Global Security and Vulnerability Management Market - 2022-2029

Global Security and Vulnerability Management Market - 2022-2029

Market Overview

Security and vulnerability management market reached US$ XX million in 2021 and is expected to record significant growth by reaching up to US$ XX million by 2029, growing at a CAGR of 7.40% during the forecast period (2022-2029).

Security and vulnerability management is the continuous and routine process of identifying, assessing, reporting, managing and resolving cybersecurity risks across endpoints, workloads and systems. A security team will typically use a security and vulnerability management tool to detect security flaws and then use various processes to patch or remediate them. A strong vulnerability management program prioritizes risks and addresses vulnerabilities as soon as possible by leveraging risk analyzing intelligence and IT and business operations knowledge.

Market Dynamics

Rising cyber crimes and growing cyber security demand are major global security and vulnerability management market, drivers. Nonetheless, the exorbitant installation, deployment and maintenance costs could be a major market restraint.

Rising cyber crimes and growing demand for cyber security

According to data, cyber-attacks are currently the fifth most dangerous risk in 2020 and have become the new norm in industries and businesses. Cyber threats continue to rise in 2022, with IoT cyberattacks expected to double by 2025. Furthermore, U.S.'s detection (or prosecution) rate is as low as 0.05 percent, according to the World Economic Forum's 2020 Global Risk Report.

Since the threat of cybercrimes such as theft, embezzlement and data hacking and destruction has increased by 600%, every sector has had to embrace new security and vulnerability analysis solutions, which reduces the time required to detect cyberattacks. As a result, usage of security and vulnerability management solutions and services is rapidly increasing, fueled by organizations' growing critical need to prevent cyberattacks. As a result, rising cybercrime and increased demand for cyber security may be cited as significant market drivers for the global security and vulnerability management market.

Exorbitant installation, deployment and maintenance cost

Institutions hold extremely sensitive data and use vulnerability management solutions to protect this private information. However, implementing security and vulnerability management software and services can be extremely hefty monetary involvement. For instance, The price of Tenable Nessus Pro with a commercial license starts at US$ 3,000 per year while Tenable.sc pricing begins at around US$ 13,000 for 500-1,000 IP assets. Similarly, Tenable.io pricing begins at US$D 2,380 per 65 assets for one year. Though big organizations skimp on price, small and medium-sized businesses that lack the financial resources to implement costly security and vulnerability solutions won't be able to afford the implementation of these products. As a result, the exorbitant installation, deployment and maintenance costs could restrict the growth of the global security and vulnerability management market.

COVID-19 Impact Analysis

Adopting rapid digital transformation strategies as a result of COVID-19 has resulted in an immediate increase in the number of access points and endpoints, resulting in a rapid increase in event log data, followed by other issues such as performance, accessibility, security and enhanced IT costs, necessitating security and vulnerability management solutions and services. COVID-19 has increased organizations' emphasis on centrally managing multiple cloud resources. As a result, the demand for security and vulnerability management solutions and services to ensure the safety of cloud services, applications and infrastructure increases.

However, as email phishing attacks have spiked during the COVID-19 pandemic, cloud-based security and vulnerability management solutions and services were in high demand due to benefits such as scalability and external expertise. The exponential increase in data flow following the outbreak of COVID-19 complicates and lengthens the analysis process, further increasing the emphasis on security and vulnerability management products in the market. Nonetheless, as the current model of work culture is widely accepted across the globe and the chances of returning to the previous one are negligible, the market prospects for security and vulnerability management market are expected to increase even after the complete pandemic is obliterated.

Segment Analysis

The global security and vulnerability management market is classified based on component, target, deployment mode, organization size, end-user and region.

The growing internet penetration in BFSI and the rising number of cyber attacks

The banking, finance and insurance (BFSI) industry are data-driven, with numerous data sources. Data sources include cash payments, ATM money transfers, new accounts, online banking and card transactions. Banks and financial institutions can obtain information from various sources, including transaction details, support line data, emails, social networks, external feeds and loan data.

Because of the volume of data produced daily for digitizing their procedures and ensuring the smooth operation of their businesses, the BFSI vertical necessitates a large-scale safety and intrusion prevention solution. Minor flaws can cause massive losses for the IT company and companies in other industries. As a result, the BFSI vertical is constantly implementing advanced security and vulnerability management solutions and services to improve overall security and as a result, it dominates the end-user segment.

Geographical Analysis

Rising APTs in North America boost their share in the global security and vulnerability management market

North America includes technologically advanced countries such as U.S and Canada, major contributors to the security and vulnerability assessments market. North America is advanced and adaptable regarding security infrastructure and technological development. Adopting vulnerability and security management and the availability of several local vendors offering security and vulnerability management solutions are expected to drive regional market growth. Businesses in North America are increasingly implementing the respective solutions to enable data security, prevent cyber-attacks and commercial espionage and ensure data security and privacy for business continuity. With advanced persistent threats (APTs) and targeted attacks, there is a greater need for advanced security and vulnerability management solutions to secure IT infrastructure. The region is home to several large enterprises and rapidly growing SMEs, with the primary goal of implementing security and vulnerability management solutions.

Competitive Landscape

The global security and vulnerability management market is highly dynamic regarding global and local producers' numbers and strengths. The market is fragmented due to numerous manufacturers such as IBM, AT&T, Qualys, Rapid7, Tenable, RSA Security, McAfee, Foreseeti, F-Secure and Acunetix. Pivotal market stakeholders employ market tactics like mergers, acquisitions, product launches, contributions and collaborations to gain competitive advantages and recognition in their respective markets.

IBM

Overview: AI, BlockChain, Cloud Computing, Data Analytics, IT Infrastructure, Security, supply chain, Business Operation and supply chain are the nine product and solution categories offered by International Business Machines Corporation. The company provides services in 19 industries, including automotive, aerospace, education and electronics. The company operates in over 175 countries and has expanded into the Americas, Africa, Asia Pacific, Europe and the Middle East. The company provides over 170 cloud products divided into 18 categories.

Product Portfolio:

• X-Force Red vulnerability management services: The product identifies, prioritizes and remediates many vulnerabilities with and without CVEs in IT infrastructures.

Key Development:

• On October 14, 2021, IBM Research and X-Force Red are working together to create a new service that will make vulnerability management more efficient by combining Watson Discovery search-based techniques and AI techniques with STIGs as training data to predict the risk associated with each check found in best practices documents.

Why Purchase the Report?
• To visualize the global security and vulnerability management market segmentation based on component, target, deployment mode, organization size, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities in the global security and vulnerability management market by analyzing trends and co-development.
• Excel data sheet with numerous data points of security and vulnerability management market-level with four segments.
• PDF report consisting of cogently put together market analysis after exhaustive qualitative interviews and in-depth market study.
• Product mapping available as excel consisting of key products of all the major market players

The global security and vulnerability management market report would provide approximately 76 tables, 79 figures and almost 190 pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies