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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Unique Features in the Security and Vulnerability Management Market
An increasing number of security and vulnerability management systems were including feeds of threat intelligence. This improved an organization’s capacity to proactively manage new risks by keeping them informed about the most recent cybersecurity threats and vulnerabilities.
One important component that helped organisations respond quickly to threats and streamline security procedures was automation. Workflows for automated patch management, vulnerability assessments, and incident response were becoming more common.
Security and vulnerability management systems were expanding their capabilities to encompass cloud environments in tandem with the growing popularity of cloud services. Features for evaluating and controlling security threats in cloud-based infrastructure and applications were incorporated in this.
The focus of solutions was changing from periodic scans to ongoing monitoring and assessment. Using this method helped enterprises improve their overall security posture by enabling real-time vulnerability detection and remediation.
Security and vulnerability management products were using advanced prioritisation algorithms to address the enormous volume of vulnerabilities. Depending on their potential impact and exploitability, these algorithms assisted organisations in prioritising the most important vulnerabilities for attention first.
Major Highlights of the Security and Vulnerability Management Market
Organisations were investing in strong security and vulnerability management solutions due to the increasing sophistication and frequency of cybersecurity threats, such as supply chain vulnerabilities and ransomware assaults.
Threat intelligence feeds were being integrated into security and vulnerability management solutions to improve their capacity to recognise and address new and emerging cyberthreats. Organisations were able to remain up to date on the most recent attack methods and strategies employed by threat actors because to this integration.
A greater emphasis was placed on security solutions that might address vulnerabilities in cloud systems as a result of the growing use of cloud services. Tools for managing vulnerabilities and security were evolving to include coverage for cloud-based infrastructure and apps.
Automated processes for vulnerability scanning, patch management, and incident response are now commonplace in security and vulnerability management solutions, demonstrating the continued prominence of automation in this field. This aided businesses in increasing productivity and promptly addressing new risks.
There has been a change in vulnerability management strategy towards a risk-based approach. In order to prioritise vulnerabilities and concentrate on addressing the most pressing security threats, organisations looked for solutions that could rank vulnerabilities according to their potential effect and exploitability.
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Top Key Companies in the Security and Vulnerability Management Market
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).
These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions to expand their presence in the security and vulnerability management market. Partnerships, agreements and collaborations, and new product launches have been the most adopted strategies by the major players from 2018 to 2021 to innovate their offerings and broaden their customer base.
Qualys is one of the leading cloud security and compliance solutions providers, detecting security risks in critical IT infrastructures. The company has served more than 15,000 customers across 130 countries. It is the founding member of the Cloud Security Alliance (CSA). It has partnered with top MSPs and consult firms, including Accenture, IBM, HCL, Infosys, SecureWorks, Wipro, and Verizon. Qualys’ suite of security and compliance solutions is deployed on its cloud platform. Qualys Cloud Suite includes apps, such as vulnerability management, threat protection, cloud assessment security, continuous monitoring, cloud agent, web application scanning, and web application firewall. The vulnerability management solution provides network security and protects web applications from being attacked by cybercriminals. The compliance solution ensures that organizations adhere to regulatory compliances. The cloud-based security solution helps organizations detect security gaps in their IT infrastructures so that preventive actions can be taken to mitigate potential risks from cyber threats. The Qualys Cloud Platform, centrally managed and remotely deployable, provides dynamic asset visibility and critical security intelligence on-premises, cloud, containers, or endpoints. Qualys VMDR, by leveraging the power of ML models and real-time threat intelligence, continuously monitors unmanaged assets and inventory for vulnerabilities, classifies and prioritizes the high-risk vulnerabilities, and remediates them based on criticality.
Tenable has a presence in over 20 countries across the Americas, Europe, the Middle East and Africa (EMEA), and APAC. It provides cyber exposure solutions to private companies and government organizations for managing their cybersecurity risks, prioritizing threats, and reducing exposure and losses. The company caters to industry verticals, such as finance, healthcare, retail, education, and energy. Tenable filed to go public in June 2018 under the ticker symbol TENB, listed on NASDAQ. The company offers solutions across vulnerability management, legacy vs. risk-based vulnerability management comparison, IT/OT, application security, cloud security, and compliance. The company mapped five cyber exposure phases to its risk-based vulnerability management. The five stages are discover, assess, prioritize, remediate, and measure. Tenable provides organizations a way to measure security effectiveness by aligning security metrics with business objectives. The company offers proactive measurement, analysis, and visualization of security metrics through customizable dashboards, reports, and the industry’s first Assurance Report Cards (ARCs), and effectively measures security assurance. Tenable is a leading security and vulnerability solution provider for both OT and IT space. Tenable.sc and Tenable.io are both key vulnerability management offerings. The company acquired Indegy to boost its OT protection capability and is currently looking to increase its market presence by capitalizing on its combined IT and OT vulnerability management capability.
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