MarketsandMarkets broadly segments the security and vulnerability management market by solution into Security Information and Event Management (SIEM), policy and compliance, forensics and incident investigation, device vulnerability assessment, and application vulnerability assessment. The report also segments the market into services such as consulting, support, and integration. It is segmented by type of end users into Small and Medium Businesses (SMBs) and enterprises. The security and vulnerability management market is also segmented by type of verticals into Banking, Financial Services, and Insurance (BFSI), IT and telecom, government and defense, retail, energy and utilities, healthcare, and others; and by region into North America (NA), Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and Latin America (LA).
The major force driving this market is the massive movement of enterprises toward cloud technologies. The low costs involved in the cloud infrastructure have led to the increasing adoption of cloud technologies by enterprises and SMBs around the world. The concerns over cloud security are rapidly on the rise as well. Thus, companies across the globe are making huge investments in the security market in the near future. The cases of cyber threats to enterprise networks have led to severe financial losses in the past decade. The rising trend of Bring Your Own Device (BYOD) has given rise to new vulnerabilities. These factors have resulted in an increasing demand for security and vulnerability management solutions to detect, prevent, and diagnose severe cyber threats.
The security and vulnerability management solution providers are consolidating their grounds in the highly competitive market through new product/service developments to build feature-rich solutions and attain better market visibility. Companies in the market are building up strategic partnerships to combine individual offerings into a multi-faceted solution suite for expanding customer bases.
MarketsandMarkets forecasts the security and vulnerability management market to grow from $5,472.2 million in 2014 to $9,087.4 million in 2019, at a CAGR of 10.7% during the forecast period. In terms of regions, NA is expected to be the largest market in terms of revenue contribution, while APAC is expected to experience increased market traction, during the forecast period.
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