The major forces driving the growth of the Managed Detection and Response Market include the increase in the enterprise targeted cyber-attacks, shortage of cybersecurity practitioners, and need for compliance to various government regulations.
That’s according to a new report from MarketsAndMarkets, which predicts the market size is expected will grow from $419.7 million in 2017 to $1,658 million by 2022, equivalent to a Compound Annual Growth Rate (CAGR) of 31.6% during the forecast period.
Moreover, the report says technological advancement and increasing adoption of technologies such as Internet of Things (IoT) across various end-use applications are some of the other factors that are driving the market growth.
The endpoint security type segment is expected to hold the largest market share in the Managed Detection and Response Market during the forecast period.
Endpoints are usually network devices, such as servers, desktops, laptops, smartphones, tablets, and Point of Sale (POS) connected remotely to an enterprise server, making them vulnerable and creating an entry point for potential cyber threats.
Endpoint security type MDR services provide real-time control, visibility, and analytics of endpoints deployed across an organisation. Vendors are offering advanced endpoint MDR services that leverage technologies such as Artificial Intelligence (AI) and machine learning, to proactively detect attacks, malicious activities, and respond to them before they undesirably affect the enterprises’ business operations.
The cloud security type segment is expected to gain traction and grow at the highest CAGR, owing to the rising adoption of cloud computing across enterprises of different sizes and the increasing security vulnerabilities arising out of it.