decisions.

• Published: April 2024

Top Companies in Industrial Vehicles Industry - Toyota Industries Corporation (Japan), KION Group AG (Germany), Mitsubishi Logisnext Co., Ltd (Japan), Jungheinrich AG (Germany), Crown Equipment Corporation (US) are the Leading Players

The global industrial vehicles market size is projected to grow from USD 43.1 Billion in 2024 to USD 56.7 Billion by 2030, at a CAGR of 4.6%. The industrial vehicles market is expected to rise in the coming years due to increasing automation and adoption of advanced technologies, driving demand for specialized vehicles for various industrial applications. Additionally, growing infrastructure development projects and expanding manufacturing sectors worldwide fuel the need for efficient material handling and transportation solutions, further propelling the growth of the industrial vehicles market during the forecast period.

• Published: April 2024

Data Center Solutions Market Size & Share - Future Growth Expectations

The data center solutions market is expected to grow at a Compound Annual Growth Rate (CAGR) of 11.8% during the forecast period, from USD 338.8 billion by 2023 to USD 591.7 billion by 2028. The increasing demand for digital transformation and cloud services is a primary driver of the data center solutions market. With the rise of IoT (Internet of Things) devices and the need for low-latency processing, edge computing has gained prominence.

• Published: April 2024

Artificial Intelligence in Chemicals Industry - Upcoming Trends to Fuel the Global Growth

The AI in chemicals market is expected to grow from USD 0.7 billion in 2024 to USD 3.8 billion in 2029, at a CAGR of 39.2% during the forecast period. The AI in chemicals market is experiencing a significant shift with the growing integration of AI in R&D, driven by the need for innovation and efficiency. There is a rising demand for AI-enhanced chemical process optimization, fueled by the industry's quest for cost-effectiveness and sustainability.

• Published: April 2024

Top Companies in Sepsis Diagnostics Market: BioMérieux (France), Medtronic PLC (Ireland), Becton Dickinson and Company (US) and Danaher Corporation (US) are the Leading Players

The global sepsis diagnostics market is projected to reach USD 890 million by 2029 from USD 634 million in 2024, at a CAGR of 7.0% from 2024 to 2029. The expanding objective includes rising geriatric population, increasing sepsis prevalence, high incidence of HAIs, increasing adoption of mesh in sepsis diagnostics surgeries, technological advancement, increasing number of surgical procedures, and new product development, These key factors are encouraging the growth of sepsis diagnostics market globally.

• Published: April 2024

Laser Technology Companies - Coherent (US) and Trumpf (Germany) are the Leading Manufacturers

The global laser technology market size is expected to grow from USD 16.7 billion in 2022 to USD 25.6 billion by 2027, at a CAGR of 8.9%. Growing preference for laser-based material processing techniques, increasing demand for laser technology in optical communication and healthcare vertical, and growing demand for laser systems for various industrial processes such as welding, scribing, engraving, welding, and cutting etc., are the key factors driving the laser technology market.

• Published: April 2024

Top Companies in Companion Diagnostics Market - F. Hoffmann-La Roche Ltd. (Switzerland), Agilent Technologies, Inc. (US) and QIAGEN (Netherlands) are the Leading Players

The global companion diagnostics market is projected to reach USD 13.6 billion by 2029 from USD 7.5 billion in 2024, at a CAGR of 12.6% during the forecast period. The primary drivers of growth in this market include significant drug development efforts, well-established regulatory frameworks in the region, a sizable population undergoing advanced medical testing, and policy initiatives aimed at delivering effective care to cancer patients.

• Published: April 2024

Ammunition Companies - General Dynamics Corporation (US) and Northrop Grumman Corporation (US) are the Key Players

The global ammunition market size is projected to grow from USD 28.0 billion in 2023 to USD 33.1 billion in 2028, at a CAGR of 3.4% from 2023 to 2028. The market is driven by a number of factors, including the rise in geopolitical tensions, territorial conflicts, and political unrest worldwide; rising military spending, which has resulted in the modernization and upgrading of armed forces; changes in the nature of warfare; military modernization projects in major economies; and the militarization of police forces.

• Published: April 2024

Top Companies in Environment, Health, and Safety Industry - VelocityEHS (US) and asWolters Kluwer (Netherlands)

The environment, health, and safety market is projected to grow from USD 7.9 billion in 2024 to USD 11.5 billion by 2029 at a CAGR of 7.6% during the forecast period. Driven by heightened public awareness of environmental issues such as climate change and pollution, industries are under pressure to minimize their ecological impact. EHS services assist companies in efficiently managing waste, emissions, and resource usage, contributing to environmental sustainability. This proactive approach not only ensures regulatory compliance but also enhances operational efficiency and addresses environmental challenges. As industries strive to meet stringent environmental standards, the demand for EHS services continues to grow, driving innovation in environmental management practices.

• Published: April 2024

IT Service Management Market Size & Share - Future Growth Expectations

The ITSM market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 15.9% during the forecast period, to reach USD 22.1 billion by 2028 from USD 10.5 billion in 2023. An urge for convenient deployment in disaster-prone areas, adherence to regulatory compliance and government-led reporting standards across verticals and regions, and demand for enterprise service management across verticals are expected to drive the growth of the global ITSM market.

• Published: April 2024

Emerging Trends in the Global Commercial Vehicle Telematics Software Market

The global commercial vehicle telematics software market is projected to register a CAGR of 14.3% during the forecast period, reaching USD 10.3 billion by 2028 from an estimated USD 5.2 billion in 2023. The growth of commercial vehicle telematics solutions is propelled by a convergence of factors. These include increasing need for efficient fleet management, rising demand forreduced fuel consumption and vehicle downtime and the growing awareness for predictive maintenance.

• Published: April 2024

Intelligent Building Automation Technologies Market Size & Share - Future Growth Expectations

The global intelligent building automation technologies market size is projected to grow from USD 90.2 billion in 2023 to USD 152.4 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 11.0% during the forecast period. The integration of edge computing in intelligent building automation represents a transformative leap in real-time data processing capabilities. By shifting computational tasks closer to the data source within the building infrastructure, edge computing ensures that critical information is processed instantaneously. This results in significantly quicker response times, minimizing delays and optimizing the overall performance of building automation systems.

• Published: April 2024

Social Media Analytics Market Size & Share - Future Growth Expectations

The global Social Media Analytics Market is projected to grow from USD  4.8 billion in 2023 to USD 14.6 billion by 2028, at a CAGR of 24.9% during the forecast period. The social media analytics market is evolving rapidly with a focus on extracting actionable insights from the vast sea of digital data. Businesses are using advanced tools and solutions for comprehensive social media data analytics, providing real-time metrics and performance dashboards. With an emphasis on user engagement analytics and predictive analysis, companies make informed decisions based on data-driven insights. Social media listening tools enable organizations to monitor and respond to online sentiments effectively. The market also emphasizes customizable analytics solutions, allowing businesses to tailor their reporting to specific needs. Automation plays a key role, in simplifying the process of gathering and analyzing cross-platform data.

• Published: April 2024

Playout Automation & Channel-in-a-Box Market - Upcoming Trends & Future Scope

The global playout automation & channel-in-a-box market is projected to register a CAGR of 15.8% during the forecast period, reaching USD 6.1 billion by 2028 from an estimated USD 2.9 billion in 2023. Major factors to boost the market growth include the escalating demand for video content across various industries, increase in demand for OTT services, increasing engagement in HD and UHD content consumption and proliferation of live broadcasting at an accelerated pace.

• Published: April 2024

Personal Cloud Industry - Upcoming Trends to Fuel the Global Growth

The global personal cloud market to grow from USD 24.7 billion in 2023 to USD 57.7 billion by 2028 at a compounded annual growth rate (CAGR) of 18.5% during the forecast period. A personal cloud refers to a virtual storage space and computing environment that individuals use to store, manage, and access their digital data and applications over the internet.

• Published: April 2024

Personal Cloud Market Growth Factors: AI, Real-time Insights, Scalability

The global personal cloud market to grow from USD 24.7 billion in 2023 to USD 57.7 billion by 2028 at a compounded annual growth rate (CAGR) of 18.5% during the forecast period. A personal cloud refers to a virtual storage space and computing environment that individuals use to store, manage, and access their digital data and applications over the internet.

• Published: April 2024

Big Data Market Emerging Trends and Industry Evolution

The global big data market is projected to register a CAGR of 12.7% during the forecast period, reaching USD 401.2 billion by 2028 from an estimated USD 220.2 billion in 2023. The growth of big data solutions is propelled by a convergence of factors. These include the ascent of artificial intelligence (AI) and machine learning (ML) in enterprise applications, the increasing demand for data-driven decision-making and the exponential rise in data volume.

• Published: April 2024

Big Data Market Size & Share - Future Growth Expectations

The global big data market is projected to register a CAGR of 12.7% during the forecast period, reaching USD 401.2 billion by 2028 from an estimated USD 220.2 billion in 2023. The growth of big data solutions is propelled by a convergence of factors. These include the ascent of artificial intelligence (AI) and machine learning (ML) in enterprise applications, the increasing demand for data-driven decision-making and the exponential rise in data volume.

• Published: April 2024

Facial Recognition Market Size & Share - Future Growth Expectations

The global facial recognition market is estimated to be worth USD 6.3 billion in 2023 and is projected to reach USD 13.4 billion by 2028, at a CAGR of 16.3% during the forecast period. The driving force behind the widespread adoption of facial recognition technology is its significant role in integrating facial recognition into mobile devices for authentication and security.

• Published: April 2024

Industrial Networking Solutions Industry : - Forthcoming Trends to Fuel the Global Growth

The industrial networking solutions market size is projected to grow from USD 29.2 billion in 2023 to USD 73.3 billion by 2028, at a CAGR of 20.2% during the forecast period. The shift towards Industry 4.0 and brilliant production is a significant driver of industrial networking solutions. Manufacturers increasingly use automation, IoT (Internet of Things), and data analytics to boost efficiency and productivity.

• Published: April 2024

Data Mesh Industry - Forthcoming Trends to Fuel the Global Growth

The global data mesh market is projected to register a CAGR of 16.4% during the forecast period, reaching USD 2.5 billion by 2028 from an estimated USD 1.2 billion in 2023. Major factors to boost the market growth include the increasing need for data democratization and accessibility, tailored data pipelines driving agility and innovation, increasing adoption of cloud native technologies, and maintaining robust governance and security.

• Published: April 2024

Top Companies List of Penetration Testing Industry - Rapid7(US), Secureworks(US) and Synopsys(US) | MarketsandMarkets

The penetration testing market size is projected to grow from USD 1.7 billion in 2024 and reach USD 3.9 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 17.1% during the forecast period. The ever-evolving nature of cyber threats drives the expansion of the penetration testing market, especially in digital risk attacks. As cyberattacks become more frequent and sophisticated, organizations prioritize security measures to safeguard their systems.

Penetration testing is gaining prominence, which helps identify vulnerabilities before they are exploited. This involves using software tools or manual testing by security experts to assess various aspects such as web applications, mobile apps, network infrastructure, social engineering tactics, and cloud systems. While large enterprises lead in adoption due to their complex IT setups and compliance needs, small and medium-sized businesses increasingly recognize its importance. Challenges like cost, shortage of skilled professionals, and the dynamic nature of cyber threats persist, but the future trends point towards integration with AI and ML for automation and enhanced threat detection, a heightened focus on cloud security, and a surge in compliance-driven testing due to stricter data privacy regulations.

• Published: April 2024