Managed Detection and Response Market To Generate $14,797.6 Million Revenue by 2030

The managed detection and response market size is expected to advance at a CAGR of 23.4% during 2024–2030, to reach USD 14,797.6 million by 2030. This is ascribed to the increasing crypto jacking threats and rising incidents of business e-mail attacks, including ransomware.

Moreover, the surging number of government regulations on cybersecurity and the booming requirement for compliance with them boost the adoption of MDR software and services. Other key drivers for the market are the improvements in internet connectivity in several emerging economies, which is driving the adoption of connected devices, and the development of networking protocols.

Web apps are exploited for the deployment of cryptocurrency coin miners. The rising incidence of crypto jacking pushes organizations to avoid using such vulnerable systems, so that the risk of ransomware attacks decreases. Hence, providers of automation solutions all over the world have started focusing on the development of comprehensive solutions with the help of various security experts, thus fueling the demand for innovative MDR solutions across various industries.

Endpoint Security Is Largest Market among Security Types

Endpoint security is the largest market, attributed to the increasing use of laptops, PCs, and mobile devices. To provide protection to such devices against cyberattacks, the demand for endpoint security is growing. Moreover, due to the high prevalence of work-from-home models since the COVID-19 pandemic, enterprises now have a large number of endpoints, which can serve as a point of attack. The use of MDR is, thus, increasing as it allows administrators to investigate, monitor, and respond to certain attacks.

APAC Is Witnessing Fastest Growth in Market

In APAC, the market is expected to grow at a significant rate, of 23.8%, over the coming years, ascribed to the rising incidence of data thefts via phishing, malware, DNS tunneling, and SQL injection. Individuals’ strong focus on digitalization, growing awareness of cybersecurity, increasing number of training experts for associated approaches, and implementation of regulations related to data protection are also expected to propel the market over the coming few years in the region. Along with this, the rising use of IoT devices and technologically advanced systems is driving the demand for MDR approaches.

For instance, the All-India Institute of Medical Sciences (AIIMS) suffered a ransomware attack in December 2022. The attack affected the organization’s digital outpatient and inpatient services, including smart labs, billing, report generation, and appointment scheduling. Additionally, India witnessed an alarming 51% rise in the number of ransomware attacks in 2022 in various industrial sectors, such as critical infrastructure, from the previous year.

Europe will also witness considerable growth in the forecast period, attributed to the European Union’s General Data Protection Regulation (GDPR), which mandates public and private organizations to protect employees and customers’ data. Another major factor contributing toward the growth of the market in the continent is the rising use of IoT devices, which are highly vulnerable to cyberattacks. It has been analyzed that in 2021, approximately 30% of the EU-based enterprises were using IoT devices.

The most-significant managed detection and response market players are CrowdStrike, Rapid7 Inc., Red Canary Inc., Arctic Wolf Networks Inc., Accenture plc, Kudelski Group, SentinelOne Inc., Fortra LLC, Binary Defense Systems Inc., and IBM Corporation.