Security and Vulnerability Management Market worth $18.7 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Sept. 29, 2021 /PRNewswire/ -- According to a new market research report "Security and Vulnerability Management Market by Component (Software and Services), Target, Deployment Mode (Cloud and On-premises), Organization Size (SMEs and Large Enterprises), Vertical, and Region - Global Forecast to 2026", published by MarketsandMarkets™, the global Security and Vulnerability Management Market size is projected to grow from USD 13.8 billion in 2021 to USD 18.7 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 6.3% during the forecast period. The major driving factors contributing to the high growth rate of the Security and Vulnerability Management Market include an increase in vulnerabilities across globe, high monetary losses due to the absence of security and vulnerability management solutions, stringent regulatory standard 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.
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By component, the services segment to register the highest growth rate during the forecast period
The services segment includes various services that are required to deploy, execute, and maintain the security and vulnerability management in an organization. The security and vulnerability management market based on services includes both professional services and managed services. The services in the Security and Vulnerability Management Market become critical as they provide support for the proper functioning of software solutions. Various vendors in the market are focusing on delivering specialized services to help organizations with the smooth running of business processes. Professional services comprise training and consulting, and deployment and integration. On the other hand, managed services include support, maintenance, and infrastructure management. The demand for services in the Security and Vulnerability Management Market is expected to be growing in the coming years to support business objectives. The increasing need for planning, designing, and consulting of security and vulnerability management solutions to fuel the demand for professional services.
Based on vertical, the healthcare segment to grow at the highest CAGR during the forecast period
The healthcare industry comprises a global infrastructure that deals with continuous health-related data exchange. There has been an increase in the number of cyberattacks, such as ransomware and misinformation campaigns on healthcare organizations with electronic protected health information (ePHI), personally identifiable information (PII), and electronic health records (EHR) with the COVID-19 outbreak. Email phishing attacks have spiked due to COVID-19, more so, across the healthcare sector. Healthcare organizations face several challenges, such as maintaining the privacy of Electronic Health Records (EHRs) and meeting various compliances, set by HIPAA, which has helped the IT departments of the healthcare sector to upgrade and put manage security policies and procedures to PHI. With the adoption of technologies such as BYOD and centralized patient information, the vertical has become highly susceptible to cyber-attacks. The need to secure data retrieving process from clinical databases is expected to increase the deployment of security and vulnerability management solutions. Nowadays, security and vulnerability management as a service gaining momentum in healthcare industry as it is reliable and cost-efficient solution.
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North America to hold the largest market share during the forecast period.
North America has several prominent market players delivering security and vulnerability management solutions to all end-users in the region. The US and Canada both have strong economic conditions and are expected to be major contributors to the Security and Vulnerability Management Markets growth. The geographical presence, significant Research and Development (R&D) activities, partnerships, and acquisitions and mergers are the major factors for deploying security and vulnerability management and services.
Market Players:
Key and innovative vendors in the Security And Vulnerability Management Market include IBM (US), AT&T (US), Qualys (US), Rapid7 (US), Tenable (US), RSA Security (US), McAfee (US), Foreseeti (Sweden), F-Secure (Finland), Acunetix (US), Skybox Security (US), SecPod (India), Tripwire (US), Kenna Security (US), Check Point (US), Expanse (US), Digital Defense (US), Positive Technologies (Russia), Outpost24 (Sweden), Brinqa (US), NopSec (US), RiskIQ (US), RiskSense (US), Claroty (US), Holm Security (Sweden), Balbix (US), Intruder (UK), BreachLock (US), and Nucleus Security (US).
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