DUBLIN--(BUSINESS WIRE)--The "Security and Vulnerability Management Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2023 to 2031" report has been added to ResearchAndMarkets.com's offering.
With a compound annual growth rate of 7.51% during the forecast period of 2023 to 2031, the market size of the security and vulnerability management market is projected to reach US $26.87 billion by 2031.
Companies Mentioned
- IBM (United States)
- AT&T (United States)
- Qualys (United States)
- Rapid7 (United States)
- Tenable (United States)
- RSA Security (United States)
- McAfee (United States)
- Foreseeti (Sweden)
- F-Secure (Finland)
- Acunetix (United States)
- Skybox Security (United States)
- SecPod (India)
- Tripwire (United States)
Increase in vulnerabilities across the globe, high monetary losses due to the absence of security and vulnerability management solutions, stringent regulatory standards and data privacy compliances, the surge in the adoption of IoT and cloud trends, and integration of advanced technologies such as AI and ML with security and vulnerability management solutions are the major factors contributing to the market's high growth rate.
According to the Centre for Strategic and International Studies (CSIS) and McAfee, cybercrimes, which include damage and loss of data, stolen money, lost property, theft of intellectual property, and other sectors, cost the globe approximately USD 600 billion annually, or 0.8% of global GDP. These reasons are anticipated to spur the expansion of software and services for security and vulnerability management.
High Monetary Losses and Loss of Crucial Data Driving the Market Security and Vulnerability Management Market
Organizations are progressively adopting various technological innovations, such as enterprise mobility, virtualization, and cloud storage, to enhance business efficiency. Since business data can be easily accessed on mobile devices from the cloud and virtual storage, these developments have enabled firms to operate effectively and in real time. However, this mobile access to vital corporate information increases the danger of data loss and theft.
Misconfigurations in regards to strong password policy, firewall port access, web server hardening, Windows Defender, and various other antivirus detection systems, as well as administrative permission privileges, can be detected by vulnerability management solutions. When adopting a security plan or installing a security solution, numerous firms incur astronomical costs in the event of a security breach.
Due to the rise in COVID-19 instances, businesses are sending employees home to work remotely and students are enrolling in online courses. As enterprises hurry to move their operations and classes online, fraudsters are stepping up their efforts to exploit those with insufficient or ignorant security postures.
Utilizing the pandemic to deceive consumers into opening dangerous emails. Consequently, security and vulnerability management is a prudent option for industries seeking to prevent the disclosure of sensitive information. IBM estimates that the global average cost of a successful phishing campaign is around USD 3.86 million, while the cost of a phishing attack in the United States alone has risen to USD 7.9 million.
These monetary repercussions compel enterprises to use security and vulnerability management solutions to safeguard their secure environments.
Security Breaches Limiting the Market Growth
Internal vulnerabilities include insider threats, irresponsible workers, individuals recruited by competitors to corrupt corporate data, angry employees, and employees who intentionally utilize company data for their benefit. Due to Structured Query Language (SQL) injection, email phishing, and Man-in-the-Middle (MiTM) assaults, cybercriminals achieve their financially driven objectives.
Historical & Forecast Period
This study report represents analysis of each segment from 2021 to 2031 considering 2022 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2023 to 2031.
Market Segmentation
Component
- Software
- Services
Target
- Content Management Systems Vulnerabilities
- IoT Vulnerabilities
- API Vulnerabilities
- Other Target Vulnerabilities
Deployment Mode
- Cloud
- On-Premises
Organization Size
- Large Enterprises
- SMEs
Vertical
- IT and ITeS
- BFSI
- Healthcare
- Retail
- Manufacturing
- Energy and Utility
- Other Verticals
Key questions answered in this report
- What are the key micro and macro environmental factors that are impacting the growth of Security and Vulnerability Management market?
- What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
- Estimated forecast and market projections up to 2031.
- Which segment accounts for the fastest CAGR during the forecast period?
- Which market segment holds a larger market share and why?
- Are low and middle-income economies investing in the Security and Vulnerability Management market?
- Which is the largest regional market for Security and Vulnerability Management market?
- What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
- Which are the key trends driving Security and Vulnerability Management market growth?
- Who are the key competitors and what are their key strategies to enhance their market presence in the Security and Vulnerability Management market worldwide?
For more information about this report visit https://www.researchandmarkets.com/r/6z80ls
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