Managed Detection and Response Market Size, Share, and Trends, By Security Type (Network Security, Endpoint Security), By Deployment (Cloud, On-premise), By Application (Banking, Financial Service and Insurance, Others), and by region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
Managed Detection and Response (MDR) Market Overview
The global Managed Detection and Response (MDR) Market size is projected to reach a CAGR of 16.1% from 2023-2030.
Managed detection and response (MDR) improve incident response capabilities and threat detection monitoring through a turnkey approach which detects threats that have evaded other controls. Risk and security management providers are understanding the importance of MDR services and their impact on their environments. New service providers have developed solutions to support businesses seeking to increase their incident response and threat detection capabilities. Additionally, MDR vendors deliver services for purchasers looking to develop their constant monitoring capabilities, threat detection, and incident response. These services are provided by vendors using methods that do not appropriate for traditional managed security services (MSS). Security event supervising in many companies focuses on network and internet perimeter, entryway out traffic only, relatively than east-west movement, once an invader is inside the company.
With the rising adoption of security as a service the demand for managed detection and response is increasing rapidly, and MDR services are helping to drive this growth. The usage of managed detection and response gains visibility of threats, which reduces cyber security risks and threats, which is growing individuals’ businesses to improve defenses. It also builds up investor and boardroom confidence in using these services, thus it is another factor fuelling the growth of the managed detection and response market. Furthermore, the increasing merger of MSS and MDR providers to offer better services is anticipated to propel the growth of the Managed Detection and Response market.
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On the other hand, outsourcing managed detection and response service for enterprises could expose sensitive customer data to a third party. Managed detection and response services providers have significant controls in their domain to control and secure the data and obfuscate sensitive private data. This could lead to an adverse effect on the company’s stock prices, and involve customer payment information and other confidentiality data breaches. These data security issues with third-party applications and database control in organizations adversely impact the overall revenue growth of the market.
Due to the COVID-19 pandemic in 2020, the demand for MDR solutions to tackle various cyber threats and attacks is increasing among enterprises. During a pandemic, digital transformation across Banking, Financial Services, and Insurance (BFSI), healthcare, government, IT, and IT is also increased. The adoption of remote work trend led to increasing web and cloud traffic and that’s why MDR solutions and services are booming across each sector.
Delvens Industry Expert's Standpoint
The increasing number of cyber-attacks and threats targeting organizations have led to a significant demand for Managed Detection and Response (MDR) solutions globally. One of the major drivers of this growth is the shortage of cybersecurity professionals and budget constraints in most organizations. Additionally, the rise in government regulations and the need for compliance are expected to increase the adoption of MDR solutions in the market, thus driving growth in this sector.
Key Findings
• The security type segment is further segmented into network security, endpoint security, cloud security, application security, and others. The network security segment accounted for a larger revenue share during the forecast period. Managed detection and response provide intrusion detection of malware and malicious activities in the network security. Managed detection technology eliminates potential threats of cyber-attacks; hence the adoption of managed detection and response is driving revenue growth of the market.
• The deployment outlook segment is further bifurcated into cloud and on-premise. The cloud segment is expected to account for the largest revenue growth rate over the forecast period. Cloud technology is deployed for corporate network administrators and it is responsible for the protection of devices in several information technology architecture-based organizations. A cloud-based deployment offers several benefits, including preventing hyper call attacks, hyper jacking, and DDoS attacks also it is easy to deployable, has low operational expenses, scalability, and simple collaboration.
• The application outlook segment is further fragmented into banking, financial services and insurance, government and defense, education and training, and others. The banking, financial service, and insurance segment is expected to register the largest revenue growth rate over the forecast period. The banking, financial service, and insurance industry is dominating the segment due to increasing cybersecurity attacks, financial data breaches, and spending on cybersecurity products. Weak cybersecurity in the banking sector can compromise users’ data. Moreover, an increase in ransomware, malware, and phishing attacks in banking, financial service, and insurance are contributing to the revenue growth of the MDR market.
• The market is also divided into various regions such as Asia Pacific, Europe, North America, and the Rest of the World. North America is expected to register a steady revenue growth rate over the forecast period. The market dominance in the region is attributed to a large number of instances of cybersecurity breaches, increasing incorporation of innovative cybersecurity services and solutions to safeguard cyber architecture.
Managed Detection and Response (MDR) Market Regional Analysis
North America to Dominate the Market
• North America is expected to register a steady revenue growth rate over the forecast period.
• The market dominance in the region is attributed to a large number of instances of cybersecurity breaches, increasing incorporation of innovative cybersecurity services and solutions to safeguard cyber architecture.
Managed Detection and Response (MDR) Market Competitive Landscape
• Alert Logic, Inc.
• Arctic Wolf Networks Inc.
• Bae Systems
• Cisco Systems, Inc.
• CrowdStrike
• eSentire Inc
• FireEye, Inc
• mnemonic as
• Rapid7
• Raytheon Technologies
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Managed Detection and Response (MDR) Market Recent Developments
• In April 2022, CrowdStrike introduced new adversary-focused Cloud Native Application Protection Platform (CNAPP) capabilities to accelerate threat hunting for cloud environments and workloads and reduce the mean time to respond.
• In July 2021, Rapid7 acquired IntSights Cyber Intelligence Ltd., (IntSight). With the acquisition of IntSights, Rapid7 will combine its community-infused threat intelligence and deep understanding of customer environments with IntSights’ external threat intelligence capabilities.
Reasons to Acquire in the Managed Detection and Response (MDR) Market
• Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
• Gain authentic and granular data access for Managed Detection and Response (MDR) Market to understand the trends and the factors involved in changing market situations.
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.
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