The global security assessment market is expected to more than triple in size by 2022, exceeding $4 billion.
That’s according to a new report by MarketsandMarkets, which predicts a compound annual growth rate (CAGR) of more than 26 percent. The market was $1.26 billion last year.
Major vendors in the market include Kaspersky, IBM, FireEye, Optiv Security, Qualys, Trustwave, Veracode, Check Point, Absolute Software, Rapid7, Cynergistek and Positive Technologies.
Security assessment services help organizations evaluate their existing security positions and then align them to their desired cybersecurity goals and strategies. Additionally, they help organizations meet regulatory requirements.
The cloud-services segment is expected to play a major role in changing the market and grow at the highest CAGR during the forecast period. Also, MarketsandMarkets predicts the hosted deployment mode will be the fastest-growing segment, and hosted or cloud-based security assessment services are available in accordance with customer demand.
Among regions, North America is expected to be the biggest market due to the presence of a large number of service providers and early adoption trends in the U.S. and Canada. Look for Asia Pacific (APAC) to be the fastest-growing region due to the growing need to protect businesses’ critical applications and data, and upcoming stringent government regulations.