MarketsandMarkets forecasts the global threat modeling tools market is expected to grow from an estimated USD 0.8 billion in 2022 to USD 1.6 billion by 2027 at a Compound Annual Growth Rate (CAGR) of 14.9% from 2022 to 2027. Growing demand for user-friendly threat modeling tools, stringent government regulations, and rising cases of cyber crimes are some factors driving the threat modeling tools market growth.
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What is Threat Modeling Tools?
According to MarketsandMarkets, threat modeling is the process of identifying and evaluating potential security threats to a system or application to identify vulnerabilities and determine appropriate remediations. Threat modeling tools are software tools that automate or facilitate this process. They are used to identify and assess the potential risks to a system, application, or organization and help determine appropriate security controls to mitigate or prevent them.
By platform, the cloud-based segment to grow at the highest CAGR during the forecast period
Cloud-based threat modeling tools are platforms hosted on cloud infrastructure and accessed through a web browser or API. These tools take advantage of the scalability, reliability, and security of cloud-based infrastructure to provide organizations with the ability to conduct threat modeling remotely and from multiple locations. Cloud-based threat modeling tools are often subscription-based and can be easily integrated with other security tools and services to provide a more comprehensive view of an organization’s security posture. The IriusRisk platform provides a web-based interface for creating threat models, identifying and categorizing threats, and evaluating their likelihood and impact. It also includes a library of pre-built threat models, which can be customized to suit specific organizations or systems.
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By organization size, the SMEs segment to grow at the highest CAGR during the forecast period
The adoption of threat modeling tools in SMEs is driven by the need to protect against cyber threats and maintain compliance with industry regulations. These tools allow organizations to identify potential security risks and vulnerabilities in their systems, applications, and networks and take appropriate measures to mitigate or prevent them. Additionally, they provide real-time threat intelligence, automate security workflows, and integrate with other security tools, which ultimately improve the organization’s overall security posture. An example of a threat modeling tool commonly used by SMEs is the OWASP Threat Dragon. This free, open-source threat modeling tool helps organizations identify and prioritize potential security threats and vulnerabilities in their systems, applications, and networks. It uses a simple, visual approach to identify potential attack scenarios and allows organizations to create customized threat models based on their specific needs. The tool also guides how to mitigate or prevent identified security risks and vulnerabilities, making it accessible for SMEs with limited resources.
The key players have adopted various growth strategies such as partnerships, agreements, collaborations, acquisitions, and product developments to increase their market presence.
Cisco Systems is a prominent player in the development and provision of hardware, software, and services that enable the creation of internet solutions. These solutions make it easy to access information from anywhere and at any time. Cisco provides a wide range of products and services, including those for networking, IoT, mobility and wireless, security, data center, and cloud computing. Their cloud solutions include a cloud operations platform, workload optimization, and application performance monitoring. Cisco also collaborates with ecosystem partners to create simple-to-use and quick-to-deploy solutions. The company offers proven threat modeling tools that work across different environments, thanks to its extensive ecosystem of software partners. Cisco Unified Computing provides servers that can safeguard data ranging from Terabytes to Petabytes. The company’s UCS manager streamlines the administration of computing, storage, networking, and infrastructure automation using policy-based systems. For instance, in October 2020, Cisco delivered several platform innovations, including enhanced capabilities in Extended Detection and Response (XDR), Zero Trust, and Secure Access Services Edge (SASE). In March 2020, Cisco and Microsoft Azure IoT partnered to simplify customer deployments so that they could connect their assets and securely send IoT data to the cloud.
Security Compass is the leading provider in the field of application security. It allows organizations to shift left and create secure applications by design that are seamlessly integrated with current DevSecOps tools and workflows. SD elements offered by the company help enterprises shorten the time it takes to market software and lower cyber risks by using an automated, developer-centric approach to threat modeling and secure development. The US Department of Defense, governmental organizations, top financial and technological companies, as well as well-known international brands across a range of industries, including manufacturing, IT, and finance, are served by Security Compass for their security requirements.
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