PRNEWSWIRE: According to a new research report “Managed Detection and Response Market by Security Type (Endpoint, Network, Application, Cloud), Deployment (On-Premises, Hosted), Organization Size (SMEs, and Large Enterprises), Industry Vertical, and Region – Global Forecast to 2022”, published by MarketsandMarkets, the market size is expected to grow from USD 419.7 Million in 2017 to USD 1,658.0 Million by 2022, at a Compound Annual Growth Rate (CAGR) of 31.6% during the forecast period.
The major forces driving the growth of the Managed Detection and Response Market include the increase in the enterprise targeted cyber-attacks, shortage of cybersecurity practitioners, and need for compliance to various government regulations. Moreover, technological advancement and increasing adoption of technologies such as Internet of Things (IoT) across various end-use applications are some of the factors that are driving the market growth.
The endpoint security type segment is expected to hold the largest market share in the Managed Detection and Response Market during the forecast period.
Endpoints are usually network devices, such as servers, desktops, laptops, smartphones, tablets, and Point of Sale (POS) connected remotely to an enterprise server making them vulnerable and creating an entry point for potential cyber threats. Endpoint security type MDR services provide real-time control, visibility, and analytics of endpoints deployed across an organization. Vendors are offering advanced endpoint MDR services that leverage technologies such as Artificial Intelligence (AI) and machine learning, to proactively detect attacks, malicious activities, and respond to them before they undesirably affect the enterprises’ business operations. The cloud security type segment is expected to gain traction and grow at the highest CAGR owing to the rising adoption of cloud computing across enterprises of different sizes and the increasing security vulnerabilities arising out of it.
The Small and Medium-sized Enterprises (SMEs) segment is expected to be the fastest-growing organization size in the Managed Detection and Response Market during the forecast period.
MDR services assist both large enterprises and SMEs in protecting their business-critical applications and networks. MDR empowers SMEs to secure their valuable assets and ensure robust security across the entire business environment. SMEs are small in terms of their employee base, but they cater to a large and global clientele. Absence of a robust cybersecurity strategy and budgetary constraints make SMEs more susceptible to Advanced Persistent Threats (APTs) and cyber-attacks such as malware, botnets, and ransomware attacks. The Managed Detection and Response Market for the SMEs segment is expected to grow at a higher CAGR, owing to the increasing instances of cyber-attacks and the deployment of advanced cybersecurity technologies after elimination of the traditional ones.
North America is expected to have the largest market share in the Managed Detection and Response Market during the forecast period.
North America is expected to hold the largest market share and dominate the global Managed Detection and Response Market during the forecast period. Moreover, factors such as presence of large number of cybersecurity vendors and stringent cybersecurity regulation in the region is expected to further proliferate the demand in the region. The presence of sustainable and well-established economies in the region that invest significantly in Research and Development (R&D) activities is contributing to the development of new advanced security technologies. Growing adoption of enterprise mobility and IoT, and an increase in the internal and external threats, enterprises in countries such as the US and Canada are increasingly adopting MDR solutions to protect their business environment from an ever-evolving threat landscape.
There are several established players in the Managed Detection and Response Market, such as Arctic Wolf Networks (US), BAE Systems (UK), CrowdStrike (US), eSentire (Canada), FireEye (US), F-Secure (Finland), IBM (US), Kudelski Security (Switzerland), mnemonic (Norway), NetWorks Group (US), Optiv Security (US), Paladion (India), Rapid7 (US), Raytheon (US), Redscan Cyber Security (UK), and WatchGuard (US).
Report is available at: https://www.marketsandmarkets.com/Market-Reports/managed-detection-and-response-market-168039027.html