Dublin, March 17, 2023 (GLOBE NEWSWIRE) -- The "Security And Vulnerability Management Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2022 to 2030" report has been added to ResearchAndMarkets.com's offering.
The size of the global security and vulnerability management market was worth US $13.5 billion in 2021 and is anticipated to register a CAGR of 7.5% during the forecast period of 2022 to 2030.
Companies Mentioned
- IBM (US)
- AT&T (US)
- Qualys (US)
- Rapid7 (US)
- Tenable (US)
- RSA Security (US)
- McAfee (US)
- Foreseeti (Sweden)
- F-Secure (Finland)
- Acunetix (US)
- Skybox Security (US)
- SecPod (India)
- Tripwire (US)
- Kenna (US)
Increase in vulnerabilities across the globe, high monetary losses due to the absence of security and vulnerability management solutions, stringent regulatory standards and data privacy compliances, the surge in the adoption of IoT and cloud trends, and integration of advanced technologies such as AI and ML with security and vulnerability management solutions are the major factors contributing to the market's high growth rate.
According to the Centre for Strategic and International Studies (CSIS) and McAfee, cybercrimes, which include damage and loss of data, stolen money, lost property, theft of intellectual property, and other sectors, cost the globe approximately USD 600 billion annually, or 0.8% of global GDP. These reasons are anticipated to spur the expansion of software and services for security and vulnerability management.
High Monetary Losses and Loss of Crucial Data Driving the Market Security and Vulnerability Management Market
Organizations are progressively adopting various technological innovations, such as enterprise mobility, virtualization, and cloud storage, to enhance business efficiency. Since business data can be easily accessed on mobile devices from the cloud and virtual storage, these developments have enabled firms to operate effectively and in real time. However, this mobile access to vital corporate information increases the danger of data loss and theft.
Misconfigurations in regards to strong password policy, firewall port access, web server hardening, Windows Defender, and various other antivirus detection systems, as well as administrative permission privileges, can be detected by vulnerability management solutions. When adopting a security plan or installing a security solution, numerous firms incur astronomical costs in the event of a security breach.
Due to the rise in COVID-19 instances, businesses are sending employees home to work remotely and students are enrolling in online courses. As enterprises hurry to move their operations and classes online, fraudsters are stepping up their efforts to exploit those with insufficient or ignorant security postures.
Utilizing the pandemic to deceive consumers into opening dangerous emails. Consequently, security and vulnerability management is a prudent option for industries seeking to prevent the disclosure of sensitive information. IBM estimates that the global average cost of a successful phishing campaign is around USD 3.86 million, while the cost of a phishing attack in the United States alone has risen to USD 7.9 million.
These monetary repercussions compel enterprises to use security and vulnerability management solutions to safeguard their secure environments. According to Digital Defense, 99.9% of exploited vulnerabilities will be known to security and IT professionals for at least a year through 2020. This information demonstrates that enterprises of all sizes and types do not adequately manage their vulnerabilities. This is primarily due to ignorance.
Security Breaches Limiting the Market Growth
Internal vulnerabilities include insider threats, irresponsible workers, individuals recruited by competitors to corrupt corporate data, angry employees, and employees who intentionally utilize company data for their own benefit. Due to Structured Query Language (SQL) injection, email phishing, and Man-in-the-Middle (MiTM) assaults, cybercriminals achieve their financially driven objectives.
Most internal vulnerabilities and breaches go undiscovered; organizations do not even reveal these losses owing to their reputation in the ecosystem, as such occurrences are viewed as embarrassing. 48% of dangerous email attachments are office files, 34% of data breaches include internal actors like employees, and 94% of malware is delivered via email, according to Verizon.
According to a recent Endera poll, organizations deal with at least three workforce-related issues per week. These occurrences include fraud, cybersecurity threats, workplace violence, and gadget thefts or losses. Several of this report's significant trends underscore the need for security leaders to go deeper and be more proactive.
Companies can test their networks, applications, and IoT devices after implementing security and vulnerability management. Organizational security breaches rely heavily on internal weaknesses. According to Ekran System, the average cost of internal vulnerabilities to businesses climbed from USD 1.4 million in 2018 to USD 1.6 million in 2019.
Integration of sophisticated technologies with vulnerability management solutions to Open Promising Avenues During the Forecast Period
The use of AI and ML in vulnerability management provides IT professionals with in-depth risk insights based on the most critical and valid vulnerabilities. Combined with the security and vulnerability management platform, the AI platform expedites the correction of vulnerabilities based on real-time and predictive threat intelligence assessments, thereby reducing the frequency of data breaches.
The VM solution providers harness the power of AI, ML, and threat analytical capabilities to provide end users with comprehensive insight into their IT infrastructures, along with real-time threat prioritization and response. The Qualys VMDR solution uses advanced machine learning, correlation, and threat intelligence analysis to automatically prioritize and remediate vulnerabilities in on-premises, cloud, container, OT, and endpoint settings.
Skybox Security's risk-based vulnerability management system is another VM enterprise solution that employs context-aware prioritization, network modeling, attack simulation, and threat intelligence to identify the most significant vulnerabilities. In addition, Tenable's solutions offer a 360-degree view of the risk attack surface via a single dashboard containing AI-derived risk and contextual data.
High Initial Installation, Maintenance, And Deployment Costs Challenging the Market Expansion
The Qualys VMDR solutions are available for free evaluation; business VMDR begins at USD 6,368. (USD 199 per asset, minimum 32 assets). Tenable Nessus Pro (commercial) commences at $3,000 per year. Tenable. sc pricing begins at approximately $13,000 for 500-1,000 IP assets.
Pricing for Tenable.io begins at $2,380 per year for 65 assets. Rapid7 InsightVM offers a free 30-day trial; the annual license charge for InsightVM is USD 25 for 250 assets and USD 19.56 for 1,000 assets. Financial institutions are key end-users of vulnerability management solutions, and they do not compromise on cost.
Banking Financial Services and Insurance Segment to Top the Application Segment in 2021
Due to the industry's extensive customer base, the BFSI sector faces a number of data breaches and cyberattacks. Data breaches result in increased costs for corrective actions and the loss of important client data.
For example, in the recent past, the Far Eastern International Bank of Taiwan suffered a malware-related loss of approximately $60 million. Private and public banking institutions are focused on installing the most advanced anti-cyberattack technology to safeguard IT processes and systems, protect sensitive client data, and adhere to government requirements.
With increasing technological penetration, digital channels such as internet banking and mobile banking, and customers' preference for banking services, there is a greater need for banks to implement enhanced authentication and access control procedures.
Large Enterprises Led the Market by Type of Enterprise
Large companies dominate the worldwide security and vulnerability management market with a 60% share of revenues in 2021 and are the primary focus of security and vulnerability management suppliers. Over the past couple of decades, the risk of cybersecurity has increased rapidly, and we now live in a wholly digital and electronic world that is extremely susceptible to cyber-attacks and threats.
As a result of their vast digital infrastructure and many access points, hackers and cybercriminals are more likely to target large businesses. These organizations rely heavily on security and vulnerability management solutions in order to protect data and prevent losses. As more enterprises migrate to a cloud-based infrastructure, the risk and vulnerability of their data increase; consequently, they are embracing security and vulnerability management services to successfully protect their data and minimize any associated monetary losses.
North America Remains as the Global Leader
It is expected that North America holds the largest market share for security and vulnerability management. The early adoption of security and vulnerability management and the existence of several providers of security and vulnerability management solutions are anticipated to fuel market expansion in the area.
To promote business continuity, businesses in this region are progressively using security and vulnerability management solutions for enabling data security, combating cyberattacks and commercial espionage, and maintaining data security and privacy.
In the coming years, the security and vulnerability management industry in North America is anticipated to dominate. Multiple organizations are expanding their investments in security management solutions, which is driving demand for security and vulnerability management in the region.
APAC To Lead the Growth During the Forecast Period
As the speed of digitalization quickens throughout East Asia, South Asia, and the Pacific, prospects for network security and vulnerability management are projected to surge. Increasing technological diffusion and urbanization in these regions are also anticipated to boost the market potential for security and vulnerability management. Asia-Pacific is a burgeoning market for security and vulnerability management companies, as cyberattacks and BYOD data breaches gain popularity in the region.
Innovation Remains as the Key to Enhance Market Share
Key security and vulnerability management providers are focusing on novel solutions to protect businesses from cyberattacks that are always evolving. In order to maintain their security and vulnerability management solutions up-to-date, security and vulnerability management providers are also investing in research to analyze the evolving technologies and cybersecurity trends.
Historical & Forecast Period
This study report represents analysis of each segment from 2020 to 2030 considering 2021 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2022 to 2030.
Market Segmentation
Component
- Software
- Services
Target
- Content Management Systems Vulnerabilities
- IoT Vulnerabilities
- API Vulnerabilities
- Other Target Vulnerabilities
Deployment Mode
- Cloud
- On-Premises
Organization Size
- Large Enterprises
- SMEs
Vertical
- IT and ITeS
- BFSI
- Healthcare
- Retail
- Manufacturing
- Energy and Utility
- Other Verticals
Key questions answered in this report
- What are the key micro and macro environmental factors that are impacting the growth of Security And Vulnerability Management market?
- What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
- Estimated forecast and market projections up to 2030.
- Which segment accounts for the fastest CAGR during the forecast period?
- Which market segment holds a larger market share and why?
- Are low and middle-income economies investing in the Security And Vulnerability Management market?
- Which is the largest regional market for Security And Vulnerability Management market?
- What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
- Which are the key trends driving Security And Vulnerability Management market growth?
- Who are the key competitors and what are their key strategies to enhance their market presence in the Security And Vulnerability Management market worldwide?
For more information about this report visit https://www.researchandmarkets.com/r/rwu6vm
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
