The global security and vulnerability management market is expected to more than triple in value by 2027, exceeding $20 billion.
That’s according to a new report by Future Market Insights. The market was worth just a little more than $5.7 billion in 2016.
Some of the “significant players” in security and vulnerability management, according to the report, are IBM, McAfee, Symantec, Trend Micro, RSA Security (Dell EMC), Micro Focus, Rapid7, Qualys, Tenable and Tripwire.
Market drivers include continuous demand for cybersecurity services due to an increase in cyberattacks; demand for remote offerings and increasing use of cloud technologies; continuous growth in the IT sector globally; the increasing number of internet users, and high adoption in the health care industry; and the continuous launching of new products and solutions.
The market is made up of software and services. The software segment is expected to remain dominant in terms of value throughout the forecast period, while the services segment is expected to have a compound annual growth rate (CAGR) of 13.6 percent through 2027.
In terms of enterprise size, the small enterprise segment is expected to increase 3.4 times during the forecast period, while the large enterprise segment is expected to create an incremental opportunity of $8.8 billion over that same time frame.
Among verticals, health care is to grow more than 13 percent per year.
North America will be the most attractive region over the next nine years, However, the future also is bright for this market in APEJ (Asia Pacific excluding Japan), with better than a 13.3 percent CAGR during the forecast years.