Businesses across the world are adopting virtualization, cloud storage, and organizational mobility, among other high-tech solutions, to increase their operational efficiency. These advancements allow businesses to have real-time control over their operations by enabling easy access to the cloud and virtual storage from mobile devices. Subsequently, the increasing risk of data loss and theft owing to access to vital corporate information through mobile devices propels the demand for security and vulnerability management solutions. Businesses across the world are adopting security and vulnerability management solutions and services for identifying misconfigurations related to administrator permission privileges, Windows Defender, web server hardening, firewall port access, strong password policies, and antivirus detection solutions. Businesses are spending a significant amount of money on implementing security strategies and deploying security solutions.
UK Dominates Security and Vulnerability Management Market in Europe
The UK security and vulnerability management market is projected to expand at a significant rate during the forecast period. The UK contributes to the market owing to the increasing number of cyberattacks and data breach activities. According to the AAG Report published on February 2023, the UK faced the highest number of cyberattacks from April 2022 to 2023, which incurred an average loss of US$ 1,395.80 million. Similarly, medium and large businesses face a loss of approximately US$ million from April 2022 to April 2023, which increases the adoption of security and vulnerability management solutions among users in the UK. Security and vulnerability management solutions help businesses detect threats and attack vectors, thereby offering protection against threats and new vulnerabilities.
Increasing adoption and investments in AI technology in the UK are generating significant opportunities for the market in the near future. According to the March 2023 report by the International Trade Administration, the UK is the third largest AI market in the world after the US and China, respectively. Increasing research activities in the field of AI startups, major VC funding, and substantial AI adoption by enterprises are creating further opportunities in the market. Moreover, the availability of advanced technological infrastructure is likely to create opportunities for the market in the UK during the forecast period.
Segmental Overview of Security and Vulnerability Management Market
Based on offering, the security and vulnerability management market is bifurcated into solution and service. The solution segment recorded a larger market share in 2022. It is anticipated to hold a significant revenue share during the forecast period. On the basis of deployment, the security and vulnerability management market is divided into on-premise and cloud. The cloud segment held a larger market share in 2022, and it is further anticipated to record a higher CAGR during the forecast period. In terms of industry vertical, the security and vulnerability management market is segmented into BFSI, IT & telecom, retail and e-commerce, healthcare, government and utilities, and others. The BFSI segment held the largest market share in 2022. The retail & and e-commerce segment is anticipated to record the highest CAGR in the security and vulnerability management market during the forecast period.
Security and Vulnerability Management Market Analysis: Competitive Landscape and Key Developments
Microsoft Corp, International Business Machines Corp, Hewlett Packard Enterprise Development LP, Qualys Inc, Tenable Holdings Inc, Rapid7, CrowdStrike Holdings Inc, Fortra, LLC, Skybox Security, Inc, and Cisco Systems Inc, are among the key security and vulnerability management market players that are profiled in this report. Several other essential market players were also analyzed for a holistic view of the market and its ecosystem. The security and vulnerability management market forecast can help stakeholders in this marketplace plan their growth strategies. The report provides detailed market insights to help major players strategize their growth.
- In October 2023, BackBox Software Inc launched a Network Vulnerability Manager service for enhancing network automation. This new service assists users in network automation and offers a comprehensive solution to manage vulnerabilities within network infrastructures.
- In October 2023, Hackuity launched the version 2.0 of its intelligent risk-based vulnerability management platform. Version 2.0 is a next-generation platform featuring major enhancements to support businesses in handling risks. The new version combines vulnerability severity, threat intelligence, and unique business context, providing businesses with a measurable True Risk Score (TRS).
In April 2023, Google LLC launched the Hacking Policy Council initiative to strengthen the vulnerability management process. The Hacking Policy Council is collaborating with Intel, Bugcrowd, Intigriti, HackerOne, and Luta Security to enhance vulnerability management practices.
- In July 2023, NTT DATA launched an Outsourcing Service to prevent incidents and mitigate damage caused by cyber-attacks proactively. Outsourcing service offers robust security measures and prompt incident response protocols and implements preventive strategies to minimize potential risks and losses.
- In October 2022, Microsoft Corp launched Azure DDoS IP Protection to serve users to provide security against evolving DDoS attacks. This new solution offers enterprise-grade DDoS protection to businesses at affordable prices.