With a compound annual growth rate of 7.51% during the forecast period of 2024 to 2032, the market size of the security and vulnerability management market is projected to reach US $26.87 billion by 2031. 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, the surge in the adoption of IoT and cloud trends, and the integration of advanced technologies such as AI and ML with security and vulnerability management solutions are the major factors driving the market's rapid growth. Cybercrimes, which include damage and loss of data, stolen money, lost property, theft of intellectual property, and other industries, cost the world around USD 600 billion yearly, or 0.8% of global GDP, according to the Centre for Strategic and International Studies (CSIS) and McAfee. It is projected that these factors will stimulate the growth of software and services for security and vulnerability management.
Organizations are implementing a variety of technical developments, such as enterprise mobility, virtualization, and cloud storage, to improve business productivity. Companies are now able to work successfully and in real-time as a result of the fact that company data can be accessed readily on mobile devices via the cloud and virtual storage. However, this mobile access to crucial business data increases the risk of data loss and theft. Misconfigurations pertaining to strong password policy, firewall port access, web server hardening, Windows Defender, and other antivirus detection systems, as well as administrative authorization privileges, can be identified by vulnerability management solutions. Numerous businesses pay enormous costs while implementing a security plan or installing a security solution in the case of a security breach.
Businesses are sending employees home to work remotely, and students are enrolling in online courses due to the increase in COVID-19 cases. As businesses rush to bring their operations and classes online, fraudsters are intensifying their efforts to exploit organizations with poor or nonexistent security measures. Using the epidemic as a ruse to trick customers into reading malicious emails. Therefore, industries wanting to prevent the leaking of sensitive information should consider security and vulnerability management. IBM believes that the global average cost of a successful phishing campaign is approximately USD 3.86 million, while the cost of a successful phishing attack in the United States has increased to USD 7.9 million. These financial consequences force businesses to implement security and vulnerability management solutions to protect their secure environments. Through 2020, 99.9% of exploited vulnerabilities will be known to security and IT professionals for at least a year, according to Digital Defense. This data reveals that businesses of all sizes and types do not manage their exposures appropriately. This is largely attributable to ignorance.
Browse for report at : https://www.acutemarketreports.com/report/security-and-vulnerability-management-market
Internal risks include insider threats, irresponsible employees, persons recruited by competitors to contaminate corporate data, irate employees, and employees who actively use company data for personal gain. Cybercriminals accomplish their financially motivated goals by means of Structured Query Language (SQL) injection, email phishing, and Man-in-the-Middle (MiTM) attacks. The majority of internal vulnerabilities and breaches go undetected; firms do not even disclose these losses due to their ecosystem reputation, since such instances are considered embarrassing. According to Verizon, 48% of harmful email attachments are office files, 34% of data breaches involve internal actors such as employees, and 94% of malware is sent over email.
A recent Endera survey reveals that firms face at least three workforce-related difficulties per week. These incidents include fraud, cybersecurity concerns, workplace violence, and theft or loss of electronic devices. Several of this report's key trends highlight the need for security leaders to be more in-depth and proactive. After integrating security and vulnerability management, organizations can test their networks, applications, and IoT devices. Infiltrations of an organization's security rely significantly on internal vulnerabilities. According to Ekran System, the average cost to enterprises of internal vulnerabilities increased from USD 1.4 million in 2018 to USD 1.6 million in 2019.
Utilizing AI and ML in vulnerability management provides IT workers with comprehensive risk insights based on the most critical and legitimate vulnerabilities. The AI platform, when combined with the security and vulnerability management platform, expedites the rectification of vulnerabilities based on real-time and predictive threat intelligence assessments, thereby lowering the frequency of data breaches. The VM solution providers leverage the power of AI, ML, and threat analytics capabilities to give end customers a full understanding of their IT infrastructures and real-time threat prioritization and response. The Qualys VMDR solution employs sophisticated machine learning, correlation, and threat intelligence analysis to automatically prioritize and remediate vulnerabilities in on-premises, cloud, container, OT, and endpoint environments. Skybox Security's risk-based vulnerability management system is an additional VM enterprise solution that combines context-aware prioritization, network modeling, attack simulation, and threat intelligence to discover the most serious vulnerabilities. Moreover, Tenable's solutions provide a 360-degree view of the risk attack surface via a single dashboard comprising AI-generated risk and contextual data.
They are the Qualys VMDR solutions are available for a free evaluation and start at USD 6,368 for businesses (USD 199 per asset, minimum 32 assets). The annual fee for Tenable Nessus Pro (commercial) begins at $3,000. Pricing for Tenable. sc begins from $13,000 for 500-1,000 IP assets. Tenable.io's pricing begins at $2,380 per year for 65 assets. Rapid7 InsightVM provides a free 30-day trial, and the annual licensing fee is USD 25 for 250 assets and USD 19.56 for 1,000 assets. Financial institutions are significant end-users of vulnerability management solutions, and they do not sacrifice money. Some small and medium-sized businesses, on the other hand, lack the financial resources to employ costly security and vulnerability solutions. Rapid7's offerings are the most cost-effective among the top security and vulnerability management vendors.
BFSI segment dominated the application market in 2023. The BFSI sector faces a variety of data breaches and cyberattacks due to the industry's huge customer base. Data breaches lead to increased expenditures for corrective efforts and the loss of vital client information. For example, the Far Eastern International Bank of Taiwan lost around $60 million due to malware in the recent past. Private and public banking institutions are deploying the most advanced anti-cyberattack technology to defend IT processes and systems, preserve sensitive client data, and comply with government regulations. With increased technology penetration, digital channels such as internet and mobile banking, and client choice for banking services, banks must install more stringent authentication and access control measures. For instance, in May 2019, Singapore's Central Bank mandated that these financial institutions strengthen their cybersecurity by implementing several measures, such as protecting accounts with password managers and using anti-virus and security scanning software. In 2018-19, according to the Reserve Bank of India, the proportion of electronic transactions to the total volume of retail payments in India increased to 95.4% from 92.2% in the previous year. The banks are eager to implement solutions, such as endpoint security solutions, that would enable them to continue delivering uninterrupted service to clients.
Large corporations will hold a 60% revenue share of the global security and vulnerability management market in 2023, making them the primary target of security and vulnerability management suppliers. We now live in an entirely digital and electronic world that is highly vulnerable to cyber-attacks and threats. Due to their extensive digital infrastructure and numerous entry points, hackers and cybercriminals are more likely to target major organizations. These businesses heavily rely on security and vulnerability management solutions to secure data and prevent losses. As more businesses shift to a cloud-based architecture, the risk, and exposure of their data increase; as a result, they are adopting security and vulnerability management services to successfully secure their data and limit associated financial losses.
North America is anticipated to have the greatest market share in security and vulnerability management. The early adoption of security and vulnerability management and the presence of numerous vendors of security and vulnerability management solutions are expected to stimulate market growth in this sector. Businesses in this region are increasingly employing security and vulnerability management solutions for enabling data security, preventing cyberattacks and commercial espionage, and preserving data security and privacy in order to enhance business continuity. In North America, the security and vulnerability management market is projected to dominate in the next years. Multiple firms are increasing their investments in security management solutions, which is driving demand in the region for security and vulnerability management. Due to an increase in digital infrastructure in the region and the increased adoption of cloud infrastructure by several businesses and organizations, the Europe security and vulnerability management market is expected to exhibit a healthy development rate throughout the forecast period.
As the rate of digitization accelerates across East Asia, South Asia, and the Pacific, the outlook for network security and vulnerability management is anticipated to increase. It is also projected that increasing technological spread and urbanization in these regions would increase the market potential for security and vulnerability management. As cyberattacks and bring-your-own-device (BYOD) data breaches gain popularity in the Asia-Pacific region, the market for security and vulnerability management firms is expanding. In 2017, roughly one in five organizations in the region experienced more than six security breaches, according to the ESET Enterprise Survey 2019 Report. The increasing amount of cyberattacks in the region has led the players to enhance their defensive capabilities, resulting in the countries' governments taking a greater interest in cybersecurity. In 2018, China's National Computer Network, Emergency Response Technical Team (CNCERT) reported that 14,000 U.S. servers infected with a Trojan virus or botnet controlled 3.34 million host PCs in China, an increase of around 90.8% over the previous year. In the past two years, hacking-related data breaches at Singapore Health, Cathay Pacific, and the Australian Parliament have illustrated how unprotected privilege credentials can be used to get access to sensitive data. In July 2019, following the discovery of a data breach throughout its online stores in Asia Pacific, including the Philippines, Sephora Asia-Pacific requested that its customers reset their passwords.
Australia, Indonesia, Japan, Malaysia, the Philippines, Singapore, Sri Lanka, and Thailand are more likely to adopt security and vulnerability management solutions because they have comprehensive and current cybersecurity plans. Frequently, these policies are reinforced by legal and operational frameworks and specialized entities that handle the protection and emergency response requirements of critical infrastructure. There are broad information and communication technology (ICT) master plans in Laos, Myanmar, and Pakistan that cover cybersecurity. This affords retailers the opportunity to raise product awareness in these nations.
Key providers of security and vulnerability management are focused on innovative solutions to defend enterprises from ever-developing threats. In order to keep their security and vulnerability management solutions up-to-date, security and vulnerability management companies are investing in research to examine the emergence of new technologies and cybersecurity trends. For instance, In December 2021, Edgescan, a market leader in vulnerability management, announced the launch of its redesigned website, which represents the company's new brand identity. The revamped website employs an assortment of images to show how it aids customers in mitigating and addressing full-stack vulnerabilities and to promote its Smart Vulnerability Management solution. IBM (United States), AT&T (United States), Qualys (United States), Rapid7 (United States), Tenable (United States), RSA Security (United States), McAfee (United States), Foreseeti (Sweden), F-Secure (Finland), Acunetix (United States), Skybox Security (United States), SecPod (India), Tripwire (United States) and others remain as the key players in the security and vulnerability management market.
