The Rise of Managed Detection and Response Market: A $11.8 billion Industry Dominated by Tech Giants - CrowdStrike, Rapid7, Red Canary, Arctic Wolf | MarketsandMarkets™

/EIN News/ -- Chicago, June 25, 2024 (GLOBE NEWSWIRE) -- 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™. The Managed Detection and Response (MDR) market is experiencing significant growth due to the escalating frequency and sophistication of cyber threats that traditional security measures cannot adequately address. Businesses face a relentless onslaught of complex attacks such as ransomware, advanced persistent threats, and phishing schemes, which require more sophisticated detection and response mechanisms.

MDR services offer a proactive approach to cybersecurity, providing continuous monitoring, advanced threat detection, and rapid response to mitigate potential breaches in real-time. This proactive stance is crucial for businesses to protect their sensitive data and maintain operational integrity in an environment where cyber threats continually evolve.

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313 - Tables
42 - Figures
270 - Pages

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Managed Detection and Response Market Dynamics:

Drivers:

1. Growing incidents of business email compromise, ransomware, and crypto-jacking threats
2. Addressing gap in cybersecurity skills and overwhelming alert volumes
3. Government regulations and need for compliance to drive adoption of MDR services
4. Technological proliferation and increasing penetration of IoT

Restraints:

1. Lack of trust in third-party applications.
2. Cost of MDR services to be inhibitor for organizations
3. False positives to hinder effectiveness of MDR services

Opportunities:

1. Introduction of ML/AI-powered MDR services.
2. Increasing adoption of MDR across SMEs
3. The benefits of scalability for MDR services

List of Top Companies in Managed Detection and Response Market:

• CrowdStrike (US)
• Rapid7 (US)
• Red Canary (US)
• Arctic Wolf (US)
• Kudelski Security (Switzerland)
• SentinelOne (US)
• Proficio (US)
• Expel (US)
• Secureworks (US)
• Alert Logic (US)

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The MDR market is driven by the acute shortage of skilled cybersecurity professionals and the increasing complexity of regulatory requirements. Organizations often lack the in-house expertise needed to handle advanced threat landscapes, making MDR providers an attractive option for outsourcing critical security functions. Regulatory frameworks such as GDPR, CCPA, and others impose stringent data protection and breach notification requirements, compelling companies to adopt more robust security measures. MDR services help organizations comply with these regulations and provide the expertise and resources necessary to maintain a strong security posture without significant internal investment. This combination of heightened threat levels, regulatory pressures, and resource constraints is propelling the adoption of MDR solutions across various industries.

The Managed Detection and Response (MDR) market in the APAC region is experiencing rapid growth, driven by the region's accelerating digital transformation and the increasing frequency of sophisticated cyber threats. As businesses in APAC embrace cloud computing, IoT, and remote work, their cyber-attack surfaces expand, necessitating advanced security solutions. The region's diverse regulatory landscape, with stringent data protection laws emerging in countries like Singapore, Japan, and Australia, compels organizations to enhance their cybersecurity measures. MDR services are in demand in APAC due to the scarcity of skilled cybersecurity professionals and the need for continuous, expert monitoring and rapid response capabilities. These factors, combined with the growing awareness of cybersecurity risks, propel the adoption of MDR solutions across various industries in the APAC region.

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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), Cysiv (US), and Critical Insight (US).

The companies have diverse product lines and extensive global reach. With the digital landscape constantly changing and applications becoming more complex, companies invest in Managed Detection and Response (MDR) to secure their operations in a connected world. Using their worldwide presence, these firms offer a wide range of products. They focus on introducing new products, forming partnerships, acquiring other companies, collaborating with others, and securing contracts to strengthen their position in the market. By leveraging their research and development capabilities and diverse range of products and services, they aim to expand their presence in the market.

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