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Security & Vulnerability Management Market By Offerings (Software, Services), By End-use Vertical (Banking, Financial Services & Insurance (BFSI), Government & Defense, Healthcare, IT & Telecom, Retail, Others) - Growth, Future Prospects & Competitive Analysis, 2018 – 2026

Security and vulnerability management is the process of analyzing, finding, and remediating vulnerabilities before they can be exploited by a human attacker or malware. Security and vulnerability management have become critical aspects of every enterprise's security program. The volume of security vulnerabilities affecting today's organizations is confounding. Threats, if left unattended, expose the network to data theft and leakage, resulting in dissatisfied customers and costly downtime.

The global security and vulnerability management market was valued at US$ 6,183.2 million in 2017 and was expected to grow significantly, expanding at a CAGR of 9.3% from 2018 to 2026. In the recent past, the security and vulnerability market has witnessed accelerated growth due to the massive growth in cybercrimes and the associated risks, which have forced organizations of all sizes to focus more on information security.

Vulnerabilities in IT systems represent a huge challenge for IT departments, creating a massive need for addressing them. Such vulnerabilities are generally discovered in operating systems, applications, and firmware and are also found in configurations of key hardware devices, including switches, routers, and printers. The increasing number of cyberattacks has increased the need for a robust cyber-security management system. As a result, security and vulnerability management software solutions are implemented to improve the organization's risk management, threat intelligence, and security operations.

Growing penetration of cloud services across the world bodes well for market growth, as small and medium-sized enterprises have emerged as the most promising consumers of cloud services. The popularity and adoption of cloud services in small and medium-sized organizations are helpful in reducing costs related to power, energy, and IT resources. The global security and vulnerability management market is projected to witness immense growth with the continually increasing adoption of cloud services. However, a lack of awareness regarding vulnerability management solutions coupled with high deployment costs is the major factor restraining the growth of the security and vulnerability management markets.

Market Snapshot

During the forecast period of 2018 to 2026, the software segment will remain dominant.

The global security and vulnerability management market is based on offerings segmented into software and services. In terms of value contribution, the market was dominated by the software segment in 2017 and is projected to continue its supremacy during the forecast period from 2018 to 2026.

Security and vulnerability management software perform cyclical monitoring tasks to diagnose, identify, and remediate network threats, including viruses and malware. Several businesses use security and vulnerability management tools to constantly test the security of their networks and identify threats. It helps IT administrators and managers to use security and vulnerability management software solutions to automate monitoring and tests that are required for maintaining a secured network.

The BFSI industry has the largest market share.

The BFSI sector accounted for the majority of the market share in 2017. Because of the large number of customers they serve, the banking, financial services, and insurance industries are particularly vulnerable to cyber-attacks and data breaches. Attacks against the banking and finance industry are becoming increasingly sophisticated and highly targeted. Data breaches in the banking and financial sectors lead to an exponential loss of valuable customer information.

Though cybercrime exceeds industry borders, financial and banking institutions often lead the way by identifying new threats and enhancing their cyber-security defenses. Furthermore, with increasing regulatory requirements, technological capabilities, and customer expectations, banking and financial institutions are being pushed to take a more proactive approach to security. As a result, the banking, financial, and insurance segments are projected to demonstrate the highest growth rate in the overall security and vulnerability management market.

North America will maintain its market dominance.

In 2017, North America held the largest share of the security and vulnerability management market and was expected to continue its supremacy during the forecast period from 2018 to 2026. Growing mobile penetration, combined with rising cloud service adoption, are the major factors driving market growth in the region.

The rapid adoption of cloud platforms and cloud applications is helping the security and vulnerability management market grow at a faster rate. In addition to this, mobile penetration in the region is high. Furthermore, the presence of some major players, such as International Business Machines (IBM), Dell EMC, Qualys, Inc., etc., further supports regional market growth.

Inorganic Growth Will Remain the Primary Strategy

The security and vulnerability management market is highly fragmented due to the presence of some major regional as well as international tech giants, along with many other small players. In order to better serve the market, the players are focusing on finding new avenues to reduce data theft and avoid security breaches. The market players are focused on adopting several strategies, including collaborations, partnerships, new product developments, and mergers and acquisitions.

For instance, in June 2017, Qualys, Inc. revealed a new addition to its vulnerability management solutions in order to help customers automate security configuration assessment (SCA). The add-on is capable of providing organizations with the ability to report, remediate, and assess security-related configuration issues that leverage the latest Center for Internet Security (CIS) benchmarks.

Some of the prominent players profiled in the security and vulnerability management market include AlienVault, Inc., Dell EMC, Hewlett Packard Enterprise Development LP, International Business Machines Corporation, McAfee, LLC, Micro Focus Corporation, Microsoft Corporation, Qualys, Inc., Rapid7, Inc., Skybox Security, Inc., Tenable, Inc., Symantec Corporation, and Tripwire, Inc.

Periods of History and Forecast

The research report presents the analysis of each segment from 2016 to 2026,considering 2017 as the base year for the research. The compound annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2018 to 2026.

Report Scope by Segments

The security and vulnerability management market report provide market size and estimates based on market dynamics and key trends observed in the industry. The report provides a holistic view of the global security and vulnerability management market based on offerings, end-use verticals, and geography. Key segments covered in the report are as follows:

Key questions are answered in this report.

  • What was the size of the security and vulnerability management market in 2017, and what is the forecast up to 2026?
  • What are the key market trends observed in the security and vulnerability management market?
  • Which is the largest regional market for security and vulnerability management?
  • Which are the most promising offerings and end-use verticals in the security and vulnerability market?
  • Which region or segment will drive the market's growth? Why?
  • Which players are leading the security and vulnerability management market?
  • What are the sustainability strategies adopted by key players operating in the market?

This report's distinct data points

  • Security and vulnerability management trends across different geographies and sub-geographies
  • Adoption scenario of security and vulnerability management amongst small and medium-sized enterprises
  • Current and future scenarios of security and vulnerability management across the globe
  • Security and vulnerability management trends across different regions 

Frequently Asked Question:

The market for Security & Vulnerability Management Market is expected to reach USD$ XX Mn in 2026.

The Security & Vulnerability Management Market is expected to see significant CAGR growth over the coming years, at XX%.

The report is forecasted from 2018 -2026.

The base year of this report is 2017.

Dell EMC, Hewlett Packard Enterprise Development LP, International Business Machines Corporation, McAfee, LLC, Micro Focus Corporation, Microsoft Corporation. are some of the major players in the global market.

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Godaddy
Published Date:  Sep 2018
Category:  Technology & Media
Report ID:   59308
Report Format:   PDF
Pages:   120
Rating:    4.1 (66)
Delivery Time: 24 Hours to 48 Hours   
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