Vulnerability can be defined as imperfections or weaknesses in a software program that enable an unlicensed user to gain command over the data of an authorized client or to access the sensitive information of an authorized user. Device vulnerability management is the practice of protecting confidential information by eliminating weaknesses from high-tech digital technology.
Device vulnerability management includes a set of tools that are used to remediate, identify, mitigate, and categorize vulnerabilities or weaknesses. Devices that require vulnerability management include desktops, laptops, servers, personal devices, tablets, and phones. Currently, information security is a major concern. In order to overcome confidentiality related concerns, enterprises emphasize on adopting vulnerability management systems. Vulnerability management has the capability to reduce complexity and costs by mechanizing the vulnerability assessment procedure, thus eliminating the requirement for hiring external consultants or to conduct in-house scans. Furthermore, vulnerability management also enhances network security by identifying weak spots in the network.
The global device vulnerability management market is mainly driven by increasing government support for data privacy and security. Rise in cyber-crime incidents are anticipated to boost demand for device vulnerability management solutions in the coming years. Thus, rise in investments in data security and privacy initiatives by governments are fueling the market around the globe. Additionally, increase in the requirement for device vulnerability management software among businesses in order to save time and reduce cost and complexity is driving the market.
Furthermore, rise in demand for cloud-based device vulnerability management software among enterprises for data storage and transmission is projected to fuel demand for device vulnerability management software across the world. Therefore, rapid growth in cloud computing is expected to boost the market in the near future. However, lack of awareness about the benefits associated with device vulnerability management is a crucial factor likely to hamper the growth of the global device vulnerability management market.
Rapid development in the mobile industry and an increase in web portals are anticipated to create significant opportunities for the growth of the device vulnerability management market in the coming years. In addition, rapid development of next-generation cyber security solutions are projected to further fuel the device vulnerability management market during the forecast period.
The global device vulnerability management market can be segmented based on component, deployment, enterprise size, industry, and region. Based on component, the market can be categorized into solutions and services. In terms of enterprise size, the market can be bifurcated into large enterprises and small and medium enterprises. Based on deployment, the market can be classified into cloud-based and on-premise. In terms of industry, the global device vulnerability management market can be classified into retail, banking, financial services, and insurance (BFSI); energy & utilities; IT & telecom; government; health care; defense; and others.
In terms of region, the global device vulnerability management market can be segmented into Europe, North America, Middle East & Africa, South America, and Asia Pacific. The device vulnerability management market in North America is estimated to expand at a substantial rate during the forecast period. There is high adoption of device vulnerability management software in North America, owing to the need to secure device information. The device vulnerability management market in Asia Pacific is anticipated to expand significantly during the forecast period. Increase in the acceptance of cloud-based technology and significant investment in data center infrastructure improvement are expected to create new opportunities for the growth of the device vulnerability management market in Asia Pacific.