Dublin, Sept. 26, 2023 (GLOBE NEWSWIRE) -- The "Global Network Detection and Response (NDR) Market (by Deployment, Component, Application, & Region): Insights & Forecast with Potential Impact of COVID-19 (2022-2026)" report has been added to ResearchAndMarkets.com's offering.
The global network detection and response (NDR) market is poised to achieve a significant valuation of USD 3.11 billion in 2023, with a remarkable Compound Annual Growth Rate (CAGR) of 13.94% during the forecast period.
Networks have evolved to become pivotal elements of modern communication, making them attractive targets for cyber-attackers seeking to disrupt businesses and governments worldwide.
NDR, a cybersecurity technology, plays a crucial role in safeguarding networks. It employs behavioral analytics, machine learning, and artificial intelligence to continuously monitor a company's network, identifying and mitigating cyber threats. The soaring adoption of digitization, both in government agencies and commercial enterprises, coupled with the increasing number of internet users, underscores the pressing global demand for network security solutions to prevent data leaks and privacy breaches.
Key Market Segments:
By Deployment: The market divides into two primary deployment segments: cloud-based and on-premises. Cloud-based deployment leads the way and is the fastest-growing segment. This growth is attributed to the rising adoption of cloud-based services by enterprises.
By Components: The market segments into solutions and services. The services segment exhibits the highest growth rate due to increased use of cloud computing and the evolution of cybercrime in tandem with technological advancements.
By Application: The market categorizes into large enterprises and small & medium enterprises (SMEs). Large enterprises currently dominate the market due to their more extensive IT security needs compared to SMEs.
The market spans five major regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America, particularly the United States, Canada, and Mexico, holds the largest share due to substantial investments in cybersecurity solutions. Asia Pacific is an emerging region, driven by the increasing adoption of cloud-based solutions by enterprises of all sizes.
Key Drivers and Challenges:
Driver: Escalating Internet Users: With the global increase in internet users, the threat of cyberattacks rises. NDR plays a vital role in detecting malicious behavior and responding to cyber threats, offering enhanced protection against cybercrimes.
Challenge: Advancement in Cyber Crimes: Rapid advancements in cybercrimes outpace traditional cybersecurity technologies, rendering them less effective. This ongoing challenge necessitates continuous innovation in the field.
Trend: Advancement of Internet of Things (IoT) Devices: The proliferation of IoT devices has increased vulnerabilities, prompting organizations to prioritize cybersecurity, driving the growth of the NDR market.
The COVID-19 Impact:
The COVID-19 pandemic positively impacted the NDR market, emphasizing the need for cybersecurity as remote working became prevalent. The market is expected to continue growing as remote and hybrid work models persist post-pandemic. Increased online fraud, growing internet penetration, and BYOD/CYOD concepts further fuel market growth.
The global NDR market is consolidated, with major players operating worldwide. Key players include Cisco Systems, Inc., Arista Networks, Vectra AI, Inc., VMware, Inc. (Lastline, Inc.), Darktrace Ltd., Sangfor Technologies, Inc., Gigamon, Inc., Extrahop Networks, Trellix, and Corelight.
Top Impacting Factors
Escalating Internet Users
Rising E-commerce Sales
Surge in Cyber Crime Rate
Complexity of Network Infrastructure
Advancement in Cyber Crimes
Rising Implementation of 5G Networking
Advancement of Internet of Things (IoT) Devices
Integration of Artificial Intelligence in NDR system
Intensifying Edge Computing Trend
For more information about this report visit https://www.researchandmarkets.com/r/drc46h
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