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Growing number of data breaches and cyberattacks have become a major concern for organizations across the world. Absence proper solution or vulnerability management can result in catastrophic consequences. Thus, organizations are increasingly shifting towards vulnerability management solutions to protect their device, network, and infrastructure. Device vulnerability management is a process that protects confidential or personal information by eliminating offensive glitches from software programs. It is a set of tools used to remediate, categorize, and mitigate flaws. Desktops, tablets, laptops, phones, servers, and personal devices need vulnerability management systems to protect stored data from malicious attacks. Growing device and data security concerns amongst enterprises drive the adoption of device vulnerability management solutions. Several organizations have started adopting cloud-based data storage and transmission solutions to protect their businesses in an efficient way.
In the past decade, the digital transformation of societies has escalated the demand for mobile and connected devices. As per the ‘Mobile Statistics Report’ published by The Radicati Group, Inc. in December 2018, by the end of the year 2023, number of mobile devices in use are expected to be over 16.8 billion. With the rising usage of portable devices, mobile malware and threats are expected to continue to grow exponentially. According to the ‘Vulnerability And Threat Trends Report - 2019’ published by Skybox Security, in 2018, internet and mobile devices has accounted for 22%, while servers and desktop OS have accounted for 14% of vulnerabilities. Thus, increasing vulnerabilities in mobile and computing devices are propelling the demand for device vulnerability management solutions. Apart from this, mobile device adoption coupled with high-speed internet connectivity increases the popularity of bring your own device (BYOD) among workplaces. The growing trend of BYOD in modern workplaces is further accelerating market growth.
Key Market Driver -
• Growing number of mobile and computing devices to drive the market growth • Increasing malicious cyberattacks to drive the adoption
Key Market Restraint -
• Lack of awareness is hampering the market growth
A highly competitive business landscape encourages vendors to invest their efforts into the research and development activities to discover the vulnerabilities and build solutions that would mitigate every possible malicious attacks. In January 2020, Tenable, Inc. introduced plugins for a critical vulnerability named ‘CVE-2020-0601’, which was founded in the cryptographic library used in Windows Server 2016/2019 and Windows 10. Previouly, in December 2019, Tenable, Inc. discovered new seven vulnerabilities in Blink XT2 security camera systems owned by Amazon. Prominent companies are taking active measures to deliver a diversified product portfolio to meet the best of needs. Vendors are adopting various business strategies such as partnerships, collaborations, mergers, and acquisitions for establishing and expanding their market presence.
Key companies summarised includes Tenable, Inc., Veracode, Inc, Alert Logic, Inc., deepwatch, Qualys, Inc., Indusface Inc, Zoho Corp., Hewlett-Packard Company, McAfee LLC, IBM Corporation, Symantec Corporation, Akamai Technologies, Tripwire, Inc., GFI USA, Inc., BreachLock Inc., Greenbone Networks GmbH, SaltStack, Inc., Beyond Security, Inc, and among others.
North America is expected to capture a maximum market share owing to the huge demand from companies to secure devices. Increasing usage of mobile devices coupled with broadband internet penetration is propelling market growth across the region. The trends such as BYOD and remote workforce are enforcing organizations to deploy vulnerability management solutions for protecting vital information. Significant investments in data and device security are likely to flourish market growth across North America. Also, government initiatives towards information safety would drive the device vulnerability management market.
European government’s regulations regarding data privacy and security are the key factors driving the adoption. Further, increasing physical and cyber threats are expected to flourish the market growth.
The Asia Pacific is anticipated to demonstrate significant growth in the market owing to the increasing adoption of mobile devices such as laptops, smartphones, tablets. Growing preference for cloud computing technology is further supporting the market growth. Rising investments in cybersecurity solution is further accelerating the growth of the market.
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