Managed Detection and Response (MDR) Market size is projected to reach a CAGR of 16.1% from 2023-2030.
Managed detection and response (MDR) improve incident response capabilities and threat detection monitoring through a turnkey approach which detects threats that have evaded other controls. Risk and security management providers are understanding the importance of MDR services and their impact on their environments. New service providers have developed solutions to support businesses seeking to increase their incident response and threat detection capabilities.
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With the rising adoption of security as a service the demand for managed detection and response is increasing rapidly, and MDR services are helping to drive this growth. The usage of managed detection and response gains visibility of threats, which reduces cyber security risks and threats, which is growing individuals’ businesses to improve defenses.
The prominent players in Managed Detection and Response (MDR) Market are
· Alert Logic, Inc.
· Arctic Wolf Networks Inc.
· Bae Systems
· Cisco Systems, Inc.
· CrowdStrike
· eSentire Inc
· FireEye, Inc
· mnemonic as
· Rapid7
· Raytheon Technologies and More
It also builds up investor and boardroom confidence in using these services, thus it is another factor fuelling the growth of the managed detection and response market. Furthermore, the increasing merger of MSS and MDR providers to offer better services is anticipated to propel the growth of the Managed Detection and Response market.
On the other hand, outsourcing managed detection and response service for enterprises could expose sensitive customer data to a third party. Managed detection and response services providers have significant controls in their domain to control and secure the data and obfuscate sensitive private data. This could lead to an adverse effect on the company’s stock prices, and involve customer payment information and other confidentiality data breaches. These data security issues with third-party applications and database control in organizations adversely impact the overall revenue growth of the market.
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Recent Developments
In April 2022, CrowdStrike introduced new adversary-focused Cloud Native Application Protection Platform (CNAPP) capabilities to accelerate threat hunting for cloud environments and workloads and reduce the mean time to respond.
In July 2021, Rapid7 acquired IntSights Cyber Intelligence Ltd., (IntSight). With the acquisition of IntSights, Rapid7 will combine its community-infused threat intelligence and deep understanding of customer environments with IntSights’ external threat intelligence capabilities.
Managed Detection and Response (MDR) Market is segmented into various segments such as security type, deployment outlook, application, and region:
Based on the security type
· Network Security
· Endpoint Security
· Cloud Security
· Application Security
· Others
Based on the deployment outlook
· Cloud
· On-premise
· Others
Based on the application
· Banking, Financial Service, and Insurance
· Government and Defense
· Education and Training
· Telecommunications and IT
· Others
Based on region
· Asia Pacific
· North America
· Europe
· South America
· Middle East & Africa
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