DUBLIN--(BUSINESS WIRE)--The "Security and Vulnerability Management Market by Component (Software and Services), Target, Deployment Mode (Cloud and On-premises), Organization Size (SMEs and Large Enterprises), Vertical, and Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global security and vulnerability management market size is projected to grow from USD 13.8 billion in 2021 to USD 18.7 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 6.3% during the forecast period.
By component, the services segment to register the highest growth rate during the forecast period
The services segment includes various services that are required to deploy, execute, and maintain the security and vulnerability management in an organization. The security and vulnerability management market based on services includes professional services and managed services. The services in the security and vulnerability management market become critical as they provide support for the proper functioning of software solutions. Various vendors in the market are focusing on delivering specialized services to help organizations with the smooth running of business processes. Professional services comprise training and consulting, and deployment and integration. On the other hand, managed services include support, maintenance, and infrastructure management. The demand for services in the security and vulnerability management market is expected to be growing in the coming years to support business objectives. The increasing need for planning, designing, and consulting of security and vulnerability management solutions to fuel the demand for professional services.
By deployment mode, the cloud segment to register the highest growth rate during the forecast period
In cloud deployment type, instead of implementing the software solution on the local server, businesses subscribe to the security and vulnerability management solutions hosted on a third-party, remotely located server. Cloud has become a new paradigm for deploying security and vulnerability management solutions. The deployment of cloud-based security and vulnerability management solutions is done through the internet, where software, infrastructure, platforms, devices, and other resources are provided as services on a pay-per-use basis by consumers. The cloud-based deployment mode is gaining momentum due to the low-cost installation of cloud services, widespread availability of cloud services such as SaaS and IaaS models, and need for effective security controls in cloud.
Asia Pacific to register the highest growth rate during the forecast period
Asia Pacific (APAC) has witnessed an advanced and dynamic adoption of new technologies and is expected to record the highest CAGR in the global security and vulnerability management market during the forecast period. The security and vulnerability management market in APAC is projected to grow at the highest CAGR during the forecast period.
APAC countries are increasingly investing in security and vulnerability management projects. The region comprises emerging economies, such as South Korea, Australia, and rest of APAC. With the proliferation of advanced technologies in the APAC region, security and fraud concerns have risen. APAC is expected to invest more in security due to the increasing threat of spear phishing, malware, ransomware, and BEC attacks. Enterprises in the APAC region are embracing security and vulnerability management technologies.
APAC experiences considerable security spending, owing to the ever-growing threat landscape of the region. These countries are home to a large number of SMEs, which account for the employment of more than 70% of the population. The requirement of high investments acts as a barrier for SMEs to adopt major security and vulnerability management projects on their premises; however, factors such as increasing internet usage, compliance regulation, and adoption of smartphones are the major factors fueling the adoption of security and vulnerability management solutions. With the proliferation of AI, IoT, and big data in APAC, security and fraud concerns have risen. Enterprises in this region are deploying security and vulnerability management solutions to protect their critical information from hackers and also to comply with the changing government regulations related to cybersecurity.
Market Dynamics
Drivers
- Increase in Vulnerabilities Across the Globe
- Growth in the Deployment of Third-Party Applications
- High Monetary Losses and Loss of Critical Data Due to the Absence of Vulnerability Management Solutions
- Stringent Regulatory Standards and Data Privacy Compliances
Restraints
- Security Breaches Due to Internal Vulnerabilities
Opportunities
- Widespread Adoption of the Industrial Revolution
- Integration of Advanced Technologies with Vulnerability Management Solutions for Real-Time Risk-Based Security Vulnerability Prioritization and Remediation
- Integration of Vulnerability Management and Patch Management Solutions
Challenges
- High Initial Installation, Maintenance, and Deployment Cost
- Lack of Appropriate Parameters to Prioritize Risks
- Regularizing Organizations' Vulnerability Management Program
Companies Mentioned
- Acunetix
- AT&T
- Balbix
- Breachlock
- Brinqa
- Check Point
- Claroty
- Digital Defense
- Expanse
- F-Secure
- Foreseeti
- Holm Security
- IBM
- Intruder
- Kenna Security
- McAfee
- NopSec
- Nucleus Security
- Outpost24
- Positive Technologies
- Qualys
- Rapid7
- RiskIQ
- RiskSense
- RSA Security
- SecPod
- Skybox Security
- Tenable
- Tripwire
For more information about this report visit https://www.researchandmarkets.com/r/x6wux3
