Managed Detection and Response (MDR) Market Projected to Hit USD 11,209.59 Million By 2032, Increasing at 15.8% CAGR: Polaris Market Research
NEW YORK, Sept. 18, 2023 /PRNewswire/ -- A latest research report [115+] pages with 360-Degree visibility, titled "Managed Detection and Response (MDR) Market Share, Size, Trends, Industry Analysis Report, By Security (Endpoint Security, Network Security, Cloud Security); By Deployment; By Organization Size; By Industry Vertical; By Region, And Segment Forecasts, 2023-2032" published by Polaris Market Research in its research repository.
What is Managed Detection and Response (MDR)? How Big is Managed Detection and Response (MDR) Market Size & Share?
Managed detection and response (MDR) is a cybersecurity service designed to provide organizations with the tools to protect their data and assets from threats. By partnering with an MDR provider, organizations can access security operations center (SOC) and security researchers and engineers who are responsible for analyzing occurrences, responding to security cases, and monitoring networks. The main purpose of MDR is to identify and limit the impact of cyberattacks without the need for additional employees.
Several key benefits provided by MDR include 24/7 monitoring, Improved threat detection, expert investigation of alerts and incidents, Vulnerability management, etc. Also, MDR incorporates EDR tools in its security implementation, which makes them an essential part of detection, analysis, and response roles. MDR systems can automate some steps in the investigation process using artificial intelligence and machine learning, providing expert investigative capabilities. The increase in targeted cyberattacks against companies and the requirement for compliance are driving the managed detection and response (MDR) market demand.
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Managed Detection and Response (MDR) Market: Report Scope
Prominent Growth Driving Factors
Adoption of cloud-based endpoints: The increasing adoption of cloud-based endpoints provides flexibility, improved security, reduced maintenance, and cost efficiency, creating several significant implications and results across various industries and IT landscapes.
Cyber security attacks: Increasing number of different cyber security attacks cause the loss of business and customer data, leading to a significant risk to businesses. The production of a lot of data has increased the associated vulnerabilities to data security. These risks are fueling the need for strong security, driving the managed detection and response (MDR) market size growth.
Cost of maintenance and customization: End-point solutions require renewal, licensing, and other charges in order to function effectively. These expenses can be quite expensive for enterprises. Thus, the required cost of maintenance and customization is expected to boost the market expansion.
Recent Trends Influencing the Market
Rising developments: Companies operating in the industry are constantly developing innovative solutions that fulfill the demands of businesses of different sizes, which is further propelling the managed detection and response (MDR) market growth.
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SMEs segment witnessed the highest CAGR rate in 2022
Based on organization size, SMEs category accounted for the major CAGR in the managed detection and response (MDR) market. Associations with up to 1,000 employees are considered SMEs. These organizations experience various IT challenges due to their small staff and limited financial resources. SMEs face significant data and financial losses due to cyberattacks. Since most businesses are struggling as a result of the COVID-19 epidemic, there is an increase in demand from companies, particularly SMEs, to reduce operational risks, preserve business continuity, and maintain compliance to avoid fines.
Cloud segment dominated the market in 2022
In terms of deployment, cloud category held the highest managed detection and response (MDR) market share in 2022. Cloud-based MDR software is gaining higher adoption as a popular delivery model for businesses as it enables customers to access endpoint solutions through the internet using a web browser. Numerous companies have created app-based managed detection and response solutions as a result of the widespread adoption of cloud technology in enterprises, creating considerable growth opportunities in the market.
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North America captured the major revenue share in 2022
By geography, managed detection and response (MDR) market in North America witnessed the highest market share as the region is known for adopting advanced technologies, including endpoint solutions. In addition, beneficial government guidelines, advanced infrastructure capabilities in developed countries like the U.S. and Canada, and major risks related to cyber-attacks are predicted to create lucrative growth opportunities in the market. The rising use of mobile devices, web applications, and social media platforms in North America is also fueling the regional market growth. Further, the growing adoption of cloud technologies and demand from small and medium-sized businesses have positively influenced the market growth in the region.
Moreover, the Asia Pacific is anticipated to show a moderate revenue growth rate over the foreseen period due to the rising cases of malware, phishing, SQL injection, and DNS tunneling attacks in the region. Additionally, rapid digitization, little cybersecurity awareness, insufficient training, and inadequate regulations are boosting the managed detection and response (MDR) market growth against cyberattacks in the Asia-Pacific region.
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Polaris Market Research has segmented managed detection and response (MDR) market report based on security, deployment, organization size, industry vertical, and region:
By Security Outlook
By Deployment Outlook
By Organization Size Outlook
By Industry Vertical Outlook
By Region Outlook
About Polaris Market Research:
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.
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SOURCE Polaris Market Research
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