Managed Detection and Response Market Size Projected To Show St

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  Posted by ashinde June 16, 2023 - Filed in Other - #Managed Detection and Response  #MDR Services  #MDR Solutions  - 355 views
  

  The Global Managed Detection and Response (MDR) market is forecast to reach USD 9.73 Billion by 2030, according to a new report by Reports and Data. MDR can be considered as an outsourced service that provides threat responding and identifying services to organizations, once any threat is discovered. Various factors are supporting the growth of the market. The fact that, in 2016, 2 million cybersecurity positions were unfilled, which is expected to increase to elevate to 3.5 million by 2021, clearly establishes the need for the right cybersecurity personnel in a large number of organizations. The fact mentioned above holds a major scope for expansion of the market. MDR addresses significant issues that adversely impact modern businesses. As an instance, cybersecurity is a major concern of every organization that can be tackled with the help of dedicated security teams. However, recruiting and retaining such a large workforce is feasible and affordable for large organizations that are difficult for small and medium enterprises due to the limitation of resources. It can be resolved with MDR as it is an outsourced service. In regards to region, Europe occupies a dominant market position. The market position held by the region is resultant of rising dependency on electronic networks, its continuous focus on cybercrime and establishing European Cybercrime Centre that emphasizes on law enforcement that positively impacts the demand for the service in this region.

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  Further key findings from the report suggest

  • The MDR market held a market share of USD 974.9 Million in the year 2020 and forecasted to grow at a rate of 18.2% during the forecast period.
  • In regards to Security Type, the Endpoint Security segment generated the highest revenue of USD 213.3 Million in 2020, with a growth rate of 30.7% during the forecast period. Network devices are endpoints that are connected remotely, forms the entry point for probable cyber threats. The revenue generated by the Endpoint Security segment is attributed to the fact that, with the help of this type of security continuous real-time threat prevention, detection can be provided that helps in resolving the issue of cyber threat.
  • In the context of the Service Type, the Threat Detection segment held the largest market share of 38.0% in 2020, with a growth rate of 30.7% during the forecast period. The market dominance of the segment is resultant of rising emphasis on preventing data theft among various end-users and effectiveness of this service in analyzing collected forensic data to identify, monitor, and manage security threats.
  • In regards to the End-user, the Banking, Financial Services, and Insurance segment held the largest market share of 26.0% in 2020, with a growth rate of 30.8% during the forecast period. The sector being highly vulnerable to data breaches, security threats, and high cost of every stolen record in data breaches, propels the incorporation of the service.
  • In context to region, Asia Pacific is projected to witness the fastest growth rate of 31.6% during the forecast period, which is expected to occupy 26.9% of the market by 2028. The growth rate experienced by the region is attributed to its digital transformation, well-developed cloud infrastructure, and government initiatives like Digital India.

  Top 10 Companies Operating in the Global Managed Detection and Response Market:

  IBM, Bae Systems, Fireeye, Kudelski Security, Optiv Security, Arctic Wolf Networks, Paladion, Rapid7, Watchguard, and Redscan.

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  The global market is further segmented into type and application:

  Security Type Outlook (Revenue, USD Billion; 2019-2030)

  • Network Security
  • Endpoint Security
  • Cloud Security
  • Application Security
  • Others

  Deployment Outlook (Revenue, USD Billion; 2019-2030)

  • Cloud
  • On-premise
  • Others

  Application Outlook (Revenue, USD Billion; 2019-2030)

  • Banking, Financial Service and Insurance
  • Government and Defense
  • Education and Training
  • Telecommunications and IT
  • Others

  Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.

  • North America (U.S., Canada, Mexico)
  • Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
  • Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
  • Latin America (Brazil, Rest of LATAM)
  • Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

  Key Takeaways of the Competitive Overview Section:

  • Overview of the company profiles of each market player
  • Industrial chain analysis of each player
  • Revenue share contribution
  • Sales network and distribution channels and net profits and losses of each company
  • Key business growth strategies are undertaken by these players

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