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 expansion during the historical period can be attributed to early cyber threats, regulatory initiatives, the increase in network complexity, internet expansion, the shift to digital business, and incidents of data breaches.

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 anticipated growth in the forecast period can be attributed to a cybersecurity talent shortage, the adoption of zero trust principles, the evolution of ransomware, concerns about supply chain security, and advancements in AI and automation. Significant trends expected in the forecast period involve the cybersecurity skills gap, increased sophistication of cyber threats, regulatory compliance, the dynamics of remote work, cloud migration, and the expansion of IoT.

The security and vulnerability management market is witnessing growth due to the escalating adoption of security and vulnerability assessment tools. These tools aid in identifying and reporting security flaws, helping organizations minimize security issues. In October 2021, Synk expanded its portfolio with Snyk Code, a static application security testing tool. Snyk's annual recurring income (ARR) increased by 154% year over year, showcasing the growing adoption of security and vulnerability assessment tools.

The security and vulnerability management market is expected to grow due to the increasing number of cyberattacks. Cyberattacks, deliberate attempts to compromise computer systems, highlight the importance of security and vulnerability management in proactively addressing weaknesses. The Australian Cyber Security Centre reported a nearly 13% increase in cybercrime reports in 2022 compared to the previous financial year. The rising number of cyberattacks is a driving force behind the growth of the security and vulnerability management market.

Technological advancements are a key trend. In May 2022, New Relic, a US-based observability company, launched New Relic Vulnerability Management, enabling organizations to identify and address security risks more quickly and precisely. The platform allows comprehensive management of security and risk by aggregating native and third-party security signals across the entire software stack.

The key companies in the security and vulnerability management market are forming partnerships to develop new products and reinforce their market positions. Collaborations in this sector aim 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 provide Full-Cycle Vulnerability Management Detection and Response solutions in India. The joint platform, "Enterprise Security in One Framework (ESOF)," combines TAC Security's cybersecurity innovations with Protean InfoSec's expertise to enhance digital technology security.

In June 2021, Cisco, a US-based company specializing in security and vulnerability management, acquired Kenna Security, a US-based company manufacturing risk-based vulnerability management software, for an undisclosed amount. This acquisition allows Cisco clients to address critical security posture concerns by automating cybersecurity threat prediction, prioritization, identification, and remediation. The collaboration is expected to reduce the attack surface and enhance the detection and response time to security threats.

Major companies operating in the security and vulnerability management market report are Dell Technologies Inc., International Business Machines Corporation, Broadcom Inc., F-Secure Corporation, Fortinet Inc., Check Point Software Technologies Ltd., McAfee Inc., Proofpoint Inc., Rapid7 Inc., Qualys Inc., AT&T Cybersecurity Inc., Foreseeti AB, Positive Technologies Company, Tenable Inc., Claroty Ltd., Alert Logic Inc., Tripwire Inc., Skybox Security Inc., NetIQ Corporation, Expanse Inc., Outpost24 AB, Balbix Inc., Digital Defense Inc., SecPod Technologies Private Limited, Brinqa LLC, Holm Security AB, Acunetix Limited, RiskIQ Inc., Kenna Security Inc., Breachlock Inc.

North America was the largest region in the security and vulnerability management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the security and vulnerability management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the security and vulnerability management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary components of security and vulnerability management are software and services. Services aid in identifying, prioritizing, and evaluating vulnerabilities, assisting organizations with effective vulnerability management. Organization sizes include small and medium-scale and large-scale, targeting areas such as content management system vulnerabilities, API vulnerabilities, internet of things (IoT) vulnerabilities, used in applications such as banking, financial services, insurance (BFSI), government and defense, healthcare, IT, telecom, retail, and others.

The security and vulnerability management market research report is one of a series of new reports that provides security and vulnerability management market statistics, including security and vulnerability management industry global market size, regional shares, competitors with a security and vulnerability management market share, detailed security and vulnerability management market segments, security and vulnerability management market trends and opportunities, and any further data you may need to thrive in the security and vulnerability management industry. This security and vulnerability management market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The security and vulnerability management market consists of revenues earned by entities that are engaged in providing services such as System Misconfigurations, Out-of-date or Unpatched Software, Missing or Weak Authorization Credentials, Malicious Insider Threats, Missing or Poor Data Encryption, Zero-day Vulnerabilities, Vulnerability Detection, Cyber Security Vulnerability Assessment. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.