Market Overview

The security and vulnerability management market is expected to register a CAGR of 10%, over the forecast period (2019-2024). 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. As a result, the market has garnered demand due to the increasing awareness among 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. 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.
 

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Key Market Trends

BFSI Segment is Expected to Hold the Major Market Share

• The BFSI sector is 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 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.
   

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