The global Security and Vulnerability Management market size is predicted to reach over USD 11.8 billion in 2020 and projected to grow at a CAGR of 4.9% over the forecast period.
The adoption of security and vulnerability management solutions is hampered by a lack of awareness about vulnerability management solutions, as well as deployment costs and scalability. Because of the industry's large customer base, the BFSI sector has been subjected to numerous data breaches and cyber-attacks. Data breaches result in exponential cost increases and the loss of valuable customer information. The growing popularity of e-commerce has compelled banks to create secure channels for third-party payments. This industry is expected to have the largest market share during the forecast period.
Security and vulnerability management provides a mechanism for enterprises to analyse risk factors and reduce the risk involved. Cyber-attacks such as data breaches, hacking, and malware attacks are among these threats. The increased use of third-party platforms such as SaaS and cloud storage has also increased the risk of network exposure, which can be mitigated with security and vulnerability management. By identifying potential/existing threats in the network, Security and Vulnerability Management provides increased security and new approaches to dealing with threats.
Rising enterprises pay large sums as compensation for the lack of vulnerability management solutions, which is a significant factor in the global growth of the security and vulnerability management market. In the forecast period, the growing massive migration of enterprises to cloud computing will create lucrative opportunities for the security and vulnerability management market.
The report also emphasizes several distinctiveness of the global Security and Vulnerability Management industry by valuing the market from value chain breakdown. Moreover, the report encompasses numerous qualitative features of the Security and Vulnerability Management industry which comprises market restraints, drivers, as well as key industry opportunities. Furthermore, the report offers an inclusive evaluation of the company profiling along with the market rivalry of local and global vendors.
The Security and Vulnerability Management market has tough competition among the new emerging and pre-established market vendors. Besides, the Security and Vulnerability Management industry vendors are trying to capture the prospective markets to grab a competitive advantage over the remaining industry vendors. To capture the market, market players are forming agreements, acquiring other companies & startups, mergers & acquisitions, partnerships & collaboration, and escalating their business existence.
Based on the industry vertical, the market is segmented into BFSI, Utilities, retail and E-commerce, government and public sector, healthcare, Manufacturing, and others. Because of the increased frequency of cyberattacks, security and vulnerability management are critical in healthcare organisations. As the number of data and identity breaches in the healthcare industry grows, so does the need for a security system to detect risks, maintain logs of users accessing confidential data, and access control for cyber threat investigation. Some major hacking incidents in the healthcare industry have resulted in increased cyber security. Security and vulnerability management solution providers have created advanced next-generation solutions to protect valuable data in the healthcare and social assistance vertical.
Asia Pacific (APAC) includes developed and developing economies with developed network infrastructure, such as Australia, South Korea, Japan, India, Hong Kong, and others. Countries in this region are flooded with a large number of Small and Medium-sized Enterprises (SMEs), which employ more than 70% of the population. The high costs associated with successfully deploying adaptive security projects prevent SMEs from implementing strong security and vulnerability management practises.
The major players of the global Security and Vulnerability Management market are IBM Corporation, EMC Corporation, Microsoft Corporation, Hewlett-Packard, Netiq Corporation, Rapid 7, Tripwire, Qualys, Skybox Security, Alien Vault among others. Renowned companies are offering new and modern Security and Vulnerability Management software solutions. In addition, the previously recognized as well as new market players are approaching the market with advanced and new strategic services and solutions and to remain competitive in the global market.
Segment Overview of Global Security and Vulnerability Management Market
Target Overview, 2019-2028 (USD Million)
- Content Management System Vulnerabilities
- API Vulnerabilities
- Internet of Things (IoT) Vulnerabilities
Deployment Model Overview, 2019-2028 (USD Million)
Organization Size Overview, 2019-2028 (USD Million)
- Large Enterprises
- Medium and Small Enterprises
Industry Vertical Overview, 2019-2028 (USD Million)
- Retail and E-commerce
- Government and Public Sector
Regional Overview, 2019-2028 (USD Billion)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America