The Business Research Company has released a new report detailing the current state and projected growth of the Global Security and Vulnerability Management Market. The market is expected to see substantial expansion, with the size anticipated to grow from $13.61 billion in 2023 to $14.31 billion in 2024, reflecting a compound annual growth rate (CAGR) of 5.2%. The trajectory of this market is influenced by various factors, including the rise in early cyber threats, regional regulatory initiatives, increasing network complexity, the expansion of the Internet, a shift towards digital business models, and notable incidents of data breaches.
Looking further ahead, the market is projected to reach $19.5 billion by 2028, with a CAGR of 8.0%. Factors contributing to this anticipated growth include a labour shortage in the cybersecurity field, increased adoption of zero trust principles, the evolution of ransomware, supply chain security issues, and advancements in artificial intelligence (AI) and automation. As the landscape of cybersecurity continues to evolve, key trends will likely include a growing skills gap in cybersecurity, the sophistication of cyber threats, regulatory compliance requirements, dynamics of remote work, cloud migration, and the expansion of the Internet of Things (IoT).
The demand for security and vulnerability assessment tools has become a significant driver of market growth. These tools help organisations assess, identify, and report on security flaws, enabling companies to proactively manage potential vulnerabilities. For instance, in October 2021, Synk, a US-based security firm, expanded its product offerings with Snyk Code, a static application security testing tool that now supports several programming languages including C#, Ruby, PHP, and Go. Within the previous year, Snyk reported conducting over 300 million tests and rectifying more than 30 million vulnerabilities within a 90-day timeframe, signifying a strong customer demand for such tools. The company's annual recurring income increased by 154% year on year, with a client base including major firms like Google and Salesforce.
Technological advancements are also paving the way for innovation within the security and vulnerability management sector. Prominent companies in this market segment are actively engaged in developing new products and applications to enhance their competitive positions. Notably, in May 2022, New Relic introduced its Vulnerability Management tool, which aids organisations in swiftly identifying and addressing security risks with greater accuracy. This tool is designed for comprehensive risk management, allowing all members of a software team—including security engineers—to aggregate security signals across their entire software stack for effective monitoring and reduction of risks.
The insights generated from this report offer various benefits to stakeholders, including comprehensive market statistics and trend analyses that assist in understanding the industry landscape. Additionally, the data supports informed decision-making and strategic planning, potentially providing competitive advantages through in-depth competitor analyses and tailored report solutions.
Major players in this flourishing market include Dell Technologies, IBM, Broadcom, Fortinet, McAfee, and Qualys, among others. The North American region led the market in 2023, indicating a robust presence and demand for security and vulnerability management solutions in that area.
The Business Research Company's report underscores the dynamic nature of the security and vulnerability management market and the critical role of technological innovation in driving its future growth.
Source: Noah Wire Services