“The emergence of RBVM has been driven by several factors,” said Andrew Braunberg, Principal Analyst with Omdia and author of the report. “Traditional vulnerability management tools, which enterprises use to identify, prioritize, and remediate software security vulnerabilities, have increasingly struggled to meet the needs of the modern enterprise because of the challenges of digital transformation, the expanded and diversified attack surface, the proliferation of IoT devices, and the acceleration of the application development lifecycle.”
“The goal of better understanding and assessing risk is at the heart of RBVM,” Braunberg added. “Instead of trying to figure out how to patch everything faster, RBVM tackles the scale problem through smarter, better-informed prioritization, helping enterprises calculate what to patch quickly and what to delay or ignore.”
Vulnerability management is the highest area of investment for 2022/23, according to Omdia’s research. Omdia is tracking the investment activity taking place within the market with many of the larger players acquiring startups over the last few years.
“Omdia Cyber has been tracking not only today’s most important cybersecurity technologies, but also tomorrow’s,” said Eric Parizo, Managing Principal Analyst, Omdia Cybersecurity. “We believe RBVM represents a seismic shift in how organizations manage vulnerabilities and will, at last, provide cybersecurity operations teams with the tools to measure and make decisions based on vulnerability risk.”
According to Omdia research, the total global vulnerability management market revenue for 2022 of $2.008bn. Despite a reduced year-over-year growth rate of 4.8%, Omdia anticipates stronger growth, powered by the rise of RBVM, in 2023 and 2024.
Omdia is providing complimentary access to the report, Omdia Universe: Risk-Based Vulnerability Management Solutions, 2023, via Omdia.com, with free registration. Access the report here.
Omdia, part of Informa Tech, is a technology research and advisory group. Our deep knowledge of tech markets combined with our actionable insights empower organizations to make smart growth decisions.