Vulnerability Management Market Share

North America Market Forecast

North America vulnerability management market is anticipated to account for revenue share of around 41.5% by 2037. The region is set to experience strong growth, driven by rising cybersecurity threats, stringent regulatory requirements, increased cloud adoption, and the need to secure remote work environments. Large enterprises, government institutions, and highly regulated sectors such as healthcare and finance are leading the demand for advanced vulnerability management solutions.

The U.S. healthcare organizations are facing increasing cyberattacks, particularly ransomware. For instance, a 2021 report published by the Department of Justice, Federal Bureau of Investigation (FBI), Cyber Division, stated that at least 16 Conti ransomware attacks targeting U.S. healthcare and first responder networks, including law enforcement agencies, emergency medical services, 9-1-1 dispatch centers, and municipalities were identified in 2020. Conti has targeted over 400 institutions worldwide, including healthcare and first responder networks, with over 290 nationwide. 

Moreover, the Cybersecurity and Infrastructure Security Agency (CISA) and other federal entities are pushing for improved vulnerability assessments and continuous monitoring to secure national infrastructure. This has led to greater adoption of vulnerability management tools in sectors such as defense, energy, and telecommunications.

The Government of Canada has made significant investments in cybersecurity to secure critical infrastructure. Grants and funding are often provided to help small and medium-sized enterprises improve their cybersecurity posture, indirectly boosting demand for vulnerability management tools and services. The local government enforces regulations and standards that organizations must follow to protect their digital infrastructure. Some key regulatory bodies include the Canadian Center for Cyber Security, the Personal Information Protection and Electronic Documents Act (PIPEDA), and the Canadian National Cyber Security Strategy.

APAC Market Analysis

Asia Pacific in vulnerability management market is poised to register the fastest growth by the end of the forecast period. The number of cybersecurity attacks and BYOD data breaches in the region is gradually increasing. As a result, the region is conducive to the development and use of security and vulnerability management solutions. According to an ESET Enterprise survey, approximately one in every five business organizations in this region has had at least six security breaches in recent years. Due to the rising number of cyberattacks in this field, the key industry participants are focusing on strengthening their defensive capabilities. This has also continuously drawn the interest of the governments of the nations in this region. Countries with extensive and up-to-date cybersecurity strategies include Australia, Indonesia, Japan, Malaysia, the Philippines, Singapore, Sri Lanka, and Thailand.

In Australia, the rising government and regulatory initiatives to increase security are expected to drive the usage of vendor solutions during the forecast period. For instance, in March 2022, in response to an increasing cyber threat scenario throughout the world, Australia's Federal Government announced its 2022-23 federal budget, allocating USD 6.39 billion to boost cybersecurity and intelligence capabilities. The USD 6.46 billion will be spent on a program known as REDSPICE, which stands for Resilience, Effects, Defence, Space, Intelligence, Cyber, and Enabler.

The Cyber Security Agency (CSA) of Singapore has reported an increase in cybercrimes such as phishing, ransomware, and scams in recent years. The most prevalent forms of scams in the country are phishing, employment, and e-commerce. E-commerce scams were the fastest-rising type of cyber fraud in 2022, accounting for USD 16.2 million in total losses. This in turn drives demand for vulnerability management tools and services across public and private sectors in the country.