The increasing penetration of IoT in the operation of different industries and the elevating number of cyber-attacks are some of the factors boosting the Managed Detection and Response (MDR) market.
Market Size – USD 974.9 Million in 2020, Market Growth – CAGR of 28.00%, Market Trends –The rising incorporation of MDR in SMEs.
The Global Managed Detection and Response (MDR) market is forecast to reach USD 7,256.4 Million by 2028, 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.
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.
Key participants include IBM, Bae Systems, Fireeye, Kudelski Security, Optiv Security, Arctic Wolf Networks, Paladion, Rapid7, Watchguard, and Redscan.
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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 28.00% 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.
For the purpose of this report, Reports and Data have segmented the global managed detection and response market based on Security Type, Organization Size, Service Type, Deployment, End-user, and region:
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/managed-detection-and-response-mdr-market
Security Type Outlook (Revenue, USD Million; 2020-2028)
- Network Security
- Endpoint Security
- Cloud Security
- Application Security
Organization Size Type Outlook (Revenue, USD Million; 2020-2028)
- Large Enterprises
- Small and Medium-Sized Enterprises
Service Type Outlook (Revenue, USD Million; 2020-2028)
- Retained Incident Response
- Threat Detection
- Protective Monitoring
Deployment Type Outlook (Revenue, USD Million; 2020-2028)
End-user Type Outlook (Revenue, USD Million; 2020-2028)
- Banking, Financial Services, and Insurance [BFSI]
- Energy and Utilities
- Telecommunications and IT
- Government and Defense
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Regional Outlook (Revenue, USD Million; 2020-2028)
- North America
- Asia Pacific
- Latin America
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