Security and Vulnerability Management Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Market Overview

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.

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 several data breaches and cyber-attacks, owing to the large customer base that the industry serves. Data breaches result in 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.
• To secure IT processes and systems, secure customer critical data, and comply with government regulations, private and public banking institutes are focused on implementing the latest technology to prevent cyber-attacks.
• With the growing technological penetration, coupled with digital channels, such as internet banking, mobile banking, and the preferred choice of customers for banking services, there is a greater need for banks to leverage advanced authentication and access control processes.
• For instance, in May 2019, Singapore's Central Bank made it compulsory for financial institutions to strengthen their cybersecurity with several measures, including securing accounts using password managers and installing anti-virus and security scanning software.
• According to RBI, the share of electronic transactions in India's total volume of retail payments increased to 95.4 % in 2018-19, up from 92.6 % in the previous year. To cope with this sudden huge change, the banks are looking forward to adopt solutions like endpoint security solutions that help them grant their users uninterrupted services.

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