Security Assessment Market Size (2024 - 2029)

Security Assessment Market Analysis

During the forecasted period, the Security Assessment Market is expected to grow at a CAGR of 12.7%. The rapidly increasing cases of cyber-attacks, combined 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 mobility trends, and so on, are all forcing organizations around the world to adopt security assessment solutions to protect and evaluate their business infrastructure.

• According to Cisco Systems, businesses that embrace BYOD policies save an average of USD 350 per employee per year due to the growing acceptance of BYOD policies. While this trend has several advantages for businesses, such as lower hardware costs, increased productivity for remote workers, and satisfied customers, it has also increased privacy and data thefts, as well as unsafe usage, resulting in data breaches and cyberattacks. Furthermore, because of the growing population and the increasing digitalization of industrial operations, there has been a significant increase in PCs, laptops, cell phones, tablets, and point-of-sale terminals. 
• As the number of smart devices increases, many new endpoints are being added to networks worldwide. As a result, the growing number of endpoint devices drives the demand for security assessments. Unaddressed vulnerabilities in end-user industries are increasing with the significant shift toward the digital era. The rise of ransomware is an essential factor driving the demand for security assessment solutions. Furthermore, according to a recent Fortinet ransomware survey, approximately 94% of those polled are concerned about the threat of a ransomware attack, with 76% being very or extremely concerned. 85% of surveyed worry more about a ransomware attack than any other cyber threat. As a result, there is a growing demand for risk assessment solutions to help the market grow.
• Budgetary constraints and a lack of awareness across organizations are significant impediments to market growth. The costs of research and development to develop advanced security assessment solutions are very high, resulting in the high pricing of such security services. As a result, it may be a barrier to growth in the security assessment market.
• The global pandemic has increased the demand for remote working solutions; businesses are shifting from traditional workplace practices to the newly accepted work-from-home scenarios. In the context of the enterprise's security capabilities, these transitional effects must be carefully managed. As the number of unprotected personal devices contacting the network grows, so does the risk of compromised network security.

Security Assessment Industry Segmentation

Security assessments are periodic exercises that mainly evaluate an organization's level of security readiness. These evaluations mainly involve checking for weaknesses in the company's IT systems and operational procedures and making recommendations for necessary actions to reduce the likelihood of future security-related attacks.

The Security Assessment Market is segmented by Deployment Type (On-Premise, Cloud), End-User Vertical (IT & Telecommunication, BFSI, Retail, Healthcare, Energy & Utilities), and Geography (North America, Europe, Asia-pacific, Middle East & Africa, and Latin America). The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.