Security and Vulnerability Management Market Size - By Component (Solution, Services), Deployment Model (On-premises, Cloud), End-use Industry (IT & Telecom, BFSI, Healthcare, Retail, Manufacturing, Energy & Utility), Organization Size & Forecast, 2023 - 2032

Security and Vulnerability Management Market Size

Security and Vulnerability Management Market size was valued at USD 14.5 billion in 2022 and is estimated to register a CAGR of over 10% between 2023 and 2032. The surge in global cyber-attacks and threats is propelling the market growth. These sophisticated cyber threats prompt an increased demand for robust security solutions. According to the Indian Ministry of Electronics and IT, in the first half of 2023, 36 government websites of ministries and departments under the central and various state government faced hacking incidents and more than 4.29 lakh cyber security incidents related to financial institutions were recorded.

The rise in regulatory compliance mandates, such as the GDPR and industry-specific regulations, is fueling the security and vulnerability management market. Organizations strive to meet stringent security standards, leading to an increased demand for comprehensive solutions that manage vulnerabilities, thereby ensuring compliance while mitigating risks. For instance, in July 2023, the Securities and Exchange Commission (SEC) mandated changes to Forms 8-K and 10-K, compelling registrants to divulge significant "cybersecurity incidents" promptly. Within four days of identifying a material incident, companies must report it in Form 8-K. Annual disclosure of cybersecurity risk management processes is also required in 10-K filings.

The substantial upfront investment required for acquiring and implementing security solutions acts as a barrier for some organizations. Ongoing maintenance expenses add to the overall cost, making it a financial challenge for many companies, particularly smaller businesses, hindering their ability to access and implement comprehensive vulnerability management systems.
 

COVID-19 Impact

The COVID-19 pandemic accelerated the adoption of remote work and digital operations, significantly expanding the attack surface for cyber threats. This prompted increased investments in security and vulnerability management solutions to protect remote networks and data. The heightened awareness of cybersecurity risks led to elevated demand for robust security measures, positively impacting the market as organizations sought to fortify their digital infrastructure against evolving threats.
 

Security and Vulnerability Management Market Trends

The market is witnessing a significant shift toward cloud-based security solutions owing to their scalability, flexibility, and remote accessibility. Companies are increasingly migrating security measures to the cloud to adapt to dynamic work environments and remote operations. Cloud-based solutions offer the advantage of scaling security resources according to demand, providing enhanced flexibility in deploying and managing security measures, while enabling remote access & monitoring, catering to the evolving needs of a decentralized workforce and business landscape.
 

The trend of integrating Artificial Intelligence (AI) and automation in security is aimed at bolstering threat detection and response efficiency. AI technologies rapidly analyze vast datasets, identifying patterns & anomalies, thereby enhancing early threat detection. Automated responses streamline reaction times, mitigating potential risks swiftly.
 

For instance, in October 2023, BackBox Software Inc. introduced Network Vulnerability Manager to enhance network automation. This new service facilitates efficient network automation, providing a comprehensive solution to manage vulnerabilities within network infrastructures. This integration optimizes security efficacy by reducing human errors and enabling predictive analysis. It improves preemptive security measures and fortifies organizations against the ever-evolving landscape of cyber threats.
 

Security and Vulnerability Management Market Analysis

Based on organization size, the large enterprises segment held over 70% of the market share in 2022, owing to the substantial IT infrastructure and higher risk exposure these organizations deal with. With the growing cyber threats, these enterprises prioritize comprehensive security measures, fueling increased investments in advanced vulnerability management solutions. By addressing complex networks and diverse systems, these solutions cater to the unique & extensive security needs of large-scale enterprises, boosting the segment's anticipated growth.
 

For instance, in April 2023, Google launched The Hacking Policy Council, a new cybersecurity initiative to strengthen vulnerability management. The Hacking Policy Council is collaborating with Bugcrowd, HackerOne, Intel, Intigriti, and Luta Security to enhance vulnerability management practices.
 

Based on the end-use industry, the IT & telecom segment accounted for 26% of the security and vulnerability management market share in 2022, due to increased digital dependency. As the sector continuously expands its networks and services, the vulnerability landscape broadens, demanding robust security measures. This necessitates investments in sophisticated vulnerability management solutions to safeguard critical systems, protect sensitive data, and ensure uninterrupted services, thereby propelling segment growth within the market.
 

The North America security and vulnerability management market recorded more than 35% of the revenue share in 2022, attributed to the region's heightened cyber threat awareness, stringent regulatory compliance, and substantial investments in cybersecurity. With a focus on comprehensive security solutions, coupled with the escalating incidents of cyber threats, North American organizations increasingly prioritize vulnerability management to fortify systems, protect data, and comply with evolving security standards, fostering significant market growth.
 

Security and Vulnerability Management Market Share

The major companies operating in the security and vulnerability management industry are:

• Dell EMC
• Fujitsu Limited
• Hewlett-Packard Enterprise Company
• Holm Security
• IBM Corporation
• McAfee Inc.
• Microsoft Corporation
• OpenText Corporation
• Tripwire Inc.

These companies utilize diverse growth strategies to stay competitive in the security and vulnerability management market. These companies employ various methods including continuous R&D, strategic acquisitions, innovative product development, AI & automation integration, cloud-based security solutions, and partnerships to enhance their security measures.
 

Security and Vulnerability Management Industry News

• In October 2023, Hackuity, the risk-based vulnerability management provider launched Version 2.0 of its next generation platform, Hackuity's intelligent Risk-Based Vulnerability Management featuring major enhancements to bring further support to organizations in prioritizing risks. The new version combines threat intelligence, vulnerability severity, and unique business context, providing organizations with a quantified, measurable True Risk Score (TRS).
   
• In July 2023, NTT DATA launched an Outsourcing Service for Security Management, aiming to proactively prevent incidents and mitigate damage in case of cyber-attacks. The service offers robust security measures, implementing preventive strategies and prompt incident response protocols to minimize potential risks and losses.
   

The security and vulnerability management market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD billion) from 2018 to 2032 for the following segments:

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Market, By Component

• Solution
  • Security information & event management
  • Policy & compliance
  • Forensic & incident investigation
  • Device vulnerability assessment
  • Application vulnerability assessment
• Services
  • Consulting
  • Support
  • Integration

Market, By Deployment Model

• On-premises
• Cloud

Market, By Organization Size

• SMEs
• Large enterprises

Market, By End-use Industry

• IT & telecom
• BFSI
• Healthcare
• Retail
• Manufacturing
• Energy & utility
• Others

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Russia
  • Nordics
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Southeast Asia 
• Latin America
  • Brazil
  • Mexico
  • Argentina
• MEA
  • South Africa
  • UAE
  • Saudi Arabia