Security and Vulnerability Management Market to Garner USD 156.35 Billion Globally, by 2032 at 8.30% CAGR: Alien Vault, Broadcom Inc., Dell EMC, EMC Corporation

As per the report published by The Brainy Insights, the global security and vulnerability management market is expected to grow from 70.44 billion in 2022 to USD 156.35 billion by 2032, at a CAGR of 8.30% during the forecast period 2022-2032. North America region emerged as the largest market for the global security and vulnerability management market with a 45.32% share of the market revenue in 2022. Because of the increased adoption of cloud-based solutions by small and medium-sized businesses and the rising trend of outsourcing, North America dominates the security and vulnerability management market and will continue to do so over the forecast period.

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Leading companies in the industry include Alien Vault, Broadcom Inc., Dell EMC, EMC Corporation, Hewlett-Packard, IBM Corporation, Microsoft Corporation, Netiq Corporation, Qualys, Rapid 7, Skybox Security and Tripwire among others which are offering greater opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.

The size of organization segment is divided into large enterprises, small and medium enterprises. The large enterprises segment dominated the market with a market share of around 65% in 2020. The end-user industry segment is divided into aerospace, retail, manufacturing, defense, and intelligence, BFSI, healthcare, IT, and telecommunication. Based on end-user industry, the healthcare segment to grow at the highest CAGR of around 10% during the forecast period. The healthcare business has a global infrastructure that deals with the constant flow of health-related data. With the COVID-19 outbreak, there has been a spike in the number of cyberattacks on healthcare institutions with personally identifiable information (PII), electronic protected health information (ePHI), and electronic health records (EHR), such as ransomware and misinformation campaigns. COVID-19 has resulted in an increase in email phishing attacks, particularly in the healthcare industry. Healthcare businesses face a number of issues, including protecting the privacy of Electronic Health Records (EHRs) and adhering to numerous HIPAA compliances, which has aided healthcare IT departments in upgrading and implementing PHI security policies and processes. The vertical has grown increasingly vulnerable to cyber-attacks as a result of the adoption of technology such as BYOD and centralised patient information. The demand for secure data retrieval from healthcare databases is projected to drive up security and vulnerability management deployment.

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Increased instances of cyber-threats and cyber-attacks will emerge as key market growth drivers. The market's growth will be accelerated by the rapid increase in data volume and the growing demand for efficient and effective data security systems. Increased digital transformation initiatives, increased usage of connected devices, and a surge in the proliferation of the internet and smartphones are all contributing to the market's growth.

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