With vulnerability assessments becoming a regulatory requirement from many global governments, the service is predicted to grow, says Frost & Sullivan.
New analysis from the research company finds the global vulnerability assessment products market earned revenue of $297.5 million in 2007, and estimates this to more than triple by 2014, to reach just under $1 billion.
"Growth in this market has traditionally been driven by the fear of penalty, and will be further spurred by renewed focus on existing laws and passed deadlines," says Frost & Sullivan analyst Chris Rodriguez.
However, the local market has only recently started discussing and implementing regulations around vulnerability checks. Most notable is the Protection of Personal Information Bill (colloquially known as the Privacy Bill), which aims to promote the protection of personal information processed by private and public bodies.
Most of the regulations will primarily affect government organisations, financial institutions and retailers, which Rodriguez says results in high adoption rates across every vertical market.
"The vulnerability assessment products market is starting to show symptoms of commoditisation," explains Rodriguez. "In this market, it is vital to differentiate and innovate through new features or business models."
Vulnerability assessment products have been around for a long time, considering the high rate of change in technology markets. As this market moves toward maturity, there has been less competition based on innovative features. Competing solely on price, in a period of slowed economic growth, is a dangerous proposition, he states.