DUBLIN, September 20, 2021--(BUSINESS WIRE)--The "Security Assessment Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The Security Assessment Market is expected to register a CAGR of 12.7% during the forecast period (2021 - 2026).
The rapidly rising cases of cyber-attacks coupled with the need to adhere to stringent compliances and the increased adoption of Internet of Things (IoT) across multiple end-user industries and mobility trends are forcing the organizations across the globe, irrespective of their size to adopt security assessment solutions in order to protect and assess critical business infrastructure.
The Security Assessment Market is highly competitive owing to the presence of multiple vendors in the market providing services to domestic as well as international markets. The market appears to be moderately concentrated with the major players adopting strategies such as product innovation, strategic partnerships, among others in order to stay competitive in the market.
Some of the major players in the market are IBM Corporation, Kaspersky Lab, FireEye, Inc, among others.
Key Market Trends
BFSI Segment is Expected to Witness Significant Growth
With the rapid rise in banking and online transaction, the risk for fraud and potential exposure of personal information is rising significantly. Mobile and e-banking channels are being increasingly used every day to transfer and perform transactions, which opens doors to cyber criminals trying to compromise a user's account to extract money.
Data breaches have led to an exponential rise in the costs and loss of valuable customer information. According to the Data Breach Investigations Report, which was released by Verizon in 2019, 88 percent of all cyber incidents in the financial services and insurance sector were done with financial motivation. Cyber attackers in pursuit of the easiest path possible to financial gain attack the financial services industry
Moreover, the BFSI sector is experiencing an increase in cloud workloads, where a significant amount of data is moved to the cloud. Furthermore, the rising integration of the third party, such as mobile wallets, coupled with complex security infrastructure where many vendors are deployed around the ecosystem, is creating a significant security challenge in the sector.
With the aim to secure their IT processes and systems, secure customer critical data, and comply with government regulations, both private and public banking institutes are focusing on implementing the latest technology and adopting robust solutions to prevent cyberattacks. Additionally, with greater customer expectation, growing technological capabilities, and regulatory requirements, banking institutions are pushed to adopt a proactive approach to security.
North America is Expected to Hold a Significant Market Share
The North American region is anticipated to hold a significant market share. This is primarily owing to the significant presence of major security assessment service providers in the market that are offering multiple services to multiple businesses in the region across multiple end-user industries.
The substantial increase in the number of data breaches across various industries boosts the companies to adopt robust assessment services. For instance, according to the White House Council of Economic Advisers, the US economy faces losses of approximately USD 57 billion to USD 109 billion per annum, due to the dangerous cyber activities.
Moreover, cyberattacks in the North American region, especially in the United States are rising rapidly and have reached an all-time high, primarily owing to the rapidly increasing number of connected devices in the region. In the United States, consumers are using public clouds, and many of their mobile applications are preloaded with their personal information for the convenience of banking, shopping, communication, etc.
The US government signed the law to establish the Cybersecurity and Infrastructure Security Agency (CISA), to enhance national defense against cyberattacks. It works with the Federal Government to provide cybersecurity tools, incident response services, and assessment capabilities to safeguard the government networks that support essential operations of the partner departments and agencies.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
5 MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Increase in Malware and Phishing Threats
5.1.2 Increased Adoption of IoT Devices and BYOD Trend in Organizations
5.2 Market Challenges
5.2.1 Budget Constraints Among the Organizations
6 IMPACT OF COVID-19 ON THE SECURITY ASSESSMENT MARKET
7 MARKET SEGMENTATION
7.1 Assessment Type
7.1.1 Security Program Assessment
7.1.2 Vulnerability Assessment
7.1.3 Threat Assessment
7.1.4 Risk Assessment
7.2 Deployment Type
7.3 End-user Verticals
7.3.1 IT & Telecommunication
7.3.5 Energy & Utiliies
7.3.6 Other End-use Industries
7.4.1 North America
7.4.3 Asia Pacific
7.4.4 Latin America
7.4.5 Middle East and Africa
8 COMPETITIVE LANDSCAPE
8.1 Company Profiles
8.1.1 IBM Corporation
8.1.2 Trustwave Holdings, Inc (Singapore Telecommunications Limited)
8.1.3 Rapid7 Inc
8.1.4 Qualys Inc
8.1.5 Absolute Software Corp
8.1.6 Check Point Software Technologies Ltd.
8.1.7 Optiv Security Inc
8.1.8 FireEye, Inc
8.1.9 Kaspersky Lab
8.1.10 Holm Security
9 INVESTMENT ANALYSIS
10 FUTURE OF THE MARKET
For more information about this report visit https://www.researchandmarkets.com/r/otzv8v
View source version on businesswire.com: https://www.businesswire.com/news/home/20210920005547/en/
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