Security and Vulnerability Management Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Security and Vulnerability Management Market was valued at USD 6.61 billion in 2020 and is expected to reach USD 11.72 billion by 2026, and grow at a CAGR of 10% over the forecast period (2021 - 2026). Organizations in all industries face the challenge of defending against a continuous information security breach. Security professionals are expected to stay ahead of the risks and leverage technologies, policies, and procedures to guard against incoming attacks and protect sensitive data; Thus, driving market growth.

• Also, as organizations accelerate their digital transformation initiatives, they need to make changes to their core business applications quickly and without compromising security across on-premise, SDN, and cloud environments. This means IT and security teams must have overall visibility and granular control over their entire network infrastructure to manage this process.
• According to the Center for Strategic and International Studies (CSIS) and McAfee, cybercrimes, which include damage and destruction of data, stolen money, lost property, intellectual property theft, and other areas, currently cost the world almost USD 600 billion each year, or 0.8% of global GDP. Such factors are expected to increase the growth of security and vulnerability management software and services.
• With the advent of mobile devices and high-speed internet, the BYOD trend is increasingly becoming popular in workplaces. For example, according to Dell, about 60% of employees use a smartphone for work. Such trends are further increasing the market growth for user authentication.
• With the increase in the number of devices connected to the internet, the cyber world is expected to rise in the occurrence and emergence of new threats and attacks. The attacks of WannaCry and Petya, which affected over 150 countries across the world, have further revealed the vulnerability of devices as endpoints.
• According to Digital Defense, through 2020, 99% of vulnerabilities exploited will continue to be ones known to security and IT professionals for at least one year. This data indicates that organizations of all sizes and types are not doing nearly enough with regard to vulnerability management. This is majorly due to lack of awareness.
• As a result of the growing number of zero-day exploits and other vulnerabilities, an expanding number of companies are rolling out new solutions in the market. For instance, in April 2020, AlgoSec released the version A30.10 update of its core Network Security Management Suite. It enables seamless, zero-touch security management across SDN, cloud, and on-premise networks. This gives enterprises the most comprehensive visibility and control over security across their entire hybrid environment.
• Due to the spread of COVID-19 pandemic, organizations of various sizes have taken initiatives to quickly set up remote working systems to enable employees to work from their homes to protect themselves from being infected. This means setting up remote connectivity systems and security apparatuses such as VPN – Virtual Private Networks – Citrix Virtual Desktops servers, Remote Desktop connections, file sharing, FTP servers, and several more. This presents some challenges as well as opportunities for the vendors.