Security and Vulnerability Management Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Security and Vulnerability Management Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Security and Vulnerability Management Global Market Report 2024, The security and vulnerability management market size has grown strongly in recent years. It will grow from $13.61 billion in 2023 to $14.31 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The growth in the historic period can be attributed to early cyber threats, regulatory initiatives, network complexity increase, Internet expansion, shift to digital business, data breach incidents.

The security and vulnerability management market size is expected to see strong growth in the next few years. It will grow to $19.5 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to cybersecurity talent shortage, zero trust adoption, ransomware evolution, supply chain security concerns, advancements in AI and automation. Major trends in the forecast period include cybersecurity skills gap, cyber threat sophistication, regulatory compliance, remote work dynamics, cloud migration, IoT expansion.

The rise in the adoption of security and vulnerability assessment and management tools is expected to drive the growth of the security and vulnerability management market going forward. Security and vulnerability management tools aid in the assessment, identification, and reporting of security flaws. Many firms are utilizing security and vulnerability assessment and management technologies to minimize security issues. For example, in October 2021, Synk, a US-based security company operating in security and vulnerability management, broadened its portfolio with Snyk Code, a static application security testing (SAST) tool that already supports Java, JavaScript, and Python, now it includes support for C#, Ruby, PHP, and Go. In the last 12 months, Snyk clients and customers have run more than 300 million tests, fixing more than 30 million vulnerabilities in a 90-day timeframe. Snyk also announced that its annual recurring income (ARR) has climbed by 154 percent year over year, owing to a customer base that currently includes over 1,200 companies such as Asurion, Google, Intuit, MongoDB, New Relic, Revolut, and Salesforce. Therefore, the rise in the adoption of security and vulnerability assessment and management tools is driving the security and vulnerability management market.

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The security and vulnerability management market covered in this report is segmented –

1) By Component: Software, Services
2) By Organization Size: Small and Medium Scale, Large Scale
3) By Target: Content Management System Vulnerabilities, API Vulnerabilities, Internet of Things (IoT) Vulnerabilities, Other Targets
4) By Application: Banking, Financial Services And Insurance (BFSI), Government and Defense, Healthcare, IT and Telecom, Retail, Other Applications

Major companies operating in the security and vulnerability management market are forming partnerships to develop new products and strengthen their positions in the market. Partnerships and collaborations in the security and vulnerability management market enhance the industry by combining the strengths of different organizations, leveraging expertise and technologies to offer comprehensive solutions that effectively identify, manage, and respond to cybersecurity threats. For instance, in April 2022, TAC Security, a US-based cybersecurity company, partnered with Protean InfoSec Services Limited, an India-based cybersecurity consulting services company, to offer Full-Cycle Vulnerability Management Detection and Response solutions in India. The collaboration aims to leverage TAC Security’s global-class cybersecurity innovations and Protean InfoSec’s expertise to enhance the security of digital technology and transformation solutions. Through their joint platform, “Enterprise Security in One Framework (ESOF),” the partnership will empower organizations to safeguard applications, infrastructure, endpoints, and cloud environments while ensuring compliance and robust security practices. The suite of solutions includes ESOF VMDR, offering a Full-Cycle Vulnerability Management solution with features like AI-powered Cyber Risk Score, providing organizations with a holistic view of their cybersecurity posture.

The security and vulnerability management market report table of contents includes:

1. Executive Summary
2.Security and Vulnerability Management Market Characteristics
3.Security and Vulnerability Management Market Trends And Strategies
4.Security and Vulnerability Management market analysis
5.Security and Vulnerability Management Market Size And Growth
6.Security and Vulnerability Management Segmentation
7.Security and Vulnerability Management Regional And Country Analysis
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27.Security and Vulnerability Management Competitive Landscape And Company Profiles
28.Security and Vulnerability Management Key Mergers And Acquisitions
29.Security and Vulnerability Management Future Outlook and Potential Analysis

TOP MAJOR PLAYERS:

• Dell Technologies Inc.
• International Business Machines Corporation
• Broadcom Inc.
• F-Secure Corporation
• Fortinet Inc.

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