Device Vulnerability Management expected to reach at USD $ 55.27 billion by 2032,Market Booming Worldwide With Leading Key Players -IBM, HPE, Dell, Splunk, Qualys, Subtotal, McAfee, GFI Software, Rapid7, Tripwire

The global Security and Vulnerability Management Market size is projected to grow from USD 12.4 billion in 2021 to USD 55.27 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 7.3% during the forecast period.

Device Vulnerability Management Market Report Coverage: Key Growth Factors & Challenges, Segmentation & Regional Outlook, Top Industry Trends & Opportunities, Competition Analysis, COVID-19 Impact Analysis & Projected Recovery, and Market Sizing & Forecast.

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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..

Major Key players profiled in the report include:
IBM, HPE, Dell, Splunk, Qualys, Subtotal, McAfee, GFI Software, Rapid7, Tripwire

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Restraint: Security breaches due to internal vulnerabilities
Internal vulnerabilities include insider threats, careless workers, employees recruited by competitors for corrupting company data, disgruntled employees, and employees who deliberately use data for personal gains. Structured Query Language (SQL) injection, email phishing, and Man-in-The-Middle (MiTM) are the major attacks due to which cybercriminals accomplish financially motivated goals. Most often, internal vulnerabilities and breaches go undetected; companies do not even report these losses due to their reputation in the ecosystem as they perceive such cases as embarrassing incidents. According to Verizon, 48% of malicious email attachments are office files; 34% of data breaches involve internal actors, such as employees; and 94% of malware is delivered by emails.

Market split by Type, can be divided into:
Police & compliances, Application & device vulnerability assessment, Forensic & incident investigation, Event & security management, Log & Event management, Patch management, Firewall & safety management, Event management & security management.

Market split by Application, can be divided into:
BFSI (Banking, financial services, and insurance), Retail, IT & Telecom, Energy & Utilities, Healthcare, Government Organizations, Defense

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Challenge: High initial installation, maintenance, and deployment cost
The Qualys VMDR solutions are available for a free trial; enterprise VMDR starts from USD 6,368 (USD 199 per asset, minimum 32 assets). Tenable Nessus Pro (commercial) from USD 3,000/year. Tenable.sc pricing starts at around USD 13,000 for between 500-1,000 IP assets. Tenable.io pricing starts at USD 2,380 for 1 year per 65 assets. Rapid7 InsightVM is available for a free 30-day trial; licensing fee for InsightVM is USD 25/year for 250 assets and USD 19.56/year for 1,000 assets. The financial institutions hold extremely critical data, and these are major end users of vulnerability management solutions; also, they do not compromise on price. At the same time, other small and medium industries lack the financial resources to adopt costly security and vulnerability solutions. Among the top security and vulnerability management vendors, Rapid7's solutions are available at the most affordable rate.

Based on vertical, the healthcare segment to grow at the highest CAGR during the forecast period
The healthcare segment is projected to witness the fastest growth rate of 7.6% during the forecast period. As data and identity breaches in the healthcare vertical are increasing, the need for a robust security system to detect risks, maintain logs of users accessing confidential data, and access control for the investigation of cyber threats is also required. This requirement is fulfilled with security and vulnerability management solutions. 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.

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This research report categorizes the security and vulnerability management to forecast revenues and analyze trends in each of the following submarkets:

Based on component:
Software
Services
Based on target:
Content Management Systems Vulnerabilities
IoT Vulnerabilities
API Vulnerabilities
Other Target Vulnerabilities
Based on deployment mode:
Cloud
On-Premises
Based on organization size:
Large Enterprises
SMEs
Based on the vertical:
IT and ITeS
BFSI
Healthcare
Retail
Manufacturing
Energy and Utility
Other Verticals

Recent Developments:
In July 2021, Rapid7 acquired IntSights Cyber Intelligence, a pioneer in threat intelligence and proactive threat remediation, for approximately USD 335 million in cash. With IntSights' external threat intelligence capabilities, Rapid7 will be able to provide its customers with a unified view into threats, attack surface monitoring, actionable insights, and proactive threat mitigation.
In March 2021, IBM expanded its suite of IBM Security Services for Cloud to help companies adopt a consistent security strategy across their hybrid cloud environments. IBM introduced enhancements in its services such as cloud native security services, CSPM, container security, and cloud security. The enhancements included the integration of its cloud security services with IBM Security X-Force Red vulnerability management, which would help in the identification, investigation, and prioritization of vulnerabilities within client environments.
In February 2021, Qualys extended the power of Qualys VMDR to Android and iOS/iPadOS mobile devices. Qualys' all-in-one VMDR solution provides in-depth mobile device visibility, data security insights, vulnerability assessment, posture monitoring, and automated response for all iOS and Android devices and installed apps. Qualys VMDR for mobile provides comprehensive mobile device and app inventory, continuous vulnerability assessment, real-time misconfiguration monitoring, and built-in response and patch orchestration.

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