Skip to main content

Enterprise IT Security Demand Creates $8.6B Upside

In hindsight, the reported ongoing IT security breaches during 2015 have paved the way for a significant cyber security solutions marketplace in 2016 and beyond. Savvy IT leaders have already started to address the need for real-time policy updates, ongoing employee training and an evolving systems architecture.

Data trends show that the global cyber threat and Vulnerability Management (VM) market is expected to grow from $5.3 billion in 2015 to $8.6 billion in 2020, according to the latest worldwide market study by ABI Research.

This study was launched to uncover the commercial implications of newly discovered ICT security vulnerabilities, while also assessing current solutions to the known people, process and technology-related challenges that most CIOs must address with proactive enterprise security measures.

"Each day, organizations are deluged with warnings about newly discovered security vulnerabilities," says Monolina Sen, senior analyst at ABI Research. "While well-known security flaws, such as Heartbleed, affected industries globally, lesser-known vulnerabilities have just as much impact on critical systems in a particular enterprise."

ABI reports that the increasing use of next generation technologies -- such as mobile applications, internet of things, cloud computing and big data -- are bound to introduce the potential for new types of vulnerabilities.

According to the market study, software as a service (SaaS) providers have the highest number of vulnerabilities on average, followed by the financial services industry. The ABI assessment identified two key factors that led to the growing demand for cyber threat and VM solutions.

Impact of Design Flaws and Weaknesses: These affect a software vendor's reputation, as well as an IT systems and enterprise networking supplier's bottom line, as frequent OS updates and application patches represent a major financial burden.

Government and Industry Regulation Mandates: Groups such as HIPAA (the Health Insurance Portability and Accountability), HITECH (Health Information Technology for Economic and Clinical Health), PCI DSS (Payment Card Industry Data Security Standard) and Sarbanes-Oxley (SOX) mandate rigorous VM practices.

ABI believes that VM is key to attaining risk management goals. It provides policy and compliance context, and it mines the network for vulnerability information, remediation opportunities, and ultimately, provides a comprehensive view of enterprise risk.

The VM market covers a wide area of solutions that function as the backbone of the security organization. The ideal VM solution would include capabilities for asset management, vulnerability assessment, configuration management, patch management, remediation, reporting and monitoring.

ABI says that it would also integrate well with third-party technologies. Leading vendors providing VM solutions include Tenable Network Security, Qualys, Core Security, IBM, Rapid7, AlienVault, Tripwire, Skybox Security, HP Enterprise, Intel Security, EMC, Symantec and Secunia.

Popular posts from this blog

Digital Transformation Growth Defies Market Volatility

The forward-looking CEO's commitment to ongoing investment in Information Technology (IT) is persistent. Worldwide IT spending is forecast to total $4.4 trillion in 2022 -- that's an increase of 4 percent from 2021, according to the latest worldwide market study by Gartner, Inc.   "This year is proving to be one of the noisiest years on record for CIOs," said John-David Lovelock, vice president at Gartner . Regardless, digital transformation remains a high priority across the globe. Geopolitical disruption, inflation, currency fluctuations, and supply chain challenges are among the many market volatility factors vying for attention, yet contrary to what Gartner saw at the start of 2020, enterprise CIOs are accelerating IT investments in 2022. Digital Transformation Market Development As a result, purchasing and investing preferences will be focused on areas including data analytics, cloud computing, seamless customer experiences, and IT security. Inflation impacts on

IoT Device Management Demand Gains Momentum

More forward-thinking CIOs and CTOs are focused on the adoption of the Internet of Things (IoT). Management challenges are top of mind for those who have already deployed a large number of sensors and associated network edge devices. Device management services are evolving in response to a greater breadth of new device technologies such as edge intelligence and related connectivity solutions, as well as the customer scalability and security of IoT deployments. But forward-looking suppliers are also preparing for a world where 41.3 percent of the connected devices will be using some form of Low Power Wide Area (LPWA) technologies by 2026. IoT Device Management Market Development Since IoT customers increasingly need to manage a larger fleet of connected devices, ABI Research now forecasts that IoT device management services will exceed $36.8 billion in revenues by 2026. Standardization is beginning to play a bigger role in device management services, as more connected devices use LPWA t

Anywhere, Anytime Workplace Demand for SASE

The ongoing adoption of flexible working models within the enterprise market has significant implications for typical IT organizations that must now support knowledge workers and front-line employees that operate outside the corporate network perimeter. The global COVID-19 pandemic created IT networking and security challenges. The expansion of the distributed workforce, an increasing reliance on cloud computing infrastructure, and the requirement to securely connect online employees -- wherever they choose to work, at any given moment in time. Legacy IT solutions that have rigid network underlays and a requirement for on-premises infrastructure cannot adequately deal with these trends. This 'Anywhere, Anytime Workplace' led to demand for new Secure Access Service Edge (SASE) solutions, with networking and security delivered as-a-service. Anywhere, Anytime Workplace Market Development   Although converging networking and security capabilities offer enterprises a promising solut