Dec 4, 2024   SOURCE: PR NewsWire

Managed Detection and Response Services Market to grow by USD 6.2 Billion (2024-2028), driven by outsourcing business tasks, with AI driving market transformation - Technavio

NEW YORK, Dec. 4, 2024 /PRNewswire/ -- Report with the AI impact on market trends - The global managed detection and response services market size is estimated to grow by USD 6.2 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 23.58% during the forecast period. Focus on outsourcing business-related tasks beyond an organizations competencies is driving market growth, with a trend towards increasing application of user behavior analytics. However, possibilities of failures during the implementation poses a challenge. Key market players include Alphabet Inc., Arctic Wolf Networks Inc., Armor Defense Inc, Blackpoint Cyber, Booz Allen Hamilton Holding Corp., Broadcom Inc., Check Point Software Technologies Ltd., Cisco Systems Inc., CrowdStrike Holdings Inc., Cybereason Inc, Cynet security Ltd, Dell Technologies Inc., eSentire Inc., Fortinet Inc., International Business Machines Corp., Palo Alto Networks Inc., Rapid7 Inc., SENTINELONE INC., Sophos Ltd., Trend Micro Inc., and Trustwave Holdings Inc..

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     Forecast period        
      2024-2028



     Base Year                                                                                                                              2023



     Historic Data          
      2018 - 2022



     Segment Covered           End-user (Large enterprises and Small and medium enterprises), Deployment (Hosted and On-premises), and
                                 Geography (North America, Europe, APAC, South America, and Middle East and Africa)



     Region Covered         
      North America, Europe, APAC, South America, and Middle East and Africa


                               Alphabet Inc., Arctic Wolf Networks Inc., Armor Defense Inc, Blackpoint Cyber, Booz Allen Hamilton Holding Corp.,
                                 Broadcom Inc., Check Point Software Technologies Ltd., Cisco Systems Inc., CrowdStrike Holdings Inc., Cybereason
                                 Inc, Cynet security Ltd, Dell Technologies Inc., eSentire Inc., Fortinet Inc., International Business Machines
                                 Corp., Palo Alto Networks Inc., Rapid7 Inc., SENTINELONE INC., Sophos Ltd., Trend Micro Inc., and Trustwave

     Key companies profiled     Holdings Inc.

Key Market Trends Fueling Growth

In today's digital world, organizations face increasing threats from cyberattacks such as ransomware and crypto-jacking incidents. With the shortage of cybersecurity skills, managing security alerts and incidents becomes a challenge. Government regulations and compliance requirements add to the complexity. MDR providers offer a solution by using detection algorithms, threat intelligence, and ML/AI to identify and respond to threats in real-time. IoT devices, networks, and cloud computing are key areas of focus. MDR systems provide expert investigation, 24/7 monitoring, and improved threat detection. Vulnerability management and EDR tools are essential for security implementation. MDR services offer flexibility, improved security, and reduced maintenance costs. Organizations can protect their assets from cybersecurity attacks, loss of business, and data security risks. Customization and deployment are crucial for businesses dealing with operational risks and business continuity. With the rapid digitization of IT & Telecom, Retail & E-commerce, and other industries, MDR services are a must-have for any organization looking to stay ahead of the curve. Protect your business from malware, phishing, SQL injection, DNS tunneling attacks, and more with the help of MDR providers and their team of security researchers and engineers.

User behavior analytics is a valuable tool for enterprises seeking to enhance their network security. By analyzing the actions of users, this technology enables organizations to identify lateral movements, compromised credentials, and risky behaviors that may indicate a cyber threat. Managed detection and response service providers are integrating user behavior analytics with pre-built detections and intruder traps to provide more comprehensive security solutions. This combination allows security teams to respond quickly to threats that may evade traditional security measures, ensuring the protection of critical business assets.

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Market Challenges

    --  Managed Detection and Response (MDR) services have become essential for
        organizations to safeguard their assets from evolving cyber threats.
        With the rise of ransomware and crypto-jacking incidents, cybersecurity
        skills are in high demand to manage an increasing number of security
        alerts. Government regulations and compliance requirements add to the
        complexity. MDR providers use detection algorithms, threat intelligence,
        and ML/AI to identify and respond to cyberattacks on IT & Telecom
        networks, IoT devices, and digital transformation projects. However,
        challenges persist. Ransomware attacks can cause significant business
        loss, and the cost of maintaining in-house cybersecurity teams is high.
        MDR systems offer improved threat detection, expert investigation, and
        24/7 monitoring. However, customization and operational risks can hinder
        deployment. Flexibility and reduced maintenance are key benefits. MDR
        providers employ security researchers and engineers to manage security
        cases, and their systems use ML and behavioral analytics to detect
        targeted cyberattacks. Vulnerability management and EDR tools are
        crucial for effective security implementation. Malware, phishing, SQL
        injection, and DNS tunneling attacks are common threats. Rapid
        digitization and the increasing use of cloud technology, mobile devices,
        web applications, and social media platforms add to the risk. MDR
        services help organizations stay ahead of these threats and ensure
        business continuity.
    --  The implementation of Managed Detection and Response Services (MDR) in
        an organization comes with potential challenges that may hinder market
        growth. One significant challenge is the risk of errors during
        implementation, which can make clients hesitant to adopt MDR and instead
        opt for traditional security solutions. The implementation process is
        intricate and involves multiple tasks such as project management,
        compliance, vulnerability management, content management, event
        monitoring, access control, and device management. Each of these tasks
        requires meticulous execution to ensure success. Furthermore, during the
        planning phase, MDR providers must carefully choose the required
        devices, determine their placement within the client's architecture, and
        configure them correctly. The complexity of these processes necessitates
        a high level of expertise and attention to detail.

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Segment Overview

This managed detection and response services market report extensively covers market segmentation by

    1. End-user
        --  1.1 Large enterprises
        --  1.2 Small and medium enterprises
    2. Deployment
        --  2.1 Hosted
        --  2.2 On-premises
    3. Geography
        --  3.1 North America
        --  3.2 Europe
        --  3.3 APAC
        --  3.4 South America
        --  3.5 Middle East and Africa

1.1 Large enterprises- Large enterprises, particularly those in the finance, healthcare, and technology sectors of the Fortune 500, dominate the global managed detection and response services market. These organizations prioritize threat detection and response capabilities due to their extensive networks and valuable data assets. Managed detection and response services offer advanced threat intelligence, real-time monitoring, and incident response, addressing the cybersecurity needs of large companies. Notable examples include a major global financial institution and a leading technology conglomerate, which have enhanced their security posture through managed detection and response solutions. As cyber threats continue to evolve, the demand for these services among large organizations is projected to rise significantly, fueling the expansion of the global managed detection and response services market.

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Research Analysis

Managed Detection and Response (MDR) services have gained significant traction in today's threat landscape, where organizations face an increasing number of cybersecurity challenges, including ransomware attacks and crypto-jacking incidents. With the shortage of cybersecurity skills, MDR providers offer a solution by monitoring security alerts and responding to threats in real-time. Government regulations and compliance requirements add to the pressure, making it essential for businesses to protect their IT & Telecom assets from threats. MDR services leverage detection algorithms, threat intelligence, AI, and ML to identify and mitigate risks. IoT devices, retail & e-commerce, and other industries are prime targets for cybercriminals, making MDR services indispensable for securing critical data and infrastructure. Security researchers and engineers work together to analyze security cases and provide effective solutions to keep organizations safe.

Market Research Overview

The Managed Detection and Response (MDR) market is witnessing significant growth due to the increasing number of ransomware and crypto-jacking incidents. With the shortage of cybersecurity skills in the market, MDR providers offer organizations expert investigation and 24/7 monitoring to enhance threat detection and response. Government regulations and compliance requirements are driving the demand for MDR services, especially in IT & Telecom, Retail & E-commerce, and other industries. The integration of IoT devices, ML, AI, and behavioral analytics into MDR systems improves threat detection and incident response. MDR providers leverage threat intelligence and detection algorithms to protect networks and assets from cyberattacks. The flexibility of MDR services allows organizations to reduce operational risks and improve business continuity. However, the cost of maintenance and customization can be a concern for some businesses. The risk to businesses from cybersecurity attacks, loss of customer data, and the cost of maintaining in-house security teams are significant. MDR systems utilize EDR tools and ML to investigate security cases and improve security implementation. The deployment of MDR services in the cloud and the protection of web browsing, mobile devices, web applications, social media platforms, and other digital assets are essential in today's rapidly digitizing world. Malware, phishing, SQL injection, DNS tunneling attacks, and other cyber threats continue to pose a risk to businesses. MDR providers offer organizations the expertise and resources to mitigate these threats and ensure data security.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

    --  End-user
        --  Large Enterprises
        --  Small And Medium Enterprises
    --  Deployment
        --  Hosted
        --  On-premises
    --  Geography
        --  North America
        --  Europe
        --  APAC
        --  South America
        --  Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio