Security and Vulnerability Management Market Outlook 2031:
The global security and vulnerability management market size was valued at USD 14.67 Billion in 2022 and is projected to reach USD 25.42 Billion by 2031, expanding at a CAGR of 6.3% during the forecast period 2023 - 2031. The growth of the market is attributed to the rules & regulations by government, increasing cyber awareness among the people, growing number of cyber attacks, and high growth in cloud computing.
Security and vulnerability management is a process to identify, evaluate, treat, and report on the security vulnerabilities happening in systems and also the software running on them. It is a technological weakness, which allows the attackers to compromise the information and products it has. Security and vulnerability management is implemented with the other security tactics and it is very important for the organizations to prioritize the threats and reduce their attack surface.
It is a continuous process that has to be performed to keep with the changes happening in the systems, new systems & software that are added to the networks, and finding of new vulnerabilities over time. The different devices are used in the software and systems to detect risk so, the decisions could be made to treat the risks. The main advantage of security and vulnerability management market is to indentify & eliminate the threat.
Security and Vulnerability Management Market Trends, Drivers, Restraints, and Opportunities
- Increasing vulnerability across the world is projected to push the security and vulnerability management market expansion in the coming years.
- Rising digital transactions has increased frequency of the cybercrimes are main factor propelling the security and vulnerability management market growth.
- Internal vulnerabilities is growing security breaches is anticipated to impede the market expansion during the forecast period.
- Lack of proper parameters for prioritizing risks acts as key challenge that can hamper the security and vulnerability management market growth.
- R&D investment & technological advancement in security and vulnerability management is estimated to create immense opportunities for the market players.
Scope of Security and Vulnerability Management Market Report
The report on the global Security and Vulnerability Management market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Security and Vulnerability Management Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
2016 – 2021
2023 – 2031
Size of the Organizations (Large Enterprises and Small & Medium Enterprises), End-user Verticals (BFSI, Manufacturing, IT & Telecommunication, Aerospace & Defense, Healthcare, Retail, and Others)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
IBM Corp.; Hewlett Packard Enterprise Company; Broadcom Inc.; Qualys Inc.; Dell EMC; McAfee Inc.; Tripwire Inc.; Skybox Security Inc.; Tenable Network Security; Alien Vault Inc.; Symantec Corp.; and NetIQ Corp.
Security and Vulnerability Management Market Segment Insights:
Large enterprises segment is projected to account for a large market share
Based on size of the organizations, the global Security and Vulnerability Management market share is divided into large enterprises and small & medium enterprises. The large enterprises segment is expected to constitute a key share of the market during the forecast period owing to cyber security threats, rising cyber security vulnerabilities, and cyber security exploits.
The large enterprises are using various products for cyber threats such as device vulnerability assessment products, application scanners, policy & compliance solutions, and others.
Healthcare segment is projected to hold a key market share
On the basis of end-user verticals, the security and vulnerability management market share is segmented into BFSI, manufacturing, IT & telecommunication, aerospace & defense, healthcare, retail, and others. The healthcare segment is expected to represent a key share of the market in the coming years due to the need to detect risks, increasing data & identity breaches, and accessing control to investigate.
Some major hacking cases in healthcare verticals and for maintain the logs of users accessing confidential data have increased the security against cyber threats. On the other hand, the BFSI segment is anticipated to expand at a rapid pace during the forecast period owing to large customer base and it has faced various cyber attacks & data breaches.
Asia Pacific is expected to dominate the market
On the basis of regions, the global Security and Vulnerability Management market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of Asia Pacific is anticipated to expand at an impressive CAGR during the forecast period. The regional market growth can be attributed to rising complexity of businesses, continuous growth in mobile workforce, and uncontrollable nature of the internet.
On the other hand, the market of North America is expected to exhibit a rapid growth rate in the coming years due to increase in number of vulnerable devices and high penetration of internet applications.
The global Security and Vulnerability Management market has been segmented on the basis of
Size of the Organizations
- Large Enterprises
- Small & Medium Enterprises
- IT & Telecommunication
- Aerospace & Defense
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
- IBM Corp.
- Hewlett Packard Enterprise Company
- Broadcom Inc.
- Qualys Inc.
- Dell EMC
- McAfee Inc.
- Tripwire Inc.
- Skybox Security Inc.
- Tenable Network Security
- Alien Vault Inc.
- Symantec Corp.
- NetIQ Corp.
Key players competing in the global Security and Vulnerability Management market include IBM Corp.; Hewlett Packard Enterprise Company; Broadcom Inc.; Qualys Inc.; Dell EMC; McAfee Inc.; Tripwire Inc.; Skybox Security Inc.; Tenable Network Security; Alien Vault Inc.; Symantec Corp.; and NetIQ Corp.
Some of these players are engaged in several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market shares.