The vulnerability management market is undergoing significant changes as risk-based vulnerability management (RBVM) is projected to dominate the market by 2027, according to a research report by Omdia. This comprehensive study is the first of its kind and provides a strategic overview of RBVM and its broader impact on cybersecurity, which Omdia refers to as proactive security.
Andrew Braunberg, the Principal Analyst with Omdia and the author of the report, explained that the emergence of RBVM has been driven by various factors. Traditional vulnerability management tools, which help enterprises identify and remediate software security vulnerabilities, have struggled to keep up with the evolving needs of modern businesses due to challenges such as digital transformation, an expanded attack surface, the proliferation of IoT devices, and the acceleration of the application development lifecycle.
RBVM aims to better understand and assess risks within organizations. Instead of focusing solely on patching vulnerabilities, RBVM prioritizes vulnerabilities based on calculated risk. This approach allows enterprises to patch the most critical vulnerabilities quickly while delaying or ignoring less impactful ones.
Omdia’s research reveals that vulnerability management is currently the highest area of investment in the cybersecurity market for 2022/23. Many large players in the industry have been acquiring startups in this field in recent years as they recognize the importance of addressing vulnerabilities.
Eric Parizo, the Managing Principal Analyst at Omdia Cybersecurity, believes that RBVM represents a seismic shift in how organizations manage vulnerabilities. It provides cybersecurity operations teams with the necessary tools to measure and make decisions based on vulnerability risk.
According to Omdia’s findings, the global revenue of the vulnerability management market reached $2.008 billion in 2022. Although there was a slight decrease in the year-over-year growth rate of 4.8%, Omdia expects stronger growth in 2023 and 2024, driven by the increasing adoption of RBVM.
To provide industry professionals with valuable insights, Omdia is giving complimentary access to their report titled “Omdia Universe: Risk-Based Vulnerability Management Solutions, 2023” via their website. Interested individuals can register for free on Omdia.com to access the report.
Omdia, part of Informa Tech, specializes in technology research and advisory services. Their extensive knowledge of tech markets, combined with actionable insights, assists organizations in making informed decisions for growth and success.
In conclusion, RBVM is poised to become the dominant approach in the vulnerability management market by 2027. Omdia’s report sheds light on the various factors driving the shift towards RBVM and highlights its potential benefits for organizations. With vulnerability management being the top area of investment in cybersecurity, it is clear that the industry recognizes the importance of effectively managing vulnerabilities. Omdia’s research provides valuable insights and strategic guidance for industry professionals looking to navigate this evolving landscape.