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Security and Vulnerability Management Market Growing at a CAGR 6.3% | Key Player Qualys, Rapid7, Tenable, Mcafee, RSA Security

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Security and Vulnerability Management Market Growing at a CAGR 6.3% | Key Player Qualys, Rapid7, Tenable, Mcafee, RSA Security

October 28
20:40 2021
Security and Vulnerability Management Market Growing at a CAGR 6.3% | Key Player Qualys, Rapid7, Tenable, Mcafee, RSA Security
IBM (US), AT&T (US), Qualys (US), Rapid7 (US), Tenable (US), RSA Security (US), McAfee (US), Foreseeti (Sweden), F-Secure (Finland), Acunetix (US), Skybox Security (US), SecPod (India), Tripwire (US), Kenna Security (US), Check Point (US), Expanse (US), Digital Defense (US), Positive Technologies (Russia), Outpost24 (Sweden), Brinqa (US), NopSec (US), RiskIQ (US), RiskSense (US)
Security and Vulnerability Management Market by Component (Software and Services), Target, Deployment Mode (Cloud and On-premises), Organization Size (SMEs and Large Enterprises), Vertical, and Region – Global Forecast to 2026

The global security and vulnerability management market size is projected to grow from USD 13.8 billion in 2021 to USD 18.7 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 6.3% during the forecast period. The major driving factors contributing to the high growth rate of the security and vulnerability management market include an increase in vulnerabilities across globe, high monetary losses due to the absence of security and vulnerability management solutions, stringent regulatory standard and data privacy compliances, surge in the adoption of IoT and cloud trends, and integration of advanced technologies such as AI and ML with security and vulnerability management solutions.

By component, the services segment to register the highest growth rate during the forecast period

The services segment includes various services that are required to deploy, execute, and maintain the security and vulnerability management in an organization. The security and vulnerability management market based on services includes both professional services and managed services. The services in the security and vulnerability management market become critical as they provide support for the proper functioning of software solutions. Various vendors in the market are focusing on delivering specialized services to help organizations with the smooth running of business processes. Professional services comprise training and consulting, and deployment and integration. On the other hand, managed services include support, maintenance, and infrastructure management. The demand for services in the security and vulnerability management market is expected to be growing in the coming years to support business objectives. The increasing need for planning, designing, and consulting of security and vulnerability management solutions to fuel the demand for professional services.

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Based on vertical, the healthcare segment to grow at the highest CAGR during the forecast period

The healthcare industry comprises a global infrastructure that deals with continuous health-related data exchange. There has been an increase in the number of cyberattacks, such as ransomware and misinformation campaigns on healthcare organizations with electronic protected health information (ePHI), personally identifiable information (PII), and electronic health records (EHR) with the COVID-19 outbreak. Email phishing attacks have spiked due to COVID-19, more so, across the healthcare sector. Healthcare organizations face several challenges, such as maintaining the privacy of Electronic Health Records (EHRs) and meeting various compliances, set by HIPAA, which has helped the IT departments of the healthcare sector to upgrade and put manage security policies and procedures to PHI. With the adoption of technologies such as BYOD and centralized patient information, the vertical has become highly susceptible to cyber-attacks. The need to secure data retrieving process from clinical databases is expected to increase the deployment of security and vulnerability management solutions. Nowadays, security and vulnerability management as a service gaining momentum in healthcare industry as it is reliable and cost-efficient solution.

Key and innovative vendors in the security and vulnerability management market include IBM (US), AT&T (US), Qualys (US), Rapid7 (US), Tenable (US), RSA Security (US), McAfee (US), Foreseeti (Sweden), F-Secure (Finland), Acunetix (US), Skybox Security (US), SecPod (India), Tripwire (US), Kenna Security (US), Check Point (US), Expanse (US), Digital Defense (US), Positive Technologies (Russia), Outpost24 (Sweden), Brinqa (US), NopSec (US), RiskIQ (US), RiskSense (US), Claroty (US), Holm Security (Sweden), Balbix (US), Intruder (UK), BreachLock (US), and Nucleus Security (US).

These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions to expand their presence in the security and vulnerability management market. Partnerships, agreements and collaborations, and new product launches have been the most adopted strategies by the major players from 2018 to 2021 to innovate their offerings and broaden their customer base.

Qualys is one of the leading cloud security and compliance solutions providers, detecting security risks in critical IT infrastructures. The company has served more than 15,000 customers across 130 countries. It is the founding member of the Cloud Security Alliance (CSA). It has partnered with top MSPs and consult firms, including Accenture, IBM, HCL, Infosys, SecureWorks, Wipro, and Verizon. Qualys’ suite of security and compliance solutions is deployed on its cloud platform. Qualys Cloud Suite includes apps, such as vulnerability management, threat protection, cloud assessment security, continuous monitoring, cloud agent, web application scanning, and web application firewall. The vulnerability management solution provides network security and protects web applications from being attacked by cybercriminals. The compliance solution ensures that organizations adhere to regulatory compliances. The cloud-based security solution helps organizations detect security gaps in their IT infrastructures so that preventive actions can be taken to mitigate potential risks from cyber threats. The Qualys Cloud Platform, centrally managed and remotely deployable, provides dynamic asset visibility and critical security intelligence on-premises, cloud, containers, or endpoints. Qualys VMDR, by leveraging the power of ML models and real-time threat intelligence, continuously monitors unmanaged assets and inventory for vulnerabilities, classifies and prioritizes the high-risk vulnerabilities, and remediates them based on criticality.

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Tenable has a presence in over 20 countries across the Americas, Europe, the Middle East and Africa (EMEA), and APAC. It provides cyber exposure solutions to private companies and government organizations for managing their cybersecurity risks, prioritizing threats, and reducing exposure and losses. The company caters to industry verticals, such as finance, healthcare, retail, education, and energy. Tenable filed to go public in June 2018 under the ticker symbol TENB, listed on NASDAQ. The company offers solutions across vulnerability management, legacy vs. risk-based vulnerability management comparison, IT/OT, application security, cloud security, and compliance. The company mapped five cyber exposure phases to its risk-based vulnerability management. The five stages are discover, assess, prioritize, remediate, and measure. Tenable provides organizations a way to measure security effectiveness by aligning security metrics with business objectives. The company offers proactive measurement, analysis, and visualization of security metrics through customizable dashboards, reports, and the industry’s first Assurance Report Cards (ARCs), and effectively measures security assurance. Tenable is a leading security and vulnerability solution provider for both OT and IT space. Tenable.sc and Tenable.io are both key vulnerability management offerings. The company acquired Indegy to boost its OT protection capability and is currently looking to increase its market presence by capitalizing on its combined IT and OT vulnerability management capability.

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