According to a new market report published by Credence Research, Inc., “Global Security & Vulnerability Management Market (By Offerings (Software and Services), By End-use Vertical (Banking, Financial Services & Insurance (BFSI), Government & Defense, Healthcare, IT & Telecom, Retail, and Others)) – Growth, Future Prospects and Competitive Landscape, 2018 – 2026”, the global security & vulnerability management market is expected to witness a growth of 9.3% CAGR during the forecast period to reach US$ 13,674.5 Mn by 2026.
The security & vulnerability management market is expected to show a high growth rate of 9.3 per cent in the CAGR during the forecast period. Growth is largely due to an increase in cyber attacks due to a persistent demand for effective cyber security solutions. Improved adoption and a significant shift towards cloud computing is another key driver that encourages the growth of the global security & vulnerability management industry.
As the emergence of new threats is growing, the need to build more reliable cyber security mechanisms is also rising. In fact, the success of vulnerability management depends on the ability of companies to keep up with current security threats and trends. Organizations are expected to be proactive in their attempts to mitigate vulnerability. When cybercrime incidences increase, there is an increasing demand for strict acquiescence in order to protect confidential data across industries, including banking, healthcare, government and retail, which is expected to enhance the growth prospects of the protection and vulnerability management market during the forecast period from 2018 to 2026.
Based on offerings, tech lions compete in the security & vulnerability management industry. Growth of this segment mainly underpinned by the growing need of a number of organizations to detect threats and check network security. Therefore, the end-use vertical segment of banking, financial services and insurance (BFSI) dominated the security & vulnerability market in 2017. The banking, financial services and insurance industry is the one that is vulnerable to numerous cyber attacks and data breaches due to the large number of clients the company serves.
Advances in various online and internet banking applications are further expected to increase the frequency of security vulnerabilities and thus boost market growth. Based on geography, North America had the largest market share for security & vulnerability management in 2017. Growth in this area is primarily due to government legislation and policies that have compelled businesses to opt for robust protection and vulnerability management.
Major and established players identified in the global security & 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. among others.
The security & vulnerability management market is fragmented due to the presence of both regional and international tech giants. Such companies are focused on pursuing a number of strategies, such as mergers and acquisitions, alliances and new product launches, in order to serve the market and retain their competitive edge over other players.
For example, in September 2017, Skybox Security, Inc. extended its product portfolio of cloud security management solutions by releasing threat-centric vulnerability management software. Threat-centric risk detection approaches are designed for multi-cloud and virtual cloud environments.
Extends capabilities for surface attack visibility, security policy management and network route analysis. Using one tool, the Skybox Security Suite, companies can control their day-to-day security operations safely and efficiently across the entire network infrastructure on the cloud or on-site.