Richmond, Dec. 20, 2023 (GLOBE NEWSWIRE) -- According to a research report "Managed Detection and Response (MDR) Market”, by Security Type (Endpoint Security, Network Security, Cloud Security, Other Security Types), Deployment Mode (On-Premises, Cloud), Organization Size (SMEs, Large Enterprise), Industry Vertical (BFSI, IT and ITeS, Government and Defence, Energy and Utilities, Manufacturing, Healthcare, Retail and e-commerce, Other Verticals), and Region - Global Forecast to 2030.
Global Managed Detection and Response (MDR) Market Report Scope:
| Report | Details |
| Market size value in 2023 | USD 3.2 Billion |
| Market size value in 2030 | USD 12.9 Billion |
| CAGR (2023-2030) | 22.1% |
| Forecast Period | 2023–2030 |
| Historic Data | 2019 |
| Forecast Units | Value (USD Million/USD Billion) |
| Segments Covered | Security Type, Deployment Mode, Organization Size and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and RoW |
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| Sample of Companies Covered |
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TOC Covers in Depth & Breath on Managed Detection and Response (MDR) Market
170 - Market Data Tables
65 - List of Figures
225 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.
Market Overview
Managed The Managed Detection and Response (MDR) market is experiencing significant growth and evolution, driven by the increasing sophistication of cyber threats and the growing recognition of the importance of proactive cybersecurity measures. MDR refers to a managed security service that provides organizations with continuous monitoring, threat detection, and incident response capabilities. The key drivers of the MDR market is the rising frequency and complexity of cyberattacks across various industries. Organizations are recognizing the limitations of traditional cybersecurity approaches and turning to MDR services to detect and respond to threats in real-time. The market is also fueled by the growing volume of sensitive data and the increasing reliance on digital technologies, making robust cybersecurity a top priority for businesses. The shift towards remote work and cloud-based infrastructure has further accelerated the demand for MDR services. As organizations expand their digital footprint, they require comprehensive threat detection and response capabilities to safeguard their networks, endpoints, and cloud environments. MDR providers offer a holistic approach, combining advanced technologies with skilled cybersecurity analysts to monitor and respond to threats effectively. The competitive landscape of the MDR market is marked by the presence of both established cybersecurity vendors and emerging startups, each offering unique capabilities and service offerings. The market is witnessing partnerships and acquisitions as vendors aim to enhance their portfolios and provide end-to-end cybersecurity solutions.
Major Vendors in the Global Managed Detection and Response (MDR) Market:
- CrowdStrike
- Secureworks, Inc.
- Arctic Wolf Networks Inc.
- Palo Alto Networks
- Rapid7
- WithSecure
- Atos SE
- Accenture
- TATA Consultancy Services Limited
- Sophos Ltd.
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Increasing Sophistication of Cyber Threats
The Global Managed Detection and Response (MDR) market is propelled by the relentless evolution and sophistication of cyber threats. As cyber adversaries employ advanced tactics, techniques, and procedures, organizations face a growing challenge to detect and respond to these threats effectively. MDR solutions, with their continuous monitoring and real-time threat detection capabilities, address the need for proactive cybersecurity measures. The rising complexity of attacks, including ransomware, advanced persistent threats (APTs), and zero-day vulnerabilities, drives organizations to adopt MDR services to bolster their cyber defenses.
Market Dynamics
Drivers:
- Rapid Expansion of Digital Footprint and Cloud Adoption
- Stringent Regulatory Compliance Requirements
- Increasing Sophistication of Cyber Threats
Opportunities:
- Growing Demand for Industry-Specific MDR Solutions
- Integration with Security Orchestration, Automation, and Response (SOAR)
- Emergence of Artificial Intelligence and Machine Learning Integration
Emergence of Artificial Intelligence and Machine Learning Integration
The An opportune development for the Global Managed Detection and Response (MDR) market lies in the increased integration of artificial intelligence (AI) and machine learning (ML) technologies. As cyber threats become more sophisticated, the incorporation of AI and ML algorithms enhances the capability of MDR solutions to autonomously analyze vast datasets, identify patterns, and detect anomalies indicative of potential threats. The opportunity for MDR providers lies in leveraging these advanced technologies to not only bolster detection capabilities but also to streamline and automate response actions, reducing the burden on cybersecurity teams and enabling rapid mitigation of emerging threats.
The market for Managed Detection and Response (MDR) is dominated by North America.
The North American market for managed detection and response is poised to dominate throughout the forecast period, primarily driven by the stringent regulatory environment, heightened adoption of cloud computing, substantial cybersecurity investments, rapid strides in digitization, and ongoing technological advancements within the region. Notably, the United States has sustained its leadership position in North America, propelled by the presence of key industry players. The region's growth is further fueled by strategic initiatives such as acquisitions, product launches, collaborations, and partnerships undertaken by prominent players. A case in point is the noteworthy move by NetWitness LLC, a leading network security firm, which, in September 2022, introduced a managed detection and response service. This service aims to assist organizations in addressing cybersecurity skill shortages while fortifying their overall cybersecurity posture. Such initiatives contribute significantly to the continual expansion and development of the managed detection and response market in North America.
The Asia Pacific market for managed detection and response is anticipated to exhibit the most substantial growth rate throughout the forecast period. This growth is attributed to the presence of the world's fastest-growing economies, including India, South Korea, and Singapore, as well as the rising adoption of cloud technologies and an upsurge in cyber threats.
The BFSI segment is anticipated to hold the largest market share during the forecast period
Based on industry vertical, the market is segmented into BFSI, IT and ITeS, Government and Defence, Energy and Utilities, Manufacturing, Healthcare, Retail and e-commerce and Other Verticals. In 2022, The BFSI segment is poised to command the largest market share. This sector, being a prime target for cybercriminals, bears the highest cost of data breaches. Consequently, substantial investments in digital infrastructure and cybersecurity become imperative for the BFSI industry. Moreover, the BFSI sector is swiftly embracing cloud solutions for real-time data processing, leading to an anticipated surge in the adoption of Managed Detection and Response (MDR) to fortify defenses against cyber threats.
Concurrently, the IT & telecom segment is forecasted to undergo rapid growth due to its substantial reliance on technology and an escalating vulnerability to cyber-attacks. The global presence of many IT and telecom enterprises necessitates robust cybersecurity measures to safeguard against evolving threats.
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