Managed Detection and Response (MDR) Market Worth $9.5 billion by 2028, Growing At a CAGR of 23.3% Report by MarketsandMarkets™
Chicago, Feb. 29, 2024 (GLOBE NEWSWIRE) -- The global MDR market size is projected to grow from USD 3.3 billion in 2023 to USD 9.5 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 23.3% during the forecast period, according to a new report by MarketsandMarkets™. The MDR market is driven by factors such as the rise in cyber threats like business email compromise, ransomware, and crypto-jacking, addressing the cybersecurity skills gap and alert volumes, government regulations promoting compliance, and the increasing presence of IoT devices. These factors are pushing organizations to adopt MDR services for advanced threat detection and response capabilities.
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Managed Detection and Response (MDR) Market Dynamics:
Drivers:
Growing incidents of business email compromise, ransomware, and crypto-jacking threats.
Addressing gap in cybersecurity skills and overwhelming alert volumes
Government regulations and need for compliance to drive adoption of MDR services
Technological proliferation and increasing penetration of IoT
Restraints:
Lack of trust in third-party applications.
Cost of MDR services to be inhibitor for organizations
False positives to hinder effectiveness of MDR services
Opportunities:
Introduction of ML/AI-powered MDR services.
Increasing adoption of MDR across SMEs
The benefits of scalability for MDR services
List of Key Players in MDR Market:
CrowdStrike (US)
Rapid7 (US)
Red Canary (US)
Arctic Wolf (US)
Kudelski Security (Switzerland)
SentinelOne (US)
Proficio (US)
Expel (US)
Secureworks (US)
Alert Logic (US)
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The promising growth potential of the MDR market can be attributed to various factors, including the introduction of AI/ML-powered MDR services, the increasing adoption of MDR among SMEs, and the scalability benefits offered by MDR services.
Trend: Extended Detection and Response (XDR)
Extended Detection and Response (XDR) is an advanced cybersecurity solution that goes beyond traditional MDR services. It integrates and correlates data from multiple security tools like endpoint detection and response (EDR), network detection and response (NDR), and cloud security platforms. This comprehensive approach provides a more complete view of the security landscape, enabling faster and more accurate threat detection, response, and remediation. XDR enhances organizations' ability to identify and mitigate threats across different layers of the network, improving overall cybersecurity effectiveness.
Trend: Real-time Monitoring
Threat hunting is a proactive approach to cybersecurity that involves actively searching for threats and vulnerabilities within an organization's network. Threat Hunting as a Service THaaS is a specialized MDR offering that provides dedicated threat-hunting capabilities to organizations. It leverages advanced analytics, machine learning, and threat intelligence to proactively identify and respond to emerging threats, even those that may bypass traditional security defenses. THaaS helps organizations stay ahead of sophisticated adversaries and minimize the dwell time of threats.
By security type, the endpoint security segment accounts for a larger market size
The endpoint security segment contributes largely to the MDR due to several factors. Endpoints, such as laptops and mobile devices, are common targets for cyber threats, making their protection a top priority for organizations. The increasing number of endpoint devices and the need for comprehensive visibility into network activity further contribute to the demand for MDR services focused on endpoint security. Additionally, organizations recognize the importance of securing their endpoints and rely on MDR solutions to detect, respond to, and mitigate threats targeting these devices effectively. Thus, the endpoint security segment accounts for a larger market size during the forecasted period.
By SME type, small-sized enterprises account for the highest CAGR
Small-sized enterprises contribute the highest CAGR due to increasing cybersecurity threats. These enterprises are not immune to cyber-attacks and are often targeted due to perceived vulnerabilities. Recognizing the need for robust cybersecurity measures, small-sized enterprises are adopting MDR services to protect their valuable assets from evolving threats. MDR services provide specialized security expertise, advanced tools, and continuous monitoring to detect and respond to cyber threats effectively. The scalability and cost-effectiveness of MDR services make them particularly attractive for small-sized enterprises with limited resources and budgets. As a result, the demand for MDR services among small-sized enterprises is growing rapidly, driving the overall market's CAGR.
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Opportunity: Benefits of scalability for MDR services
Scalability presents a golden opportunity for MDR services, empowering organizations to seamlessly adjust to ever-changing security threats and demands. MDR services are ingeniously designed to embody flexibility and adaptability, granting businesses the ability to fine-tune their security needs as they grow and evolve. This remarkable scalability aids in circumventing the exorbitant costs typically associated with maintaining an in-house security team and infrastructure.
Consider a scenario where a business experiences a rapid expansion, necessitating swift augmentation of security capabilities. In this scenario, MDR services come to the rescue, enabling businesses to effortlessly scale up their defenses without the burdensome tasks of hiring additional staff or investing in costly infrastructure. On the other hand, when circumstances call for a reduction in security measures due to operational slowdowns or transformations, MDR services shine yet again. They facilitate the graceful adjustment of security needs, sparing organizations from unnecessary expenses or disruptive upheavals. Thus, scalability emerges as a glittering opportunity for MDR services, endowing organizations with the power to adapt their security capabilities, foster cost savings, and enhance operational flexibility swiftly and efficiently.
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