Security and Vulnerability Management Market is expected to reach US$ 22.88 billion by 2030
Integration of Advanced Technologies in Vulnerability Management Solutions to Create Lucrative Opportunities in Security and Vulnerability Management Market During 2022–2030
According to our latest market study on "Security and Vulnerability Management Market Size and Forecast (2020–2030), Global and Regional Share, Trend, and Growth Opportunity Analysis – by Offering, Deployment, Technology, and Vertical," the market was valued at US$ 13.76 billion in 2022 and is expected to reach US$ 22.88 billion by 2030; it is estimated to record a CAGR of 6.6% from 2022 to 2030.
The evolution of advanced technologies such as artificial intelligence (AI), machine learning (ML), Internet of Things (IoT), and threat analysis tools are creating opportunities in the market. These advanced technologies help businesses mitigate risks and streamline operations effectively. Al technologies allow businesses to monitor risk-based security vulnerability in real time and take corrective actions to protect data and systems against cyber threats. The integration of Al and ML technologies in vulnerability management solutions supports and helps IT teams run a deep analysis on risk insights to check for critical and legitimate vulnerabilities. The integration of AI with a vulnerability management platform aids in predictive and real-time threat intelligence evaluation for reducing the occurrences of data breaches, which is one of the key factors contributing to the security and vulnerability management market progress.
Security and Vulnerability Management Market Report — by Region, 2022
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Source: The Insight Partners Analysis
The suppliers of virtual machine solutions, a digital version of a physical computer) utilize AI, ML, and threat analysis tools to provide their customers with comprehensive insights into their IT infrastructures, along with facilitating real-time threat prioritization and response. Many companies across the world are using AI and ML technologies to perform threat intelligence analysis effectively. For instance, the Qualys VMDR solution uses correlation, advanced ML, and threat intelligence analysis to automatically identify and fix high-risk vulnerabilities in on-premises, cloud, container, OT, and endpoint settings. Moreover, Skybox Security, another virtual machine (VM) enterprise solution, is a risk-based vulnerability management solution that uses context-aware prioritization incorporated with network modeling, attack simulation, and threat intelligence to highlight the most important vulnerabilities in data and systems. Tenable Holdings Inc offers a Tenable Nessus. This cloud-based platform offers a 360-degree perspective of the risk attack surface that provides a single console containing contextual and Al-derived risk data. The platform is used to quickly identify, investigate, and prioritize the most critical assets and vulnerable areas. Tenable Nessus is built with threat intelligence and real-time insight capabilities to help users understand exposures and proactively prioritize remediations. It is the industry's most comprehensive vulnerability coverage solution that offers the continuous, real-time assessment of businesses. Thus, the growing use of AI and ML in vulnerability management solutions is expected to create lucrative opportunities for the security and vulnerability management market growth during the forecast period.
The security and vulnerability management market report includes the profiling of Microsoft Corp; International Business Machines Corp;, Hewlett Packard Enterprise Development LP;, Qualys Inc;, Tenable Holdings Inc;, Rapid7;, CrowdStrike Holdings Inc;, Fortra, LLC;, Skybox Security, Inc;, and Cisco Systems Inc, which are among the key market players. Several other essential market players were also analyzed for a holistic view of the market and its ecosystem. The security and vulnerability management market forecast can help stakeholders in this marketplace plan their growth strategies. The report also provides detailed market insights to help major players strategize their growth.
The security and vulnerability management market analysis, based on geography, focuses on the market performance in 5 major regions: North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. In terms of revenue, Asia Pacific accounted for the largest security and vulnerability management market share in 2022. Various companies in China, South Korea, India, Japan, Singapore, and Australia are highly engaged in adopting AI technology and machine learning. According to Salesforce Inc., in September 2023, businesses in 12 countries in Asia Pacific have already deployed AI technology for the identification of risks and vulnerabilities. Moreover, countries such as Japan, China, Singapore, Australia, and South Korea have already deployed AI technology for managing vast volumes of high-quality data. These countries have detailed and up-to-date cybersecurity strategies in place, which help them address critical infrastructure protection and emergency response needs.
Asia Pacific is expected to record the highest CAGR in the security and vulnerability management market during the forecast period. The projected market growth in this region is ascribed to the increasing incidents of cybersecurity assaults and data breaches with bring-your-own-devices (BYOD). These mishaps compel companies to deploy security and vulnerability management solutions for protecting data, information, and systems to gain protection against cyberattacks and data breaches. Moreover, the expansion of industries such as banking, financial services, and insurance (BFSI); IT & telecom; and healthcare are expected to generate significant opportunities for the expansion of the market in the near future.
Australia held the significant Asia Pacific security and vulnerability management market share in 2022. Government initiatives and support for strengthening security to protect Australia against cyber-attacks and data breach incidences are likely to benefit the security and vulnerability management market growth over the forecast period. In March 2022, the Federal Government of Australia issued its 2022–2023 federal budget, amounting to US$ 6.39 billion, for strengthening cybersecurity and intelligence capabilities across the country. The government is also planning to spend US$ 6.46 billion under the Resilience, Effects, Defence, Space, Intelligence, Cyber and Enablers (REDSPICE) program. An upsurge in such cyber-attacks is influencing governments of different countries in Asia Pacific to increase their funding and implement stringent policies related to data breaches and cyber threats. Moreover, stringent regulatory standards and data privacy compliances would bring significant the security and vulnerability management market trends during the forecast period.
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