Security and Vulnerability Management Market Size, Share, Industry, Forecast and outlook (2024-2031)

Security and Vulnerability Management Market is Segmented By Component (Software, Services), By Target (Content Management Systems Vulnerabilities, IoT Vulnerabilities, API Vulnerabilities, Others), By Deployment Mode (Cloud, On-Premises), By Organization Size (Large Enterprises, SMEs), By End-User (IT and ITeS, BFSI, Healthcare, Retail, Manufacturing, Energy and Utility, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Global Security and Vulnerability Management Market Overview

Report on Global security and Vulnerability Management Market is estimated to grow at a high CAGR of 7.40% during the forecast period 2024-2031.  Rising cyber crimes and growing demand for cyber security are major reasons.

Security and Vulnerability Management Market Scope

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Security and vulnerability management is the continuous and routine process of identifying, assessing, reporting, managing, and resolving cybersecurity risks across endpoints, workloads, and systems. A security team will typically use a security and vulnerability management tool to detect security flaws and then use various processes to patch or remediate them. A strong vulnerability management program prioritizes risks and addresses vulnerabilities as soon as possible by leveraging risk analyzing intelligence and IT and business operations knowledge.

Global Security and Vulnerability Management Market Dynamics

Rising cyber crimes and growing cyber security demand are major global security and vulnerability management market, drivers. Nonetheless, the excessive installation, deployment, and maintenance costs could be a major market restraint.

Rising cyber crimes and growing demand for cyber security

According to data, cyber-attacks are currently the fifth most dangerous risk in 2020 and have become the new norm in industries and businesses. Cyber threats continue to rise in 2022, with IoT cyberattacks expected to double by 2025. Furthermore, U.S.'s detection (or prosecution) rate is as low as 0.05 percent, according to the World Economic Forum's 2020 Global Risk Report. 

Since the threat of cybercrimes such as theft, embezzlement, and data hacking and destruction has increased by 600%, every sector has had to embrace new security and vulnerability analysis solutions, which reduces the time required to detect cyberattacks. As a result, the usage of security and vulnerability management solutions and services is rapidly increasing, fueled by organizations' growing critical need to prevent cyberattacks. As a result, rising cybercrime and increased demand for cyber security may be cited as significant market drivers for the global security and vulnerability management market.

Exorbitant installation, deployment, and maintenance cost 

Institutions hold extremely sensitive data and use vulnerability management solutions to protect this private information. However, implementing security and vulnerability management software and services can be extremely hefty monetary involvement. For instance, Tenable Nessus Pro with a commercial license starts at US$ 3,000 per year while Tenable.sc pricing begins at around US$ 13,000 for 500-1,000 IP assets. Similarly, Tenable.io pricing begins at US$D 2,380 per 65 assets for one year. Though big organizations skimp on price, small and medium-sized businesses that lack the financial resources to implement costly security and vulnerability solutions won't be able to afford the implementation of these products. As a result, the excessive installation, deployment, and maintenance costs could restrict the growth of the global security and vulnerability management market.

COVID-19 Impact on Security and Vulnerability Management Market

Adopting rapid digital transformation strategies as a result of COVID-19 has resulted in an immediate increase in the number of access points and endpoints, resulting in a rapid increase in event log data, followed by other issues such as performance, accessibility, security, and enhanced IT costs, necessitating security, and vulnerability management solutions and services. COVID-19 has increased organizations' emphasis on centrally managing multiple cloud resources. As a result, the demand for security and vulnerability management solutions and services to ensure the safety of cloud services, applications, and infrastructure increases.

However, as email phishing attacks have spiked during the COVID-19 pandemic, cloud-based security and vulnerability management solutions and services were in high demand due to benefits such as scalability and external expertise. The exponential increase in data flow following the outbreak of COVID-19 complicates and lengthens the analysis process, further increasing the emphasis on security and vulnerability management products in the market. Nonetheless, as the current model of work culture is widely accepted across the globe and the chances of returning to the previous one are negligible, the market prospects for security and vulnerability management market are expected to increase even after the complete pandemic is obliterated.

Global Security and Vulnerability Management Market Segmentation Analysis 

The global security and vulnerability management market is classified based on component, target, deployment mode, organization size, end-user, and region.

The growing internet penetration in BFSI and the rising number of cyber attacks

The banking, finance, and insurance (BFSI) industry are data-driven, with numerous data sources. Data sources include cash payments, ATM money transfers, new accounts, online banking, and card transactions. Banks and financial institutions can obtain information from various sources, including transaction details, support line data, emails, social networks, external feeds, and loan data. 

Because of the volume of data produced daily for digitizing their procedures and ensuring the smooth operation of their businesses, the BFSI vertical necessitates a large-scale safety and intrusion prevention solution. Minor flaws can cause massive losses for the IT company and companies in other industries. As a result, the BFSI vertical is constantly implementing advanced security and vulnerability management solutions and services to improve overall security and as a result, it dominates the end-user segment.

Global Security and Vulnerability Management Market Geographical Share

Rising APTs in North America boost their share in the global security and vulnerability management market

North America includes technologically advanced countries such as U.S. and Canada, major contributors to the security and vulnerability assessments market. North America is advanced and adaptable regarding security infrastructure and technological development. Adopting vulnerability and security management and the availability of several local vendors offering security and vulnerability management solutions are expected to drive regional market growth. Businesses in North America are increasingly implementing the respective solutions to enable data security, prevent cyber-attacks and commercial espionage and ensure data security and privacy for business continuity. With advanced persistent threats (APTs) and targeted attacks, there is a greater need for advanced security and vulnerability management solutions to secure IT infrastructure. The region is home to several large enterprises and rapidly growing SMEs, with the primary goal of implementing security and vulnerability management solutions.

Global Security and Vulnerability Management  Market Companies and Competitive Landscape

The global security and vulnerability management market are highly dynamic regarding global and local producers' numbers and strengths. The market is fragmented due to numerous manufacturers such as IBM, AT&T, Qualys, Rapid7, Tenable, RSA Security, McAfee, Foreseeti, F-Secure, and Acunetix. Pivotal market stakeholders employ market tactics like mergers, acquisitions, product launches, contributions, and collaborations to gain competitive advantages and recognition in their respective markets.

IBM:

Overview: AI, BlockChain, Cloud Computing, Data Analytics, IT Infrastructure, Security, supply chain, Business Operation, and supply chain are the nine product and solution categories offered by International Business Machines Corporation. The company provides services in 19 industries, including automotive, aerospace, education, and electronics. The company operates in over 175 countries and has expanded into the Americas, Africa, Asia Pacific, Europe, and the Middle East. The company provides over 170 cloud products divided into 18 categories.

Product Portfolio: 

• X-Force Red vulnerability management services: The product identifies, prioritizes, and remediates many vulnerabilities with and without CVEs in IT infrastructures.

Key Development:

• On October 14, 2021, IBM Research and X-Force Red are working together to create a new service that will make vulnerability management more efficient by combining Watson Discovery search-based techniques and AI techniques with STIGs as training data to predict the risk associated with each check found in best practices documents.