CHICAGO, May 20, 2022 /PRNewswire/ -- According to a research report "Managed Detection and Response (MDR) Market by Security Type (Network, Endpoint, Cloud), Deployment Mode (On-Premises and Cloud), Organization Size (SMEs and Large Enterprises), Vertical, and Region - Global Forecast to 2027", published by MarketsandMarkets™, the global MDR market size is expected to grow from an estimated value of USD 2.6 billion in 2022 to USD 5.6 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 16.0% from 2022 to 2027. Growing incidents of business email compromises, ransomware, crypto jacking technological advancements, stringent government regulations and compliances, and increasing instances of internal and external security breaches and attacks are some of the factors that are driving the market growth.
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By deployment mode, cloud segment is to hold a larger market size during the forecast period
Based on deployment mode, the MDR market is segmented into two categories such as on-premises and cloud. The increase in the need to reduce the cost associated with the management of solutions is projected to drive the adoption of cloud based MDR solutions. The need for decentralized cloud storage enables remote maintenance, management, and backup of data with benefits, such as accessibility, cost savings, and data security, for businesses encouraging IT specialists to move their data in the cloud. The increase in the need among companies to ensure their cloud storage is secure and aligns with regulations to protect company and its data from possible cyberattacks with the ongoing remote work culture. All these factors are projected to drive the growth of the cloud segment in the MDR market.
By verticals, BFSI segment to hold a larger market size during the forecast period
The BFSI vertical is expanding due to the strong growth of the existing financial services organizations and the entry of new players in the market. With the advancement of technologies, new and advanced products and services are introduced to enhance business operations. The large customer base of this vertical use facilities such as mobile banking, internet banking, and online banking. This makes this industry a lucrative target for frauds. MDR services are majorly adopted by the BFSI vertical to protect employees, customers, assets, offices, branches, and operations. The rise in the adoption of the BYOD and work from home trends, cloud storage data leaks, and fragile data center security have increased the attacks on the BFSI infrastructure. Various government mandates, such as Personal Information Protection and Electronic Documents Act (PIPEDA), along with standards, including PCI-DSS and SOX, make it mandatory for financial institutions to adopt MDR services.
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By region, Asia Pacific to grow at the highest CAGR during the forecast period
In Asia Pacific, organizations comply with different regulations such as GDPR, PCI, SOX, CCPA, HIPAA, and Monetary Authority of Singapore (MAS) to establish security standards and audit controls to ensure that business and customer data is always protected. MDR services play a crucial role in compliance enablement and risk management by continuously monitoring customer data. According to the Global Cyber Security Index, Australia and Malaysia are best prepared to tackle the cybersecurity issues in Asia Pacific. In response to these modern threats, Singtel and FireEye collaborated to set up and jointly operate Advanced Security Operation Centers (ASOCs) in Singapore and Sydney. Such initiatives by market players are expected to drive the market growth in the region.
Major vendors in the global Managed Detection and Response Market include 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), Sophos (UK), Esentire (Canada), Deepwatch (US), Netsurion (US), Gosecure (US), LMNTRIX (US), Underdefense (US), Ackcent (Spain), Cybereason (US), Critical Start (US), Cysiv (US), and Critical Insight (US).
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Managed Security Services (MSS) Market by Security Type (Managed IAM, Managed SIEM, Managed Firewall, and MDR), Service Type (Fully MSS and Co-managed), Organization Size, Vertical (BFSI, Government, and Healthcare), and Region - Global Forecast to 2026
Cybersecurity Market by Component (Software, Hardware, and Services), Software (IAM, Encryption, APT, Firewall), Security Type, Deployment Mode, Organization Size, Vertical, and Region (2022 - 2026)
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