Vancouver, Aug. 22, 2023 (GLOBE NEWSWIRE) -- The worldwide market for Managed Detection and Response (MDR) achieved a total value of USD 4.90 billion in 2021. According to the most recent analysis by Emergen Research, it is anticipated to exhibit a Compound Annual Growth Rate (CAGR) of 18.1% in terms of revenue throughout the projected period. The primary driver behind this growth in revenue is the notable escalation in cyber-attack occurrences within the Banking, Financial Service, and Insurance (BFSI) sector.
The landscape of cyber-attacks is witnessing a dual surge in terms of frequency and complexity. This trend has rendered businesses of all scales susceptible to potential breaches. Although anti-virus software is recognized as a prudent investment, it falls short of providing comprehensive protection against the diverse array of attacks. To fortify their digital assets and resources, companies must establish a multi-layered security approach, albeit these measures can at times prove inadequate. In the current realm of computing, it is imperative for companies to possess not only preventive strategies but also adeptness in detection and response capabilities.
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Addressing the entirety of cyber threats necessitates a multifaceted approach, as there is no single panacea. As a result, enterprises must equip themselves to identify potential intrusions within their systems and effectively counteract the associated risks. Yet, few companies possess the internal capacity to independently execute threat hunting and incident response activities. This scenario has given rise to the concept of Managed Detection and Response (MDR), a service born from the imperative for businesses to proactively seek out and manage security vulnerabilities and threats present in their operational environment.
MDR service providers, often affiliated with Managed Security Service Providers (MSSPs), take charge of both proactive and reactive cybersecurity operations. They leverage their proprietary detection and incident response tools and platforms. The suite of tools and platforms utilized by MDR security service providers undergo continuous monitoring and maintenance by their proficient security experts and engineers. These professionals vigilantly observe a client's network to spot any anomalous activities, evaluate incidents upon identification, and implement responsive actions that effectively curtail the associated risks.
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Scope of Research
| Report Details | Outcome |
| Market size in 2021 | USD 4.9 Billion |
| CAGR (2022–2030) | 18.1% |
| Revenue forecast to 2030 | USD 21.93 Billion |
| Base year for estimation | 2021 |
| Historical data | 2019–2020 |
| Forecast period | 2022–2030 |
| Quantitative units | Revenue in USD Billion and CAGR in % from 2022 to 2030 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Security type, deployment, application, organization size, service, and region |
| Regional scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Country scope | U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, U.A.E., South Africa, Turkey, and Rest of MEA |
| Key companies profiled | Accenture plc, The International Business Machines Corporation (IBM), Cisco Systems, Inc., Arctic Wolf Networks Inc., CrowdStrike Holdings, Inc., eSentire, Inc, FireEye, Raytheon Technologies Corporation, Rapid7, and IronNet, Inc. |
| Customization scope | 10 hours of free customization and expert consultation |
Major Companies and Competitive Landscape
The global managed detection and response market is fairly fragmented, with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, and developing, testing, and introducing more effective managed detection and response. Some major players included in the global managed detection and response market report are:
- Accenture plc
- The International Business Machines Corporation (IBM)
- Cisco Systems, Inc.
- Arctic Wolf Networks Inc.
- CrowdStrike Holdings, Inc.
- eSentire, Inc
- FireEye
- Raytheon Technologies Corporation
- Rapid7
- IronNet, Inc.
Strategic Development
- On 01 December 2022, Sophos, which is a worldwide leader in cybersecurity as a service innovation and delivery, announced the general availability of Sophos Managed Detection and Response (MDR), which includes new industry-first threat detection and response capabilities. Sophos is the first endpoint security company to include vendor-agnostic telemetry from third-party security solutions in its MDR offering, resulting in exceptional visibility and detection across a wide range of operating scenarios. In addition, Sophos launched the Sophos Marketplace and a USD 1 million Sophos Breach Protection Warranty.
- On 17 November 2022, Ankura Consulting, LLC (‘Ankura’), a major global provider of expert services and consulting services, announced the release of Ankura InterXeptor, the latest development in its well-respected 24/7 managed detection and response (MDR) system. In order to avoid, identify, and respond to cyber-attacks, rising middle-market firms can use InterXeptor, a service headed by subject-matter experts and independent of any particular technology.
- On 13 October 2022, Malwarebytes, a leader in real-time cyber defence, has now released Malwarebytes Managed Detection and Response (MDR), a service that combines EDR technology with human-delivered security experience to offer round-the-clock threat monitoring, detection, and response.
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Some Key Highlights From the Report
- The network security segment accounted for a significant revenue share in 2021. Network security encompasses all of the measures necessary to protect the integrity of a computer network and the data contained inside it. To protect consumers and businesses from malware and cyber assaults such as distributed denial of service, good network security strategies include many security technologies. Network security is critical since it prevents hackers from gaining access to critical data and sensitive information. When hackers obtain such information, they can create a variety of problems, including identity theft, and asset theft.
- The cloud segment accounted for a significant revenue share in 2021. In many information technologies architecture-based organizations, cloud technology is used by corporate network managers to protect devices. Cloud-based deployment has various advantages, including prevention of Distributed denial-of-Service (DDoS), hyperjacking, and hypercall attacks. In addition, it is scalable, simple to collaborate with, easy to implement, and has low operational costs.
- The BFSI segment accounted for largest revenue share in 2021 owing to increase in cybersecurity assaults, spending on cybersecurity solutions, and financial data breaches. Data on users may be compromised by a banking industry with poor cybersecurity. The most common attack vectors employed by cybercriminals to target this business have been Trojans, Ransomware, Botnets, and Info Stealers. Rise in ransomware, malware and phishing assaults in banking, financial services, and insurance is driving revenue growth of the managed detection and response market.
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Emergen Research has segmented the global managed detection and response market on the basis of security type, deployment, application, organization size, service, and region:
- Security Type Outlook (Revenue, USD Billion; 2019-2030)
- Network Security
- Endpoint Security
- Cloud Security
- Application Security
- Others
- Deployment Outlook (Revenue, USD Billion; 2019-2030)
- Cloud
- On-premise
- Application Outlook (Revenue, USD Billion; 2019-2030)
- Banking, Financial Service and Insurance (BFSI)
- Education and Training
- Aerospace and Defense
- Automotive
- Manufacturing
- Healthcare
- Government
- Retail
- IT & ITeS
- Others
- Organization size Outlook (Revenue, USD Billion; 2019-2030)
- Small & Medium Size Enterprises
- Large Enterprises
- Service Outlook (Revenue, USD Billion; 2019-2030)
- Threat Detection
- Threat Monitoring
- Incident Response/Termination
- Regional Outlook (Revenue, USD Billion; 2019–2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of MEA
- North America
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