Security and vulnerability management market size to reach $20.1 billion by 2027
The global security and vulnerability management market size is expected to reach $20.1 billion by 2027, rising at a market growth of 7.1% CAGR during the forecast period, according to ResearchAndMarkets.
Security and vulnerability management refers to the process of identifying, analyzing, and eliminating vulnerabilities in networking hardware or software. In the past few years, this system has emerged as a crucial component for security in companies. Vulnerability management system takes help of test systems and technology to expose weak points and security flaws, thereby enabling the customers to know and quantify the loopholes in the network and to avoid undesirable weak points.
Growing adoption of IoT and cloud trends, high monetary losses due to the dearth of these solutions, integration of latest technologies like artificial intelligence & machine learning with security and vulnerability management solutions are indicative for the future growth of these solutions. Moreover, rise in vulnerabilities across the world, and strict regulatory standard & data privacy compliances are some of the key factors accountable to drive the growth of the security and vulnerability management market worldwide.
Moreover, the increase in number of cyber threats and cybercrimes is directly proportional to the adoption and growth rate of the security and vulnerability management solutions. Further, companies are switching towards the adoption of these solutions to ensure that threat intelligence & risk management is available in their premises that will enhance the security operations of their business.
COVID-19 impact analysis
The outbreak of the COVID-19 pandemic compelled companies of different sizes to adopt remote working model by allowing the employees to work from their homes in order to prevent the risk of getting infected from the coronavirus.
The internet ecosystem played a vital role across the world. This provided access to the company’s data to employees that were working from remote or distant locations. Thus, this has increased the chances of vulnerability that has forced companies to adopt security and vulnerability management solutions in order to prevent monetary and data losses.
Security and vulnerability management market growth factors
Increase in loss of confidential data and monetary loss
Various companies are highly focusing on implementing several advanced technologies like cloud storage, enterprise mobility, and virtualization to increase the productivity of their businesses. With the help of advanced technologies like virtual and cloud storage, companies are now able to function efficiently in real-time as the private data can also be accessed through devices like mobile or tablets. But, the access of private data through mobile or tablet increases the chances of data theft and data loss.
To deal with these issues, vulnerability management solutions assist companies in identifying misconfigurations regarding firewall port access, Windows Defender, administrative authorization privileges, various other antivirus detection solutions, web server hardening, and strong password policy.
Rising number of risks, cybercrime, and cyber threats
The adoption of security management, vulnerability management, and risk management solutions has increased due to a significant rise in cybercrimes and cyber threats. In addition, with the growth in cyber threats such as data breaches, DDoS attacks, and computer viruses, companies are excessively implementing security and vulnerability solutions in order to secure their confidential data from malicious activities.
Moreover, the deployment of risk management, vulnerability management and security management has increased due to the increasing number of cyber threats and cybercrimes.