Security and Vulnerability Management Market Size

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.

To get key market trends

  Download Free Sample

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.