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
Published Date: July - 2024 | Publisher: MIR | No of Pages: 240 | Industry: Media and IT | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationSecurity and Vulnerability Management Market Size
Security and Vulnerability Management Market size was estimated at USD 14.5 billion in 2022 and is projected to exhibit a CAGR of more than 10% during 2023 to 2032. The rapid increase in worldwide cyber-attacks and threats is driving the growth of the market. Such complex cyber threats generate a higher need for strong security solutions. As per the Indian Ministry of Electronics and IT, during the first half of 2023, 36 central and different state government ministries and department websites were hacked and over 4.29 lakh financial institution-related cyber security incidents took place.
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The increase in compliance mandates from regulatory bodies, like the GDPR and industry-specific mandates, is driving the security and vulnerability management market. Organizations are looking to achieve high security standards, and hence there is a growing demand for holistic solutions that handle vulnerabilities to ensure compliance while preventing risks. For example, in July 2023, the Securities and Exchange Commission (SEC) required modifications to Forms 8-K and 10-K, requiring registrants to disclose material "cybersecurity incidents" in a timely manner. Companies are required to disclose it in Form 8-K within four days of determining a material incident. Disclosure of cybersecurity risk management procedures is also required annually in 10-K filings.
| Report Attribute | Details |
|---|---|
| Base Year | 2022 |
| Security and Vulnerability Management Market Size in 2022 | USD 14.5 Billion |
| Forecast Period | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR | 10% |
| 2032 Value Projection | USD 37.1 Billion |
| Historical Data for | 2018 to 2022 |
| No. of Pages | 220 |
| Tables, Charts & Figures | 359 |
| Segments covered | Component, deployment model, organization size, end-use industry |
| Growth Drivers |
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| Pitfalls & Challenges |
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What are the growth opportunities in this market?
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The substantial upfront investment required for acquiring and implementing security solutions acts as a barrier for some organizations. Ongoing maintenance expenses add to the overall cost, making it a financial challenge for many companies, particularly smaller businesses, hindering their ability to access and implement comprehensive vulnerability management systems.
COVID-19 Impact
COVID-19 sped up the migration toward remote working and digitalization, drastically growing the attack surface area for cyberattacks. This called for heavy investment in security and vulnerability management software to shield remote networks and information. Growing recognition of the cyber risks meant heightened demand for comprehensive security mechanisms, benefiting the market as firms made efforts to bolster their digital backbone against shifting dangers.
Security and Vulnerability Management Market Trends
The industry is seeing a dramatic move towards cloud-based security solutions due to their scalability, flexibility, and remote manageability. Organizations are increasingly moving security controls to the cloud in order to cope with dynamic work environments and remote work. Cloud-based solutions provide the benefit of scalability of security resources based on needs, with greater flexibility in deploying and managing security controls, allowing remote access & monitoring, meeting the changing requirements of a decentralized workforce and business environment.
The movement of incorporating Artificial Intelligence (AI) and automation in security is intended to support threat detection and response effectiveness. AI technologies process enormous amounts of data quickly, recognizing patterns & anomalies, thus supporting early threat detection. Automated responses reduce reaction time, which minimizes potential threats quickly.
For example, in October 2023, BackBox Software Inc. launched Network Vulnerability Manager to improve network automation. The new service optimizes network automation effectively, with a holistic solution to handle vulnerabilities in network infrastructures. This integration maximizes security effectiveness by minimizing human mistakes and allowing predictive analysis. It optimizes preemptive security and strengthens organizations against the continuously changing landscape of cyber attacks.
Security and Vulnerability Management Market Analysis
Learn more about the key segments shaping this market
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Depending on organization size, the large enterprises segment captured more than 70% of the market share in 2022 due to the high IT infrastructure and greater exposure to risks such organizations handle. With the rise in cyber attacks, these companies focus on all-around security, driving more investment in sophisticated vulnerability management solutions. Addressing complicated networks and various systems, such solutions meet the specific & far-reaching security demands of large-sized enterprises, accelerating the segment's growth prospects.
For example, in April 2023, Google introduced The Hacking Policy Council, a new cybersecurity effort to enhance vulnerability management. The Hacking Policy Council is partnering with Bugcrowd, HackerOne, Intel, Intigriti, and Luta Security to promote improved vulnerability management practices.
Read more about the dominant segments defining this market
On the basis of the end-use industry, the IT & telecom segment held 26% of the security and vulnerability management market share in 2022, owing to rising digital reliance. Since the industry keeps on expanding its networks and services, the landscape of vulnerabilities widens, calling for strong security protocols. This requires investments in advanced vulnerability management solutions for the protection of key systems, safe-guarding sensitive information, and maintaining continuous services, thus driving segment growth in the market.
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The market for North America security and vulnerability management posted over 35% of the revenue stake in 2022, thanks to the cyber threat awareness of the region, regulatory compliance requirements, and high investments in cybersecurity. Driven by awareness of comprehensive security solutions combined with the growing number of cyber threat incidents, North American organizations increasingly put emphasis on vulnerability management to secure systems, safeguard information, and adhere to changing security standards, giving rise to high market growth.
Security and Vulnerability Management Market Share
The major companies operating in the security and vulnerability management industry are
- Dell EMC
- Fujitsu Limited
- Hewlett-Packard Enterprise Company
- Holm Security
- IBM Corporation
- McAfee Inc.
- Microsoft Corporation
- OpenText Corporation
- Tripwire Inc.
These companies utilize diverse growth strategies to stay competitive in the security and vulnerability management market. These companies employ various methods including continuous R&D, strategic acquisitions, innovative product development, AI & automation integration, cloud-based security solutions, and partnerships to enhance their security measures.
Security and Vulnerability Management Industry News
- In October 2023, Hackuity, the risk-based vulnerability management provider launched Version 2.0 of its next generation platform, Hackuity's intelligent Risk-Based Vulnerability Management featuring major enhancements to bring further support to organizations in prioritizing risks. The new version combines threat intelligence, vulnerability severity, and unique business context, providing organizations with a quantified, measurable True Risk Score (TRS).
- In July 2023, NTT DATA launched an Outsourcing Service for Security Management, aiming to proactively prevent incidents and mitigate damage in case of cyber-attacks. The service offers robust security measures, implementing preventive strategies and prompt incident response protocols to minimize potential risks and losses.
The security and vulnerability management market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD billion) from 2018 to 2032 for the following segments
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Market, By Component
- Solution
- Security information & event management
- Policy & compliance
- Forensic & incident investigation
- Device vulnerability assessment
- Application vulnerability assessment
- Services
- Consulting
- Support
- Integration
Market, By Deployment Model
- On-premises
- Cloud
Market, By Organization Size
- SMEs
- Large enterprises
Market, By End-use Industry
- IT & telecom
- BFSI
- Healthcare
- Retail
- Manufacturing
- Energy & utility
- Others
The above information has been provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Russia
- Nordics
- Asia Pacific
- China
- India
- Japan
- South Korea
- Southeast Asia
- Latin America
- Brazil
- Mexico
- Argentina
- MEA
- South Africa
- UAE
- Saudi Arabia
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