The security assessment market is expected to be gaining traction, due to the rising instances of enterprise-targeted cyber-attacks and threats, covering anomalies, espionage, vandalism, and fraudulent activities; government regulations and the need for compliance; and the increasing adoption of Internet of Things (IoT) and Bring your own Device (BYOD) across various industry verticals. The technological proliferation and increasing adoption of enterprise mobility-like concepts are some of the other factors, which are likely to contribute to the growth of the security assessment market. MarketsandMarkets forecasts the security assessment market size to grow from USD 1.26 Billion in 2017 to USD 4.03 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 26.1% during the forecast period.
There are several established players in the security assessment market, such as Kaspersky (Russia), IBM (US), FireEye (US), Optiv Security (US), Qualys (US), Trustwave (US), Veracode (US), Check Point (Israel), Absolute Software (Canada), Rapid7 (US), CynergisTek (US), and Positive Technologies (UK). These leading players have adopted various growth strategies, such as partnerships, collaborations, agreements, mergers, acquisitions, and new product developments, to achieve growth in the security assessment market.
IBM has been an established player with a widespread channel to provide security services across the globe. The company adopts both organic and inorganic growth strategies to enhance its market presence. For Instance, in July 2017, IBM launched a new security testing service focusing on automotive security and IoT to deliver security assessment services to its customers. IBMs' penetration testing and security capabilities have helped automobile industries in securing their business processes, software applications, and physical hardware from the evolving vulnerabilities. Additionally, IBM has formed various partnerships and strategic alliances with local as well as global players. In March 2017, IBM collaborated with the Bangladesh Government to launch the IBM GEP. GEP is likely to encourage the startups and entrepreneurs joining the IBM Cloud and the Watson APIs on Bluemix and comprehend insights to provide innovative security solutions, for enhancing the level of security across all industry verticals.
Qualys is another established vendor in the security assessment market. The company has a strong presence in the US market. It focuses on both organic and inorganic growth strategies to tap opportunities of the security assessment market. In July 2017, Qualys launched CloudView solution, which includes the cloud security assessment application. This has helped Qualys’ customers with automated security monitoring capabilities to ensure security compliance with Payment Card Industry Data Security Standard (PCI DSS), Health Insurance Portability and Accountability Act (HIPAA), National Institute of Standards and Technology (NIST), and International Organization for Standardization (ISO) 27001. In June 2016, Qualys launched the security assessment questionnaire services to analyze flaws in an organization’s system and ensure end-to-end security and compliance. These new products are helping Qualys to provide its customers a global level services to address the security and compliance requirements of the IT assets. Additionally, Qualys has partnered with ForeScout to provide real-time assessments and mitigations against cyber threats. The partnership would help protect the IT infrastructure continuously and reduce the security risk exposure.
Security Assessment Market by Security Type (Endpoint Security, Network Security, Application Security, Cloud Security), Assessment Type, Deployment Mode, Organization Size, Industry Vertical, and Region - Global Forecast to 2022
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