The Endpoint Detection and Response Market is being driven by Increasing adoption of cloud-based EDR solutions
The Endpoint Detection and Response Market is expected to grow at a CAGR of 24.19% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 4575.57 million. The Internet of Things (IoT) is a network of interconnected devices, incorporating electronics, software, sensors, and internet connectivity, enabling machine-to-machine communication. By 2023, Technavio forecasts that approximately 21 billion IoT devices will be in use, bridging the gap between the physical and virtual world. Businesses are leveraging IoT technology to optimize services, products, and operations through data analysis derived from these connected devices. IoT acts as a catalyst for operational efficiency and streamlined business processes.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on Deployment (On-premises, Cloud-based) End-user (Enterprises, Individual customers) Geography (North America, Europe, APAC, Middle East and Africa, South America).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Endpoint Detection and Response Market Research Report
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The Endpoint Detection and Response (EDR) market encompasses managed security services, offering protection against malware attacks and ransomware, as well as vulnerability management. Cloud security, server security, retail security, mobile device security, and threat intelligence platforms are integral components. Security awareness training, security audits, network security monitoring, and remote work security are essential for data breach prevention and securing remote workforces. Endpoint security software, BFSI security, government security, and endpoint visibility are key focus areas. Financial transaction security, threat analysis, zero trust security, telecom security, data loss prevention, secure remote access, public sector security, manufacturing security, disaster recovery planning, multi-factor authentication, breach prevention, phishing prevention, automated threat response, workstation security, compliance management, cybersecurity solutions, encryption, security operations centers, security staff alerts, and healthcare security are all addressed in this market.
The Endpoint Detection and Response (EDR) market is a significant segment of the global IT software market, specifically the systems software sector. This market caters to businesses requiring advanced security solutions for their endpoints, enabling remote working and adherence to regulatory requirements. EDR solutions offer historical visibility, password protection, remote wipe capabilities, and compliance with standards like PCI DSS. As per Technavio, the global systems software market, which includes EDR, is projected to grow due to increasing demand for IT management software, networking software, and security software, driven by the need to mitigate cyber threats such as ransomware. The market size is determined by the consolidated revenue of all systems software providers, including those offering cloud-based solutions.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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