Managed Detection and Response Services Market to grow at a CAGR of 23.58% during 2024-2028
The Managed Detection and Response Services Market is expected to grow at a CAGR of 23.58% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 6197.7 million. User behavior analytics (UBA) is an essential tool utilized by businesses to gain valuable insights from the vast volume of network events generated by users on a daily basis. This solution enables organizations to identify and respond to lateral movements, compromised credentials, and risky user behaviors that may indicate potential security threats. By focusing on the actions of intruders, UBA can detect threats that may evade traditional security measures, allowing security teams to swiftly respond to security incidents. Managed Detection and Response (MDR) service providers are strategically integrating pre-built detections, intruder traps, and UBA to enhance their offerings and provide clients with a comprehensive security solution.
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Technavio analysts predict that the Large enterprises subsegment will lead the End-user segment during 2024 and 2028 In the global managed detection and response services market, large enterprises represent the primary consumer base. These organizations, often Fortune 500 companies in sectors such as finance, healthcare, and technology, prioritize robust threat detection and response capabilities due to their extensive digital footprints and valuable data assets. Managed detection and response services cater to these needs by delivering advanced threat intelligence, real-time monitoring, and efficient incident response. Notable adopters include major global financial institutions and leading technology conglomerates, who have successfully bolstered their cybersecurity posture through the implementation of managed detection and response solutions. The significance of managed detection and response services for large organizations is underscored by their ability to effectively mitigate complex cyber threats.
Here are the various ways based on which the market is segmented:
There are several factors that are causing the market to flourish focus on outsourcing business-related tasks beyond an organizations competencies
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The Managed Detection and Response (MDR) services market is witnessing significant growth as organizations seek to enhance their cybersecurity posture against increasing threats to their assets. MDR providers leverage the expertise of security engineers and researchers to detect and respond to security cases in real-time. Retail & E-commerce and IT & Telecom industries are major adopters of MDR services due to the high value of their data and the large attack surface. MDR solutions utilize advanced technologies such as Machine Learning (ML) and Artificial Intelligence (AI) for threat intelligence and detection algorithms. These technologies help identify unknown threats and anomalous behavior, including those targeting IoT devices. Compliance requirements and government regulations also drive demand for MDR services, as they help organizations meet complex security standards. MDR providers offer 24/7 monitoring and response to security alerts, ensuring that organizations have the necessary cybersecurity skills to mitigate threats such as crypto-jacking incidents and ransomware attacks. With the ever-evolving threat landscape, MDR services are becoming an essential component of a robust cybersecurity strategy.
According to Technavio, the managed detection and response services market is a segment of the expansive global IT software market, specifically the systems software sector. The IT software market encompasses organizations specializing in the creation and distribution of application and systems software, as well as database management software. The systems software market itself comprises various sub-categories, including application development and management software, cloud computing software, data centers, hosting software, IT management software, mobility software, networking software, security software, and storage software. This market excludes entities involved in the development and production of home entertainment software.
The Managed Detection and Response Services Market is experiencing significant growth, fueled by the focus on outsourcing business-related tasks beyond an organizations competencies. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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