Security Assessment Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 12.70 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Security Assessment Market Analysis
During the forecasted period, the Security Assessment Market is expected to grow at a CAGR of 12.7%. The rapidly increasing cases of cyber-attacks, combined with the need to adhere to stringent compliances, the rise in Internet of Things (IoT) adoption across a variety of end-user industries, the rise in mobility trends, and so on, are all forcing organizations around the world to adopt security assessment solutions to protect and evaluate their business infrastructure.
- According to Cisco Systems, businesses that embrace BYOD policies save an average of USD 350 per employee per year due to the growing acceptance of BYOD policies. While this trend has several advantages for businesses, such as lower hardware costs, increased productivity for remote workers, and satisfied customers, it has also increased privacy and data thefts, as well as unsafe usage, resulting in data breaches and cyberattacks. Furthermore, because of the growing population and the increasing digitalization of industrial operations, there has been a significant increase in PCs, laptops, cell phones, tablets, and point-of-sale terminals.
- As the number of smart devices increases, many new endpoints are being added to networks worldwide. As a result, the growing number of endpoint devices drives the demand for security assessments. Unaddressed vulnerabilities in end-user industries are increasing with the significant shift toward the digital era. The rise of ransomware is an essential factor driving the demand for security assessment solutions. Furthermore, according to a recent Fortinet ransomware survey, approximately 94% of those polled are concerned about the threat of a ransomware attack, with 76% being very or extremely concerned. 85% of surveyed worry more about a ransomware attack than any other cyber threat. As a result, there is a growing demand for risk assessment solutions to help the market grow.
- Budgetary constraints and a lack of awareness across organizations are significant impediments to market growth. The costs of research and development to develop advanced security assessment solutions are very high, resulting in the high pricing of such security services. As a result, it may be a barrier to growth in the security assessment market.
- The global pandemic has increased the demand for remote working solutions; businesses are shifting from traditional workplace practices to the newly accepted work-from-home scenarios. In the context of the enterprise's security capabilities, these transitional effects must be carefully managed. As the number of unprotected personal devices contacting the network grows, so does the risk of compromised network security.
Security Assessment Market Trends
Applications at Airports will Increase to a large extent
- The global aviation industry is expected to increase significantly in the coming future. According to IATA, commercial airlines generated only 227 billion U.S. dollars in passenger revenue in the previous year. Still, in the present year, commercial airlines have already generated 378 billion U.S. dollars in passenger revenue and are further expected to increase.
- Additionally, airports are rapidly implementing cutting-edge security screening techniques because of the enormous increase in passengers and commercial air traffic. Governments worldwide are investing a heft sum of money in the enlargement of these airports. According to the previous year's research by IATA, governments all across the globe have already allocated over 243 billion U.S. dollars to airlines due to the COVID-19 pandemic.
- Self-screening technologies are anticipated to gain significant demand from airport authorities in the upcoming years. Passengers can run their personal belongings through an X-ray machine due to the automated scanners as they simultaneously pass through a different body scanner.
- Vendors are rapidly creating solutions for automating airport screening, which is anticipated to expand the percentage of investments in the upcoming years dramatically. For instance, to improve the customer experience, London Southend Airport is testing a new cabin baggage screening system. To further minimize interaction points throughout the terminal journey, Smiths Detection's HI-SCAN 6040 CTiX, a cutting-edge computed tomography (CT) cabin baggage screening device, is being tested with the iLane.evo automated tray handling system.
- The Asia Pacific spent the most on current airport building in the previous year, with over 227 billion dollars invested. When combined, the value of these initiatives in North America and Europe was comparable to the amount spent in the Asia Pacific.
- Security assessments are routine exercises that assess your organization's security readiness. They include scanning for vulnerabilities in your IT systems and business processes and recommending steps to reduce the risk of future attacks. Security audits are also helpful in keeping your systems and policies up to date.
North America is Expected to Hold a Significant Market Share
- The North American continent is anticipated to account for a significant market share. The main reason for this is the market's strong presence of large security assessment service providers, who supply a variety of services to several firms across numerous end-user industries. In other words, North America is home to some of the major players in the market, such as IBM Corporation, FireEye, Rapid7 Inc., and Qualys Inc., among others.
- The significant rise in data breaches across various industries encourages businesses to use thorough evaluation services. For instance, the White House Council of Economic Advisers estimates that risky cyber operations cause the United States economy to suffer losses of between USD 57 billion to USD 109 billion annually.
- Additionally, cyberattacks in North America, particularly in the United States, are on the rise and have hit an all-time high, primarily due to the region's fast-rising number of connected devices. For the convenience of banking, shopping, communication, and other activities, American customers use public clouds, and many mobile applications come preloaded with their data.
- The regulations imposed by the regional government authorities are also accelerating the adoption of cyber security solutions. The United States released an executive order to improve cybersecurity the previous year. Some top priorities highlighted in the order include the prevention, detection, assessment, and remediation of cyber incidents.
- The US government signed the law to establish the Cybersecurity and Infrastructure Security Agency (CISA), to enhance national defense against cyberattacks. It works with the Federal Government to provide cybersecurity tools, incident response services, and assessment capabilities to safeguard the government networks that support essential operations of the partner departments and agencies.
Security Assessment Industry Overview
Due to the existence of several vendors offering services to both domestic and foreign markets, the Security Assessment Market is quite competitive. The leading competitors have adopted strategies including product innovation and strategic collaborations, among others, to remain competitive in the market, giving the impression that the industry is fairly concentrated. IBM Corporation, Kaspersky Lab, and FireEye, Inc. are a few of the market's main participants.
- January 2023 - Smiths Detection, a provider of threat detection and security inspection technologies, has announced the release of the iLane A20, its next-generation fully automated tray return system. The new model provides high throughput and efficiency, allowing for a more seamless security process and a better passenger experience at the checkpoint. Furthermore, the ilane was created in collaboration with Interroll, the provider of material handling solutions, and evolved from Smiths Detection's existing portfolio of iLane tray return systems.
- In addition to being automated, it offers parallel divest, which allows multiple people to prepare for security screening simultaneously, empty tray verification, and the diversion of suspicious baggage. The iLane A20 is modular, with configurable configurations to meet specific throughput levels, aesthetic requirements, and space constraints. It also saves costs by eliminating the need to replace the entire lane for upgrades and providing health monitoring for system performance management.
- June 2022 - Trustwave announced new managed detection and response (MDR) offerings designed to improve threat visibility, detect and respond to threats quickly, and boost organizations' overall cybersecurity resilience in the face of an evolving threat landscape.
- Furthermore, Trustwave MDR and Trustwave MDR Elite provide real-time 24x7 monitoring of hybrid multi-cloud environments for active threats and anomalies backed by an elite team of global threat operators, threat hunters, and malware experts. Clients also receive a complimentary subscription to Trustwave Security Colony, a battle-tested resource explicitly designed for CISOs with hundreds of toolkits, guidelines, playbooks, and assessment capabilities developed from hundreds of cybersecurity consulting engagements around the world.
- February 2022- Qualys, Inc., a provider of disruptive cloud-based IT, security, and compliance solutions has announced the release of Qualys Context XDR, the industry's first context-aware XDR. The highly scalable Qualys Cloud Platform powers the solution and combines rich asset inventory, vulnerability context, network and endpoint telemetry from Qualys sensors, high-quality threat intelligence, and third-party log data to identify threats and quickly reduce alert fatigue.
- Moreover, Qualys Context XDR provides the security context that operations teams require to eliminate false positives and noise by triangulating risk posture, asset criticality, and threat intelligence. This includes visibility, contextual priority, and meaningful insights about the assets, allowing teams to quickly make the most impactful decisions for enhanced protection.
Security Assessment Market Leaders
IBM Corporation
Qualys Inc
Trustwave Holdings, Inc (Singapore Telecommunications Limited)
AO Kaspersky Lab
Trellix
*Disclaimer: Major Players sorted in no particular order
Security Assessment Market News
- July 2022 - The People's Republic of China's Cyberspace Administration of China (CAC) has released the final version of the Measures on Security Assessment for Data Export. The Measures summarize the circumstances that necessitate security assessment and are subject to review by authorities following the PRC Cybersecurity Law, the PRC Data Security Law, and the PRC Personal Information Protection Law. They provide practical guidance on the administrative procedure of security assessment
- February 2022 - IBM has launched - IBM Security Command Center in India. It's IBM's first security command center in the Asia Pacific region. Following successful deployments in the United States and Europe, over 11,000 customers were trained to be proactive responders. IBM aims to bring global best practices and lessons to help customers in the region. Moreover, the security command center is a fully immersive, interactive, and experiential learning facility that enables team training and cyberattack response exercises. It includes simulations and experiences to assist organizations in developing a more effective cyber incident response strategy. It allows the team to learn, practice, and defend against cyberattacks in a safe and controlled environment.
- January 2022 - Symphony Technology Group (STG) has launched Trellix, a new business that provides extended detection and response (XDR) to organizations with a focus on accelerating technology innovation through machine learning and automation.
Security Assessment Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Threat of New Entrants
4.2.2 Bargaining Power of Buyers
4.2.3 Bargaining Power of Suppliers
4.2.4 Threat of Substitute Products
4.2.5 Intensity of Competitive Rivalry
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Increase in Malware and Phishing Threats
5.1.2 Increased Adoption of IoT Devices and BYOD Trend in Organizations
5.2 Market Challenges
5.2.1 Budget Constraints Among the Organizations
6. IMPACT OF COVID-19 ON THE SECURITY ASSESSMENT MARKET
7. MARKET SEGMENTATION
7.1 Deployment Type
7.1.1 On-Premise
7.1.2 Cloud
7.2 End-User Vertical
7.2.1 IT and Telecommunication
7.2.2 BFSI
7.2.3 Retail
7.2.4 Healthcare
7.2.5 Energy & Utiliies
7.2.6 Other End-user Verticals
7.3 Geography
7.3.1 North America
7.3.2 Europe
7.3.3 Asia Pacific
7.3.4 Latin America
7.3.5 Middle East and Africa
8. COMPETITIVE LANDSCAPE
8.1 Company Profiles *
8.1.1 IBM Corporation
8.1.2 Trustwave Holdings, Inc (Singapore Telecommunications Limited)
8.1.3 Rapid7 Inc
8.1.4 Qualys Inc
8.1.5 Absolute Software Corp
8.1.6 Check Point Software Technologies Ltd.
8.1.7 Optiv Security Inc
8.1.8 FireEye, Inc
8.1.9 Kaspersky Lab
8.1.10 Holm Security
9. INVESTMENT ANALYSIS
10. FUTURE OF THE MARKET
Security Assessment Industry Segmentation
Security assessments are periodic exercises that mainly evaluate an organization's level of security readiness. These evaluations mainly involve checking for weaknesses in the company's IT systems and operational procedures and making recommendations for necessary actions to reduce the likelihood of future security-related attacks.
The Security Assessment Market is segmented by Deployment Type (On-Premise, Cloud), End-User Vertical (IT & Telecommunication, BFSI, Retail, Healthcare, Energy & Utilities), and Geography (North America, Europe, Asia-pacific, Middle East & Africa, and Latin America). The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.
| Deployment Type | |
| On-Premise | |
| Cloud |
| End-User Vertical | |
| IT and Telecommunication | |
| BFSI | |
| Retail | |
| Healthcare | |
| Energy & Utiliies | |
| Other End-user Verticals |
| Geography | |
| North America | |
| Europe | |
| Asia Pacific | |
| Latin America | |
| Middle East and Africa |
Security Assessment Market Research FAQs
What is the current Security Assessment Market size?
The Security Assessment Market is projected to register a CAGR of 12.70% during the forecast period (2024-2029)
Who are the key players in Security Assessment Market?
IBM Corporation, Qualys Inc, Trustwave Holdings, Inc (Singapore Telecommunications Limited), AO Kaspersky Lab and Trellix are the major companies operating in the Security Assessment Market.
Which is the fastest growing region in Security Assessment Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Security Assessment Market?
In 2024, the North America accounts for the largest market share in Security Assessment Market.
What years does this Security Assessment Market cover?
The report covers the Security Assessment Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Security Assessment Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Security Assessment Industry Report
Statistics for the 2023 Security Assessment market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Security Assessment analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
