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In telecommunication, the term penetration has the following meanings:
Source: from Federal Standard 1037C, MIL-STD-188 and from the National Information Systems Security Glossary
In business, penetration is often short for market penetration, the degree to which a product or service is known and/or used among potential customers.
In firearms, penetration refers to the ability of piercing into the target's body armor and body itself; higher penetration means that it is more likely to pierce effective body armor.
Sexual penetration (as opposed to outercourse):
A kind of semi- or pseudo-penetration is inter-crural intercourse.