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Staying Ahead: Managed Detection and Response Services Unveiled
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According to The Business Research Company's, The managed detection and response market size has grown rapidly in recent years. It will grow from $2.54 billion in 2023 to $3.01 billion in 2024 at a compound annual growth rate (CAGR) of 18.7%. The growth in the historic period can be attributed to demand for customization and flexibility, vendor consolidation, cost-effectiveness, incident response efficiency, shift to cloud and remote work.
The managed detection and response market size is expected to see rapid growth in the next few years. It will grow to $6 billion in 2028 at a compound annual growth rate (CAGR) of 18.8%. The growth in the forecast period can be attributed to market competition & consolidation, value proposition, emphasis on rapid response, expansion of remote work, talent shortage in security. Major trends in the forecast period include resilience and incident response, user behavior analytics (uba), managed security service providers (mssps), threat intelligence integration, iot and endpoint security.
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Market Drivers and Trends:
The increasing remote work is expected to boost the growth of the managed detection and response market going forward. Remote work, also known as telecommuting or telework, refers to a work arrangement in which employees or workers perform their job tasks and responsibilities from a location outside of the traditional workplace, typically from their homes or other remote locations. The widespread adoption of remote work introduces a dynamic and challenging cybersecurity environment and managed detection and response services are instrumental in addressing these changes by offering comprehensive and adaptive security solutions to safeguard organizations in this era of remote work. For instance, in September 2022, according to a report published by the United States Census Bureau, a US-based government agency, nearly half of the workforce in the District of Columbia, accounting for 48.3%, engaged in remote work, marking the highest percentage of home-based workers among states and state equivalents in 2021. Additionally, states with the most significant proportions of remote workers included Washington (24.2%), Maryland (24.0%), Colorado (23.7%), and Massachusetts (23.7%). Therefore, the increasing remote work is driving the growth of the managed detection and response market.
Technological development is a key trend gaining popularity in the managed detection and response market. Major companies operating in the managed detection and response market are focused on developing new technological solutions to meet customer demand. For instance, in August 2021, Arctic Wolf Networks, a US-based company that is operating in managed detection and response company, launched a new breakthrough technological features, cloud security posture management (CSPM). It is especially intended to aid organisations that use hybrid working models by improving their threat awareness and data gathering skills across all attack surfaces such as cloud, endpoints, network, authentication, and humans. Arctic Wolf Managed Risk's new Cloud Security Posture Management (CSPM) is assigned to measure how a cloud environment compares to commonly used cloud configuration benchmarks.
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Major Key Players of the Market:
CrowdStrike Holdings Inc., Rapid7, Red Canary Inc., Arctic Wolf Networks, Kudelski Security, SentinelOne Inc., Proficio, Expel Inc., Secureworks Inc., Alert Logic, Esentire Inc., BAE Systems, FireEye Inc., Cisco Systems Inc., Trustwave Holdings, Mandiant, Binary Defense, Sophos Group plc, Ackcent Cybersecurity, ActZero.ai, Aiuken Cybersecurity, GoSecure Inc., Ingalls Managed Detection and Response, IntelliGO Networks Inc., IronNet Cyber Operations Center, Open Systems AG, Optiv Security Inc., Raytheon Technologies Corporation, Cybereason, Cysiv Inc.
Managed Detection And Response Market 2024 Key Insights:
• The managed detection and response market size is expected to see rapid growth in the next few years. It will grow to $6 billion in 2028 at a compound annual growth rate (CAGR) of 18.8%.
• Rising Cybersecurity Concerns Propel Growth In The Managed Detection And Response Market
• Innovative Technological Advancements Drive Growth In The Managed Detection And Response Market
• North America was the largest region in the managed detection and response market in 2023
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