According to a new market report published by Credence Research, Inc., “Global Security & Vulnerability Management Market (By Offerings (Software and Services), By End-use Vertical (Banking, Financial Services & Insurance (BFSI), Government & Defense, Healthcare, IT & Telecom, Retail, and Others)) – Growth, Future Prospects and Competitive Landscape, 2018 – 2026”, the global security & vulnerability management market is expected to witness a growth of 9.3% CAGR during the forecast period to reach US$ 13,674.5 Mn by 2026.
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Security & vulnerability management market is projected to demonstrate a high growth, expanding at a CAGR of 9.3% during the forecast period. The growth is mainly credited to the increase in cyber-attacks due to which there is a continuous demand for proficient cyber security solutions. Increasing penetration and substantial move towards cloud computing is another prominent driver facilitating the growth of security & vulnerability management market across the globe. As rising complexity of new threats is escalating, need for developing more robust cyber-security frameworks also intensifying.
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Moreover, the efficacy of managing vulnerabilities depends on the organizations’ ability to keep up with the current security threats and trends. Organizations are required to be proactive in their vulnerability management efforts. With the accelerating growth in cybercrime incidences, there is an increasing demand for strict acquiescence in order to protect confidential data across different sectors including banking, healthcare, government, and retail that is expected to enhance the growth prospects of security & vulnerability management market during the forecast period from 2018 to 2026.
Based on offerings, software lions’ share in the security & vulnerability management market. Growth of this segment primarily backed by the rising need of several organizations for identifying threats and testing network security. Further, based on end-use vertical, banking, financial services and insurance (BFSI) segment dominated the security & vulnerability market in 2017.
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The banking, financial services and insurance sector is the one that is prone to several cyber-attacks and data breaches due to the large number of customer base the sector serves. Advancements in various online and internet banking solutions are further estimated to increase the frequency of security vulnerabilities, thereby enhancing the market growth.
Based on geography, North America held the largest market share for security & vulnerability management market in 2017. Growth in this region is mainly due to the government regulations and policies that have forced companies to opt for extensive implementation of security & vulnerability management.
Major and established players identified in the global security & vulnerability management market include AlienVault, Inc., Dell EMC, Hewlett Packard Enterprise Development LP, International Business Machines Corporation, McAfee, LLC, Micro Focus Corporation, Microsoft Corporation, Qualys, Inc., Rapid7, Inc., Skybox Security, Inc., Tenable, Inc., Symantec Corporation, and Tripwire, Inc. among others.
The security & vulnerability management market is fragmented owing to the presence of regional as well as international tech giants. These players are focused on the adoption of several strategies such as mergers and acquisitions, partnerships and new product developments in order to serve the market as well as maintain their competitive edge over other players.
For instance, in September 2017, Skybox Security, Inc. expanded its cloud security management solution product portfolio with the launch of threat centric vulnerability management software. The threat-centric vulnerability management solution is designed for multi-cloud and virtual cloud environments.
It extends the capabilities for attack surface visibility, security policy management and network path analysis. With one platform, the Skybox Security Suite, it is beneficial for organizations to manage their everyday security processes across the entire network infrastructure on cloud or on-premises securely and consistently.
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