Dublin, Nov. 06, 2023 (GLOBE NEWSWIRE) -- The "Global Vulnerability Management Market: Analysis By Type, By Component, By Industry Vertical, By Region Size & Forecast with Impact Analysis of COVID-19 and Forecast up to 2028" report has been added to ResearchAndMarkets.com's offering.
The global vulnerability management market, with a valuation of $12.54 billion in 2022, is on a trajectory to reach $21.22 billion by 2028, exhibiting a robust Compound Annual Growth Rate (CAGR) of 9.15% during the forecast period from 2023 to 2028. This growth is propelled by the continuous expansion of the modern attack surface, leading to a surge in security vulnerabilities and weaknesses, prompting organizations to adopt more comprehensive exposure management strategies.
Vulnerability Management: Safeguarding Digital Ecosystems
Vulnerability management is a proactive and often automated process that ensures the safety of computer systems, networks, and enterprise applications against cyberattacks and data breaches. It encompasses security policy enforcement, compliance, and risk management, safeguarding digital ecosystems from evolving threats.
Market Segmentation Analysis
- By Type: The global vulnerability management market is categorized into four types: content management, API vulnerabilities, IoT vulnerabilities, and others. Content management, driven by the increasing awareness of Content Management System (CMS) security vulnerabilities, holds the majority share in the market. Meanwhile, API vulnerabilities exhibit the fastest CAGR due to the growing adoption of APIs and complexities associated with API security.
- By Component: The market is divided into solutions and services. Solutions dominate the market share in 2022, primarily attributed to the increased complexity of software components, rapid release cycles, and a heightened focus on software supply chain security. However, services are expected to exhibit the fastest CAGR, driven by the expertise of managed vulnerability management service providers in implementing comprehensive vulnerability management programs.
- By Industry Vertical: Industry verticals covered include IT and telecom, retail, government and defense, BFSI, and others. IT and telecom lead the market share in 2022, owing to the complexity of networks, increased cloud computing reliance, frequent cyberattacks, and growing IoT adoption. Meanwhile, BFSI is expected to have the fastest CAGR due to the adoption of cloud computing, artificial intelligence, and machine learning.
- By Region: North America commands the highest market share in 2022, driven by the presence of major security and vulnerability management vendors and increased investments in security solutions by enterprises. Asia Pacific is witnessing a rising frequency of cyber security incidents, making it a favorable region for the development and adoption of security and vulnerability management solutions.
Global Vulnerability Management Market Dynamics
- Growth Drivers: The digital landscape has seen a substantial increase in cyber threats due to the widespread adoption of digital technologies and interconnected systems. The surge in vulnerabilities poses risks related to data breaches, system compromises, and financial losses, driving the demand for vulnerability management solutions. Additionally, factors like the adoption of IoT and cloud trends, integration of AI and ML with security solutions, and the rise in vulnerabilities globally contribute to market growth.
- Challenges: Challenges include the high cost of installation, maintenance, and adoption of vulnerability management solutions. Implementing robust systems requires significant initial investments, licensing fees, integration, and customization expenses. Security breaches resulting from internal vulnerabilities pose additional challenges.
- Trends: Notable trends in the vulnerability management market include the integration of AI and ML into solutions for more effective risk insights. AI and ML help IT experts identify critical vulnerabilities accurately. Other trends include vulnerability management as a service (VaaS), integration of advanced technologies, and the evolution of vulnerability management to exposure management.
Impact Analysis of COVID-19 and Way Forward:
The pandemic of COVID-19 has had positive impact on vulnerability management. Enterprises and businesses across the world went completely digital, and this created major demand for online and cloud-based infrastructure to accommodate this rapid change. As more businesses and enterprises function on the cloud, their vulnerability increases, and this subsequently drives demand for multiple security and vulnerability assessments that ensure the safety of enterprise data.
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. This increased awareness drove the demand for advanced vulnerability management tools and services.
Competitive Landscape and Recent Developments:
Global vulnerability management market is concentrated, with top three players, holding more than 60% of the market. Tenable is a major provider of vulnerability management (VM) software with around 43,000 paid customers (around 13000 enterprises). Qualys is also a major provider of vulnerability management (VM) software with around 10,000 customers.
Key players of global vulnerability management market are:
- Tenable, Inc.
- IBM Corporation
- Microsoft Corporation
- Qualys, Inc.
- Rapid7, Inc.
- AT&T Inc.
- Hewlett Packard Enterprise Company
- Dell Technologies Inc.
- Broadcom Inc. (Symantec Enterprise Cloud)
- OpenText Corporation (Micro Focus International plc.)
- Skybox Security Inc.
- Fortra (Tripwire, Inc.)
- Acunetix
The key players are constantly investing in strategic initiatives, such as new product launches, introducing their products to emerging markets and more, to maintain a competitive edge in this market. For instance, in October 2022, Microsoft introduced Azure DDoS IP Protection, a new SKU of Azure DDoS Protection for small and medium-sized organizations, and enterprise-grade DDoS protection.
Key Topics Covered:
1. Executive Summary
2. Introduction
3. Global Market Analysis
4. Regional Market Analysis
5. Impact of COVID-19
6. Market Dynamics
6.1 Growth Driver
6.1.1 Rapid Growth in the Number of Vulnerabilities
6.1.2 Rising Number of Risks, Cybercrime, and Cyber Threats
6.1.3 Rising OT/IOT and Connected Devices
6.1.4 Growing Popularity Of Cloud-based Vulnerability Management Solutions
6.1.5 Regulations and Data Privacy
6.1.6 Increasing Cyber Insurance Requirements
6.1.7 Augmenting Spending On Security of Organizations
6.2 Challenges
6.2.1 High Cost of Installation, Maintenance, and Adoption of These Solutions
6.2.2 Security Breaches Due To Internal Vulnerabilities
6.3 Market Trends
6.3.1 Integration of AI and ML with Vulnerability Management Solutions
6.3.2 Vulnerability Management as a Service (VaaS)
6.3.3 Integration of Advanced Technologies
6.3.4 Vulnerability Evolution to Exposure Management
7. Competitive Landscape
8. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/n3k31r
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