PRNEWSWIRE: According to a new market research report “Incident Response Market by Component (Solution and Services), Service (Retainer, Assessment and Response, and Planning and Development), Security Type, Organization Size, Deployment Mode, Vertical and Region – Global Forecast to 2023”, published by MarketsandMarkets, the market is expected to grow from $13.38 billion in 2018 to $33.76 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 20.3% during the forecast period.
The major factors driving the Incident Response Market include heavy financial losses post incident occurrence, rise in security breaches targeting enterprises, and need to adhere to compliance requirements.
The assessment and response segment is estimated to hold the largest market size in the Incident Response Market in 2018
The assessment and response segment is expected to dominate the Incident Response Market in terms of its contribution to the overall market shares, as organizations are deploying assessment and response services to detect and respond against advanced cyber-attacks. It implements a stronger security infrastructure through readiness and response capabilities and evaluate organization’s preparedness to prevent or tackle a cyber-attack.
Cloud deployment segment is expected to grow at a higher CAGR in the global Incident Response Market during the forecast period
Incident response solutions can be deployed on-premises as well as on cloud as per the requirements of businesses. The cloud deployment segment is expected to grow at a higher CAGR in the global Incident Response Market during the forecast period. The cloud deployment mode is preferred for its features, such as improved and enhanced security, lower setup costs, easy accessibility, quicker deployment, high scalability, customizable offerings, more storage space, and ease of maintenance.
North America is expected to hold the largest market size in the Incident Response Market during the forecast period
North America is estimated to account for the largest share of the overall market in 2018. The region is considered as the most advanced in technology adoption and infrastructure. The wide presence of key industry players of incident response solutions is the main driving factor for the Incident Response Market in North America. The largest market size in the North America region is being driven by the early adoption, high level of IT capabilities, and higher IT investments capabilities. APAC is expected to grow at the highest rate as the high traction is expected across countries in APAC.