Security And Vulnerability Management Market size is set to gain remarkable traction over 2021-2027. This is attributable to the increasing reliance on vulnerability management process over ad-hoc scanning, due to its operational efficiencies and improved security and control. Likewise, the significant integration of vulnerability scanning in cybersecurity programs for data breach prevention is also likely to add impetus to industry expansion over the estimated timeline. Security and vulnerability management refers to the process of identifying, evaluating, and reporting on security vulnerabilities in software and systems. This process is considered vital for organizations to prioritize threats and minimize attack surfaces. It needs to be consistently performed to keep up with the new systems being added, changes to these systems, as well as the discovery of new vulnerabilities over time.
Rapid increase in digital payments, especially during the COVID-19 pandemic, and the rising concerns regarding cyber-attacks are fostering the security and vulnerability management market trends. According to an ACI Worldwide and YouGov survey, nearly 71% of respondents expressed more concern about fraud and scams during the pandemic, due to the shift to digital payment methods, which could amplify the demand for security and vulnerability management tools. In addition, the industrial revolution and the deployment of innovative technologies such as cloud computing and IoT will further generate opportunities for market expansion in the years ahead.
Banking, financial services and insurance (BFSI) is set to emerge as a prominent end-use segment for the security and vulnerability management market by 2027. This can be credited to the massive rise in fintech, coupled with the integration of smart technologies like AI in this sector. Moreover, high vulnerability due to the increased digitalization and the rise in cyber breaches across the BFSI sector will amplify the need for security monitoring and vulnerability management solutions.
From a regional perspective, the Asia Pacific security and vulnerability management industry will exhibit a high growth rate through 2027. The regional industry growth is driven by the growth of the IT and telecommunication sector, along with the escalating risk of data breaches across industries such as healthcare. In January 2021, Japan and India inked a Memorandum of Understanding to increase collaboration in the field of Information and Communication technologies. Developments such as these could boost the growth of the regional market.
Prominent companies operating in the global security and vulnerability management market include Flexera, PT GLOBAL SOLUTIONS LTD., Digital Defense, Inc., Belden, Inc., Qualys, Inc., RedSeal, Inc., Rapid7, HelpSystems, Tenable, Inc., Skybox Security, Inc., AlienVault, Inc., NetIQ Corporation (Micro Focus, The Attachmate Group), McAfee, Inc., Tripwire, and IBM Corporation, among others. Strategic mergers and acquisitions and business expansions are some of the key initiatives being taken by these market players to reinforce their presence in the global market.
For example, in July 2021, Rapid7 launched InsightCloudSec, the first fully-integrated CNSP (cloud-native security platform) in the industry, to provide seamless security and vulnerability management in complex cloud environments. This platform was designed to combine cloud security posture management and infrastructure entitlements management as code capabilities of DivvyCloud, its subsidiary. In April 2021, Tenable Holdings announced the acquisition of Alsid SAS to secure its Active Directory environments against cyber threats and complement vulnerability management.
The mitigation measures aimed at curbing the spread of coronavirus over the past months have directly impacted the demand, supply, and daily operations of the retail sector. Widespread lockdowns asserted a major influence on manufacturing activities, thus disrupting the overall economy. Given that the retail and manufacturing sectors are significant end-users of security and vulnerability management tools, the prevailing economic crisis may create a hindrance to the industry growth in the upcoming years.
However, significant digital transformation and the adoption of the digital payment system, more prominently during the pandemic to limit the virus spread, may give rise to cyber-threats worldwide. The increase in complexity in digital infrastructure has also boosted the sophistication and frequency of cyber-attacks on businesses. These factors may assert a positive influence on security and vulnerability management market dynamics in the near future.