Managed Detection and Response (MDR) Market worth $11.8 billion by 2029- Exclusive Report by MarketsandMarkets(TM)
Wednesday, June 19, 2024
CHICAGO, June 11, 2024 /PRNewswire/ -- The global Managed Detection and Response (MDR) Market is estimated to be worth USD 4.1 billion in 2024 and is projected to reach USD 11.8 billion by 2029, at a CAGR of 23.5% during the forecast period, according to a new report by MarketsandMarkets(TM). The Managed Detection and Response (MDR) Market is driven by the increasing complexity of cyber threats and the necessity for businesses to maintain robust, real-time security without significant investment in in-house resources.
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313 - Tables
42 - Figures
270 - Pages
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Scope of the Report
Report Metrics
Details
Market size available
for years
2018-2029
Base year considered 2023
Forecast period
2024-2029
Forecast units
Value (USD) Billion
Segments Covered
By security type, deployment mode, organization size, vertical and region
Region covered
North America, Europe, Asia Pacific, Middle East and Africa, and Latin America
Companies covered 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 (Canada), LMNTRIX (Australia), UnderDefense (US), Ackcent (Spain), Cybereason
(US), Critical Start (US), Forescout (US), and Critical Insight (US)
As cybercriminals employ more advanced tactics, such as artificial intelligence-driven attacks and deepfakes, organizations find it challenging to keep pace using traditional security measures. MDR services provide a crucial lifeline by offering advanced threat intelligence, continuous monitoring, and rapid incident response, all managed by specialized experts. This outsourced model enhances an organization's security posture and allows businesses to focus on their core operations without diverting resources to build and maintain an extensive cybersecurity infrastructure internally. The rising demand for such comprehensive, efficient, and cost-effective security solutions is a crucial factor propelling the growth of the MDR market.
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By security type, the cloud security segment is expected to demonstrate the highest growth rate during the forecast period.
The anticipated surge in growth for the cloud security segment within the Managed Detection and Response (MDR) Market underscores the escalating importance of safeguarding cloud-based assets against evolving cyber threats. As businesses increasingly migrate their operations and data to the cloud, they encounter unique security challenges stemming from the distributed nature of cloud environments. The cloud security segment of the MDR market addresses these challenges by offering specialized solutions tailored to monitor, detect, and respond to threats targeting cloud infrastructure, applications, and data. Leveraging advanced technologies such as artificial intelligence, machine learning, and automation, these solutions provide organizations with comprehensive visibility and proactive threat detection capabilities across their cloud environments. With the adoption of cloud services continuing to soar and cyber threats becoming more sophisticated, the demand for cloud security within the MDR market is poised for robust growth as businesses prioritize the protection of their cloud-based assets.
Based on organization size, the SMEs segment is projected to exhibit the highest growth rate during the forecast period.
The projected highest growth rate for the SMEs segment underscores the increasing recognition among smaller organizations of the critical importance of robust cybersecurity measures. As SMEs become more digitally driven and interconnected, they face a rising tide of cyber threats, including malware, phishing, and ransomware attacks. Many SMEs need more resources and expertise to implement comprehensive cybersecurity solutions internally. Managed Detection and Response (MDR) services offer a viable solution by providing SMEs with access to advanced threat detection, continuous monitoring, and expert incident response capabilities on a subscription basis. These services enable SMEs to enhance their security posture without needing significant upfront investment or dedicated cybersecurity personnel. As SMEs increasingly prioritize cybersecurity to protect their operations, data, and reputation, the demand for MDR solutions tailored to their needs is expected to surge, driving robust growth in this segment during the forecast period.
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Asia Pacific is anticipated to experience substantial growth with the highest CAGR during the forecast period.
As countries across the Asia Pacific undergo rapid digital transformation, fueled by expanding internet access, smartphone penetration, and adoption of cloud services, they become prime targets for cyber threats. The region's diverse regulatory landscape, evolving data protection laws, and compliance requirements heighten the urgency for robust cybersecurity measures. Managed Detection and Response (MDR) services offer organizations in Asia Pacific a proactive approach to cybersecurity, providing continuous monitoring, threat detection, and incident response capabilities to mitigate evolving cyber threats effectively. With businesses in the region increasingly prioritizing cybersecurity to safeguard their digital assets and maintain regulatory compliance, the demand for MDR solutions is poised for substantial growth, driving the highest CAGR in Asia Pacific during the forecast period.
Top Key Companies in Managed Detection and Response (MDR) Market:
The major players in the Managed Detection and Response (MDR) Market are 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 (Canada), LMNTRIX (Australia), UnderDefense (US), Ackcent (Spain), Cybereason (US), Critical Start (US), Forescout (US), and Critical Insight (US).
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