Security and vulnerability management market to reach $15.86 billion by 2030
The global security and vulnerability management market is expected to grow from $6.7 billion in 2020 to $15.86 billion by 2030, at a CAGR of 9% during the forecast period 2021-2030, according to The Brainy Insights.
A security vulnerability is an unexpected feature of a computing component or system configuration that increases the likelihood of an unfavourable event or loss occurring because of accidental disclosure, deliberate attack, or conflict with new system components.
Vulnerability management is a continuous process that aims to find vulnerabilities that can be fixed by patching and configuring security settings. It is a set of security methods for proactively identifying, preventing, mitigating, and classifying vulnerabilities in an IT system, and it’s a crucial aspect of any cybersecurity plan.
An increase in vulnerabilities across the globe, high monetary losses due to the absence of security and vulnerability management solutions, stringent regulatory standards and data privacy compliances, surge in the adoption of IoT and cloud trends, and integration of advanced technologies such as AI and ML with security and vulnerability management solutions are some of the major driving factors contributing to the high growth rate of the security and vulnerability management market.
Because of the rate at which cyber threats and cybercrimes are expanding, the risk associated with them is also increasing, the security and vulnerability management industry is growing. As a result, security and vulnerability management is being used by enterprises to improve their security operations, threat intelligence, and risk management.
To enhance their market position in the global security and vulnerability management market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, joint ventures, collaborations, and partnerships.
The large enterprises segment dominated the market
The size of the organization segment is divided into large enterprises, small and medium enterprises. The large enterprises segment dominated the market with a market share of around 65% and a market value of around 4.36 billion in 2020.
Large enterprises are in constant need of security and vulnerability management as these work on large databases and with clients worldwide.
The healthcare segment is anticipated to grow at the highest CAGR
The end-user industry segment is divided into aerospace, retail, manufacturing, defence & intelligence, BFSI, healthcare, IT, and telecommunication. The healthcare segment is anticipated to grow at the highest CAGR of around 10% during the forecast period. The healthcare business has a global infrastructure that deals with the constant flow of health-related data.
With the COVID-19 outbreak, there has been a spike in the number of cyberattacks on healthcare institutions with personally identifiable information (PII), electronically protected health information (ePHI), and electronic health records (EHR), such as ransomware and misinformation campaigns.
Healthcare businesses face several issues, including protecting the privacy of Electronic Health Records (EHRs) and adhering to numerous HIPAA compliances, which has aided healthcare IT departments in upgrading and implementing PHI security policies and processes.
The vertical has grown increasingly vulnerable to cyber-attacks because of the adoption of technology such as BYOD and centralised patient information. The demand for secure data retrieval from healthcare databases is projected to drive up security and vulnerability management deployment.
The security and vulnerability management market growth will be accelerated by the rapid increase in data volume and the growing demand for efficient and effective data security systems.
Regional segment analysis of the security and vulnerability management market
The North America region emerged as the largest market for the global security and vulnerability management market with a market share of around 34.8% and a market value of around 2.33 billion in 2020. Because of the enormous number of end-users in this region, North America is the industry leader in security and vulnerability management.
The organizations have been required to conduct substantial security and vulnerability management due to government-imposed restrictions and policies. Several major market participants in North America provide security and vulnerability management solutions to all end-users in the region.
Both the United States and Canada have robust economies and are likely to be key contributors to the growth of the security and vulnerability management markets.