The global Managed Detection and Response 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 growth of the MDR market is driven by factors such as increasing cyber threats like business email compromise, ransomware, and crypto-jacking, the shortage of cybersecurity skills and overwhelming alert volumes, government regulations and compliance requirements, and the proliferation of IoT devices which fuel the demand for MDR to address the associated security risks.
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Managed Detection and Response 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 Managed Detection and Response 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)
- Trustwave (US)
- Mandiant (US)
- Binary Defense (US)
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Managed Detection and Response is an approach used by enterprises to predict future failure points as well as monitor the condition of an asset in real-time. Besides passive monitoring, the Managed Detection and Response technique leverages ML algorithms that take critical historical data, such as temperature, pressure, and vibration, as an input, thus providing prediction related to the condition of an asset in real-time. This, in turn, enables enterprises to significantly reduce unplanned machine downtime and decide whether any particular asset needs maintenance. Managed Detection and Response ensures the machine is taken for maintenance before it fails, due to which there are minimal losses in production. Traditional maintenance software currently cannot manage these expectations, as these maintenance solutions are reactive and periodic, which might affect the productivity of an enterprise due to unexpected downtime of the asset. Managed Detection and Response solutions leverage technologies, such as Artificial Intelligence (AI), Internet of Things (IoT), and big data, to gather meaningful insights from all the data received from the machines, thus helping in taking necessary actions before the breakdown of the asset.
Public Cloud segment to account for a larger market size during the forecast period
Public cloud deployment mode in the Managed Detection and Response market offers a cloud-based environment and is available to the general public over the internet. It requires minimal investment, no hardware setup, and no infrastructure management. It is a type of virtual network environment wherein various service providers provide cloud-based analytical solutions. Organizations are moving their complex core applications to public cloud due to its compatibility, security, and performance.
Government and Defense vertical to have the largest market size during the forecast period
Government and public institutions are shifting toward a digital mode of operations, with the developed IT infrastructure in place, to improve reliability and efficiency. Government and public authorities are taking various initiatives, such as smart cities and traffic management, to enhance the lifestyle of its citizens and administer the cities. Public sector organizations all over the world have the responsibility of employing high-value assets and operations associated with utilities, public venues, roads, bridges, transit and mobility systems, airports, ports, and public health systems.
APAC to hold higher CAGR during the forecast period
The Managed Detection and Response market has been segmented into five major regions: North America, Europe, APAC, Latin America, and MEA. APAC is expected to grow at a good pace during the forecast period. The region will be booming, as it is experiencing a lot of new entrepreneur setups, which would be looking forward to acquiring new customers and gaining customer trust by involving new paradigms of maintenance technologies to have a competitive advantage over the established players. Managed Detection and Response vendors in this region focus on innovations related to their product line. China, Japan, India, and Bangladesh have displayed ample growth opportunities in the Managed Detection and Response market.
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