Global VM Market sees growth due to rise in cyber threats
Frost & Sullivan, a research and consulting firm, has recently analysed the Global Vulnerability Management Market and found that enterprises are becoming more vulnerable to cyber-attacks as they embrace digital transformation initiatives.
An expanded attack surface has triggered the need for greater investments in vulnerability management (VM) solutions. Given this demand, the global VM market is expected to reach US$2.51 billion by 2025, expanding at a compound annual growth rate (CAGR) of 16.3%.
Growing demand worldwide
From a regional perspective, North America will continue to dominate the VM market over the forecast period, according to the analysis. The recent executive order to improve US cybersecurity is one of the main demand drivers in the region.
Europe, the Middle East, and Africa (EMEA) will be the second-largest VM market as a result of regulations such as General Data Protection Regulations (GDPR). Finally, the growing significance of cybersecurity among end-users and rapid digital transformation initiatives encourage organisations to embrace VM in APAC and Central and Latin America.
"The COVID-19 pandemic and the resulting work-from-home economy have expanded organisations' attack surface. With organisations adjusting to a new mode of business operations, VM capabilities for emerging platforms and applications will gain traction," said Swetha R Krishnamoorthi, Senior Industry Analyst, Cybersecurity at Frost & Sullivan. "In addition, as businesses embrace network-attached endpoints, cloud-based applications, and connected devices, the need for managing vulnerabilities in the extended attack surface will surge."
More connected devices call for better security
Increased threats amid higher numbers of connected devices and regulatory requirements for organisations to perform regular vulnerability scanning and remediation will present lucrative growth prospects for VM vendors, including:
- Addressing end-to-end vulnerability management workflow through an integrated platform by having an extensive list of integrations that enable an organisation to pull in data from different tools and trigger workflows on other platforms from a single pane of glass.
- Focusing on emerging economies and identifying local distribution partners and value-added resellers to boost expansion initiatives in emerging markets.
- Leveraging managed security service providers (MSSPs) as a revenue source to expand the customer base by developing a separate pricing model that works well for both MSSPs and customers, ensuring profitability.
- Expanding asset-type coverage to a non-conventional environment through strategic partnerships or inorganic deals with operational technology security vendors to hasten the acquisition of capabilities and achieve growth.