Security and Vulnerability Management Market Size - By Component (Solution, Services), Deployment Model (On-premises, Cloud), End-use Industry (IT & Telecom, BFSI, Healthcare, Retail, Manufacturing, Energy & Utility), Organization Size & Forecast, 2023 -

Security and Vulnerability Management Market Size - By Component (Solution, Services), Deployment Model (On-premises, Cloud), End-use Industry (IT & Telecom, BFSI, Healthcare, Retail, Manufacturing, Energy & Utility), Organization Size & Forecast, 2023 - 2032

The Security and Vulnerability Management Market is expected to witness a y-o-y growth rate of 10% during 2023-2032 driven by escalating cyber threat landscape, and regulatory compliance requirements.

According to an article by Embroker in 2023, losses caused to companies by cybercrimes projected to reach $10.5 trillion annually by 2025 from $3 trillion in 2015. Notably, global cybercrime poses a significant threat to businesses, growing at a rapid rate of 15% year over year. As organizations grapple with increasingly sophisticated and frequent cyber threats, the demand for advanced security and vulnerability management solutions has surged. Additionally, the proliferation of connected devices and the advent of the Internet of Things (IoT) have expanded the attack surface, necessitating robust cybersecurity measures.

The security and vulnerability management industry is classified based on component, end-use, organization size, deployment model, and region.

The healthcare end-use segment is set for unprecedented growth during the study period, driven by the expanding medical facilities and a need for data integrity. The healthcare institutes, with their vast troves of sensitive patient data, are increasingly becoming a prime target for cyber-attacks. The digitization of health records and the integration of technology in healthcare delivery create new avenues for potential vulnerabilities, necessitating the adoption of security & vulnerability solutions.

The cloud deployment model segment is anticipated to register decent growth through 2032 driven by the way organizations manage their IT infrastructure. Recognizing the need for comprehensive security measures in cloud environments, businesses are increasingly investing in security and vulnerability management solutions tailored for the cloud. The demand for cloud-native security solutions is expected to surge as organizations seek to fortify their digital assets in the cloud computing.

Asia Pacific security and vulnerability management market is set for steady growth during the forecast period driven by rapid digital transformation, coupled with a burgeoning cyber threat landscape. Governments and enterprises alike are recognizing the importance of securing their digital infrastructure. Moreover, as organizations in the region embrace digitalization, the demand for advanced cybersecurity solutions is expected to grow.