The Security and Vulnerability Management Market was valued at USD 6.61?billion in 2019?and is expected to reach USD 11.72?billion by 2025, at a CAGR of 10% over the forecast period 2020?- 2025. As the current cybersecurity threat landscape is uniformly evolving, organizations need to be proactive in their threat and vulnerability management efforts. The efficiency of vulnerability management depends on the organization’s ability to keep up with current security threats and trends.
- Recent security attacks have increased the need for a robust cybersecurity management system, which is centered around a tough policy and applies many technologies to achieve defense in depth.
- Coupled with rapid growth in the number of cyber attacks, the demand for strict acquiescence and security packages to protect confidential data across different verticals, such as government, banking, retail, manufacturing, among others is increasing and is expected to drive the growth of the market over the forecast period.
- Data breaches result in increased costs for preventive measures to manage the impact of theft and loss of valuable customer information. Owing to such factor the market has garnered the demand due to increasing awareness among the users.
Scope of the Report
Security and vulnerability management is the practice of identifying, classifying, and mitigating vulnerabilities in networking software or hardware. It has become an integral part of an enterprise’s security in recent years. The vulnerability management utilizes technology that seeks out security flaws and tests systems for weak points, allowing the clients to identify and quantify where the network is at risk and to prevent unnecessary weak points. These factors are expected to increase the demand for these solutions.
Key Market Trends
BFSI Segment is Expected to Hold the Major Market Share
- The BFSI sector faced with a number of data breaches and cyber attacks, owing to the large customer base that the industry serves. Data breaches result in the increased corrective measures costs and loss of valuable customer information. For instance, in the recent past, Taiwan’s Far Eastern International Bank incurred a loss of around 60 million by malware.
- With the aim to secure the IT processes and systems, secure customer critical data and comply with government regulations, both private and public banking institutes are focused on implementing the latest technology to prevent cyber attacks.
- The growing technological penetration coupled with digital channels, such as internet banking, mobile banking, becoming the preferred choice of customers for banking services, there is a greater need for banks to leverage advanced authentication and access control processes.
Asia-Pacific is Expected to Grow at the Fastest Rate
- Huge population base and accessibility to the internet has helped Asia-Pacific emerge as a market prone to cyber threats. Most of the countries in the region has not a very evolved cybersecurity regulations. For instance, Indonesia is a world leader in VPN usage, in terms of the present population with its application across the region. Further, the growing penetration of the internet has made it highly vulnerable to cyber attacks.
- However, there remains a huge gap in cybercrime legislation compared to that in North America and Europe, where the lack of awareness and knowledge of basic security make most of these online transactions highly susceptible to digital theft.
- With large MNCs rushing to invest, the region is now witnessing increased spending in cybersecurity solutions, particularly in SMBs and large organizations. The businesses that have other MNCs as a part of the value chain has also assisted in the adoption in the region is expected to continue to drive the demand.
The security and vulnerability management market is moderately competitive and consists of several major players. Most of the players currently dominate the market, however, with innovative and sustainable packaging, most of the companies are increasing their market presence thereby expanding their business footprint towards tapping the new markets.
- June 2018 - Symantec Corp. announced new innovations and enhancements to its Network Security for the Cloud Generation solution, designed to protect enterprise devices, anywhere their employees work or travel, across the network, the cloud, mobile and traditional endpoints.
- November 2017 - IBM announced the successful testing of a fully integrated Wavelength Division Multiplexing (WDM) Si photonics chip for Big Data and cloud services, enabling the download of an entire HD digital movie in two seconds.
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