Managed Detection and Response Market Size, Share, Growth and Industry Analysis by Type (Endpoint, Network, Application, and, Cloud), By Application (Government & Defence, Manufacturing, BFSI, Insurance. IT, And, Telecommunications), Regional Forecast from 2024 To 2031

Updated On: 01 April 2024

Managed Detection And Response Market Report Overview

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The global managed detection and response market size was USD 1275.5 million in 2022 and is projected to touch USD 10677.31 million by 2031 with a CAGR of 23.4% during the forecast period.

Management Detection and Response (MDR) will help in providing an organization with threat hunting services. MDR is usually an outsourced service and can respond to threats after the threats are discovered. Humans are also involved in management detection and response. Security providers guide their customers in monitoring networks. They play a major role in analyzing the situations and providing responses to security cases.

Adoption of new technologies like AI and ML have leveraged the security system. They are well-versed in proactively finding the cause of threats. This is identified as the latest trend in the market.

Threats can be easily detected using MDR systems. Customizable rules engine is incorporated by many managed detection and response systems to frame and define security policies for very user. These act as the factors driving the managed detection and response market growth.

COVID-19 impact: Digital transformation during pandemic increased Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

The pandemic of COVID-19 proved to be detrimental to many markets. It had an adverse effect on their demand and sales. However, the pandemic period was also an age of digital transformation. Due to inconvenience in travelling outside, getting things done through online seemed like a better option. This increased digitalization in every field.

As digitalization increased the threats of using internet also increased considerably. Softwares that could handle such threats became necessary. All of the enterprises including healthcare, banking, finance, IT services, and government sectors started incorporating MDR solutions. By doing this they could easily handle any cyber threats. Increasing digitalization across all sectors provided many lucrative growth opportunities to the managed detection and response market during the pandemic.

LATEST TRENDS

"Managed Detection and Response Based on Artificial Intelligence (AI) to Increase Market Growth"

MDR systems are the new technological developments that help in detecting any kind of threats in a system. Artificial intelligence is also one of the most advanced trends in the market. When both of these are integrated together, they give way to a more efficient system of security. IT market is highly dynamic due to which it is at a risk of being exposed to several threats. Cyber attacks have become very common. Such attacks need to be detected quickly to avoid major damages. Old MSSPs are not effective in adapting themselves to the new changes.

In order to provide tight security new technologies like AI, ML, and, behavioral analytics must get integrated. These help in combating ATPs, by applying contextual awareness in real-time. Automating intelligence is not only cost effective but are equipped to provide quick response.  This has been latest trend in the market.

Managed Detection And Response Market Segmentation

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• By Type:

The market can be divided on the basis of type into the following segments:

Endpoint, network, application, and, cloud. The endpoint segment is projected to hold the dominant market share through 2028 the forecasting period.

• By Application:

The market can be divided on the basis of application into the following segments:

Government & defense, manufacturing, BFSI, insurance. IT and telecommunications. Government and defense segment is predicted to dominate the market through 2028.

DRIVING FACTORS

"Crypto jacking and ransomware threats to Amplify Market Growth"

Crypto jacking is a kind of cybercrime. In this people’s devices are used by cybercriminals for the purpose of mining crypto currency.  It involves unauthorized use of other’s devices like laptops, servers, tablets, mobile phones, and even servers. The victim of crypto jacking will not be aware of the threat.

On the other hand, ransomware, is a malicious software that can completely block a person from accessing their computer until a sum of money is paid. These two cybercrimes can exploit many enterprises and can pose a threat to them. Such threats can be easily detected using managed detection and response systems. They develop comprehensive solutions to such problems. All of these factors have fueled the market growth.

"Security Rules That Can Be Customized to Drive Market Development"

Every business organization will have its own goals, objectives, and risks. The same security rules will not be applicable to very enterprise. Hence customizing security rules in accordance to their requirements is of at most importance.

Customizable rules engine is incorporated by many managed detection and response systems to frame and define security policies for very user. These rules can later be aligned with the business needs that constantly change. The main advantage of using customizable rules engine is that it can filter out unreal security threats. This is a main factor driving the managed detection and response market share.

RESTRAINING FACTOR

"Involvement of Third-Party in Security Operations to Deteriorate Market Growth"

Most of the times MDR systems are outsourced to outsiders or third-party security providers. MDR providers will have access to the most confidential and sensitive matters of an organization.

In case of any leak of such confidential information it can become a big threat to the organization. The weakness of an enterprise can be easily exposed to the third-parties. High costs involved can also become a factor restraining the market growth.

Managed Detection And Response Market Regional Insights

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"North America to Dominate Market in Upcoming Years"

North America is the region dominating the market growth. North America is technologically advanced and has the presence many security vendors. This region is considered to be the hub of digitalization.

Being a technological giant, it is very common to come across certain security breach incidents. North America has always been an early adopter of MDR security systems. All the sectors in the North American region are incorporating MDR techniques at a very rapid rate. This has been the major reason for the growth of the market in the North American region.

Key Industry Players

"Leading Players adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

List of Market Players Profiled

• IBM (U.S.)
• Paladion (U.S.)
• Optiv (U.S.)
• Bae Systems (U.K)
• Kudelski Security (Switzerland)
• Arctic Wolf (U.S.)
• Rapid7 (U.S.)
• Redscan (U.K.)
• Watchguard (U.S.)
• Fireeye (U.S.)

Report Coverage

The report provides an insight into the industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with the regional insights. Market dynamic forces during the forecast period have also been discussed for the better understanding of the market situations