Security Assessment Market - Growth, Trends, and Forecasts (2022 - 2027)

The Security Assessment Market is anticipated to experience a CAGR of 12.7% during the forecasted period. The rapidly increasing cases of cyber-attacks coupled with the need to adhere to stringent compliances, the rise in Internet of Things (IoT) adoption across a variety of end-user industries, the rise in the mobility trends, etc. are all forcing organizations around the world, to adopt security assessment solutions in order to protect and evaluate their business infrastructure.

Key Highlights

• According to Cisco Systems, businesses that embrace BYOD policies save an average of USD 350 annually per employee as a result of the rising acceptance of BYOD policies. While this trend has several advantages for businesses, like lower hardware costs, more productivity for remote workers, and satisfied customers, it has also led to a rise in privacy and data thefts, as well as unsafe usage that has resulted in data breaches and cyberattacks.
• Due to the growing population and rising digitalization of industrial operations, there has been a significant increase in PCs, laptops, cell phones, tablets, and point-of-sale terminals. A considerable number of endpoints are being created in networks worldwide due to the increase in various smart devices. Therefore, there is an increasing requirement for security assessments, which is mostly caused by the rise in endpoint devices.
• With a strong shift toward the digital era, unaddressed vulnerabilities in end-user industries are also increasing parallelly. The increase in ransomware is a prominent factor creating a need for security assessment solutions. According to the 2021 ransomware survey by Fortinet, about 94% of those surveyed indicated they are concerned about the threat of a ransomware attack, with 76% being very or extremely concerned. Of those, 85% worry more about a ransomware attack than any other cyber threat. Thus, there creates a growing need for risk assessment solutions that will help the market for further expansion in the future.
• Budgetary constraints and lack of awareness across organizations are major restraints to market growth. The research and development expenses to develop advanced security assessment solutions are very high, leading to the high pricing of such security services. Hence, it may be a barrier to growth in the security assessment market.
• The global pandemic has led to an increase in the need for remote working solutions; businesses are switching from traditional workplace practices to the newly embraced work-from-home scenarios. These transitional effects must be carefully managed in the context of the enterprise's security capabilities. As the number of unprotected personal devices contacting the network increases, the chance of compromised network security also increases.

Key Market Trends

Applications at Airports will Increase to a large extent

• The global aviation industry is expected to increase significantly in the coming future. According to IATA, commercial airlines generated only 227 billion U.S. dollars in passenger revenue in 2021. Still, in 2022, commercial airlines have already generated 378 billion U.S. dollars in passenger revenue and are further expected to increase.
• Additionally, airports are rapidly implementing cutting-edge security screening techniques because of the huge increase in passengers and increased commercial air traffic. Governments all across the world are investing a heft sum of money in the enlargement of these airports. According to the research by IATA, as of September 2021, governments all across the globe have already allocated over 243 billion U.S. dollars to airlines due to the COVID-19 pandemic.
• Self-screening technologies are anticipated to gain a significant demand from airport authorities in the upcoming years. Passengers can run their personal belongings through an X-ray machine due to the automated scanners as they simultaneously pass through a different body scanner.
• Vendors are rapidly creating solutions for automating airport screening, which is anticipated to dramatically expand the percentage of investments in the upcoming years. For instance, to improve the customer experience, London Southend Airport is testing a new cabin baggage screening system. To further minimize interaction points throughout the terminal journey, Smiths Detection's HI-SCAN 6040 CTiX, a cutting-edge computed tomography (CT) cabin baggage screening device, is being tested with the iLane.evo automated tray handling system.
• The Asia Pacific continued to spend the most on current airport building as of March 2022, with over 227 billion dollars invested. When combined, the value of these initiatives in North America and Europe was comparable to the amount spent in the Asia Pacific.

North America is Expected to Hold a Significant Market Share

• The North American continent is anticipated to account for a significant market share. The main reason for this is the market's strong presence of large security assessment service providers, who supply a variety of services to several firms in the area across numerous end-user industries. In other words, North America is home to some of the major players in the market, such as IBM Corporation, FireEye, Rapid7 Inc., and Qualys Inc., among others.
• The significant rise in data breaches across various industries encourages businesses to use thorough evaluation services. For instance, the White House Council of Economic Advisers estimates that the risky cyber operations cause the US economy to suffer losses of between USD 57 billion to USD 109 billion annually.
• Additionally, cyberattacks in North America, particularly in the United States, are on the rise and have hit an all-time high, mostly due to the region's fast-rising number of connected devices. For the convenience of banking, shopping, communication, and other activities, American customers use public clouds, and many mobile applications come preloaded with their data.
• The regulations imposed by the regional government authorities are also accelerating the adoption of cyber security solutions. In May 2021, the United States released an executive order to improve the nation's cybersecurity. Some top priorities highlighted in the order include the prevention, detection, assessment, and remediation of cyber incidents.
• 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.

Competitive Landscape

Due to the existence of several vendors offering services to both domestic and foreign markets, the Security Assessment Market is quite competitive. The leading competitors have adopted strategies including product innovation and strategic collaborations, among others, to remain competitive in the market, giving the impression that the industry is fairly concentrated. IBM Corporation, Kaspersky Lab, and FireEye, Inc. are a few of the market's main participants.

• December 2021 - Trustwave, a leading managed security services provider focused on managed detection and response, announced that it had been accredited by the internationally-recognized professional certification board CREST for its world-class vulnerability assessment services.
• November 2021 - Smiths Detection, a global leader in threat detection and security screening technologies, has collaborated with Microsoft and Heathrow in the development of a first-of-its-kind multispecies AI model designed to uncover illegally trafficked wildlife concealed in baggage and air cargo.
• August 2021 - Intrigue, a pioneer in the developing attack surface management business, was acquired by Mandiant, a division of FireEye, Inc. The Mandiant Advantage platform would incorporate Intrigue's attack surface management technology, enabling businesses to identify, track, and manage risk across their full attack surface.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
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