The Security Assessment Market size expected 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.
Major factors driving the growth of the Security Assessment Market include the increasing adoption of Internet of Things (IoT) and Bring your own Device (BYOD) across various industry verticals, government regulations and the need for compliance, and the increasing instances of cyber-attacks, such as fraud, cyber thefts, espionage, and vandalism.
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The Small and Medium-sized Enterprises (SMEs) segment in the Security Assessment Market is expected to grow at a higher CAGR, owing to the increasing instances of cyber-attacks and the inability of the traditional security services to prevent such attacks. With the advancement of technology, cyber-attacks are also becoming more sophisticated. SMEs are the key target for cyber-attacks, as robust and comprehensive security solutions are not implemented by SMEs, due to financial constraints. SMEs are moving toward the adoption of security assessment services, as security assessment services are a prime approach to mitigate risk with the highest level of security and enhance the enterprise-grade security.
The cloud security type security assessment service is expected to grow at the highest CAGR during the forecast period
Cloud security is a security type which protects and safeguards the enterprise network by remotely managing and monitoring the enterprise’s cyber infrastructure. Cloud security includes security products and services that protect the data stored online. Cloud security essentially safeguards organizations’ critical assets from threats, such as data loss, data breaches, service traffic hijacking, account hijacking, insecure Application Programming Interfaces (APIs), and Distributed Denial of Service (DDoS). Security assessment cloud security services are gaining popularity among SMEs, as they are cost effective, scalable, and easy to use. The cloud security services address the security issues by identifying potential vulnerabilities that can give rise to heavy data breaches in the future. The cloud security service providers follow regulatory requirements for storing sensitive customer data, such as credit card numbers and personal data. Moreover, as increasing number of security assessment service vendors are leveraging advanced technologies to combat the advanced security threats, it has opened a wide range of growth avenues for various service providers in the industry.
Security program assessment type service is expected to grow at the highest CAGR during the forecast period
Security program assessment is an approach where the entire enterprise cyber infrastructure’s security program is monitored and actionable recommendations are provided for improvements. Organizations have started focusing on reducing the risk of data breaches and their impact. Both SMEs and large organizations have a security system installed in their business environment. Hence, security program assessment plays a major role in assessing the security program posture of an organization, whether it is in-house or provided by a third party. The security program assessment services follow 3 steps – documentation collection and review, performing interviews to understand the current state of the security system, and making recommendations for improvements according to the level of the severity rating.
Security program assessment type services are majorly adopted by enterprises, due to an increasing level of sophistication of the incoming cyber-threats and government regulations and security compliance requirement. Security assessment service providers cater to various industry verticals such as BFSI, IT and telecommunications, government and defense, and manufacturing to meet enterprises’ business needs. Speak to Research Expert @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=128992392
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