The global device vulnerability management market is anticipated to experience brisk growth over the forecast period due to increase in cyber crimes across the world. The rise in government support for data security and privacy is estimated to contribute towards the market growth over the next eight year period.
Device vulnerability management is a toolset that is used to identify, remediate, mitigate, and classify the weaknesses or vulnerabilities. Data security is a primary concern and to overcome the privacy related issues this system provides a definite response. Numerous application developments have made consumer electronic and communication devices vulnerable to cyber threats. Rising cyber-crime incidents in the recent past across several regions is presumed to propel the demand for device vulnerability management market over the forecast period.
Several enterprises are adopting cloud-based solutions for data storage & transmission which is supposed to contribute towards the rise in demand for device vulnerability management market. Government organizations across the world are investing heavily in data security and privacy initiatives which are expected to fuel the demand in the next few years. Growing cloud computing has resulted in devices being vulnerable to malicious attacks. Such rapid growth in cloud computing is anticipated to aid the market over the forecast period.
Lack of awareness about the advantageous related to device vulnerability management is predicted to have an adverse impact on the industry over the forecast period. Massive deployment cost coupled with problems related to scalability is presumed to hamper further the market growth. Growth in the mobile market combined with an increase in web portals is expected to open new opportunity in this industry over the next few years. Innovation in solutions for next-generation cyber security is presumed to promise further opportunities for growth & development to the industry participants.
The device vulnerability management market is segmented by type into solutions and services. Solutions include police & compliances, application & device vulnerability assessment, forensic & incident investigation, and event & security management. Log & Event management, patch management, firewall & safety management, and several others can be categorized under event management & security management. Services include consulting, integration, and support. Based on end user, the industry is classified into small and medium-sized business (SMBS) and enterprises.
Major end-use industries are BFSI (Banking, financial services, and insurance), retail, IT & telecom, energy & utilities, healthcare, government organizations, and defense. Devices that require such vulnerability management include servers, laptops, personal devices, desktops, phones, and tablets. The exponential rise in these device applications coupled with massive production to meet the demand in the recent past is presumed to open up several opportunities for the instrument vulnerability management market over the eight-year period.
Key regional markets include North America, Europe, Central & South America, Middle East & Africa, and Asia Pacific. Developed regions such as North America and Europe have dominated the global market owing to high demand resulting from the need to secure device information and are expected to show a similar trend over the forecast period.
Developing regions which include Asia Pacific and Central & South America are projected to witness brisk growth due to increasing in cloud-based technology acceptance over the forecasted period. Emerging economies including India and China are estimated to see robust growth owing to technological advancement over the next eight year period. The Middle East and Africa region are projected to experience high growth due to massive investment in data centers infrastructure improvement over the eight-year period.
The industry is highly cost intensive and has tremendous raw materials costs involved. Industry vendors are investing in research and development initiatives to produce technologically advanced solutions. The industry is presumed to witness several strategic mergers and acquisitions shortly to combine individual offerings and provide complex solution set to the expanding customer base, especially in the developing regions. Companies are taking active measures to gain market share and to deliver a diversified product portfolio to meet the growing demand. Prominent industry participants include Hewlett-Packard, Intel Security (McAfee), GFI Software, EMC Corporation, NetIQ, IBM Corporation, Symantec Corporation, Qualys Inc., Rapid7, and Tripwire Inc.
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Amidst the COVID-19 crisis, the network security industry is poised for sustainable growth despite the foreseeable economic turbulence. Implementation of remote working policy, due to lockdown is putting unanticipated stress on remote networking technologies and causing operational technology (OT) security risk concerns over the vulnerable home network security. Furthermore, as digital infrastructure becomes a critical aspect of business strategic considerations, network security will become a competitive differentiator for businesses and overhaul their remote working strategies. We are incessantly monitoring the market dynamics and regulations while continuously assessing the impact of Covid-19 with the aim of providing you with actionable market insights. The report will account for Covid19 as a key market contributor.