Managed Detection and Response (MDR) Market worth $9.5 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, May 18, 2023 /PRNewswire/ -- The expansion of the MDR market is being propelled by the rise in incidents involving business email compromise, ransomware, and crypto-jacking threats that have heightened the demand for robust MDR services which can effectively combat these evolving risks. Furthermore, the pressing need to bridge the cybersecurity skills gap and manage overwhelming alert volumes has prompted organizations to adopt MDR solutions, leveraging specialized expertise and advanced tools.

The global Managed Detection and Response (MDR) Market size is projected to grow from USD 3.3 billion in 2023 to USD 9.5 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 23.3% during the forecast period, according to a new report by MarketsandMarkets™.  The growth of the MDR market is driven by factors such as increasing cyber threats like business email compromise, ransomware, and crypto-jacking, the shortage of cybersecurity skills and overwhelming alert volumes, government regulations and compliance requirements, and the proliferation of IoT devices which fuel the demand for MDR to address the associated security risks.

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313 – Tables
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Scope of the Report

Based on the deployment type, the cloud segment is to grow at the highest CAGR during the forecasted period

The MDR market is divided into on-premises and cloud deployment modes. Amongst them, the cloud deployment mode has the highest CAGR due to its scalability, cost-effectiveness, rapid deployment, remote monitoring capabilities, advanced analytics, and integration opportunities. Additionally, it allows organizations to easily adjust resources, reduce upfront investments, quickly implement services, monitor incidents remotely, leverage advanced technologies, and integrate with other security tools, driving its growth in the market. Thus, the cloud deployment mode accounts for the highest CAGR during the forecasted period.

By organization size, SMEs to hold a larger market size during the forecast period

The organization size in the MDR market is segmented into large enterprises and SMEs. Amongst them, SMEs contribute to a larger market size due to increasing cyber threats targeting them, they have limited internal resources for cybersecurity, and they are increasingly subjected to compliance regulations and standards. Also, MDR services offer a cost-effective approach for SMEs compared to building and maintaining an in-house security operations center, focusing on core competencies, and scalability to accommodate business growth. Additionally, MDR provides SMEs with access to expert security services, advanced tools, and compliance support, allowing them to enhance their cybersecurity posture effectively. Thus, the SMEs segment holds a larger market size during the forecast period.

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By region, Asia Pacific is to grow at the highest CAGR during the forecast period

The Asia Pacific region accounts for growth in MDR due to factors such as stringent regulatory compliance, strong cybersecurity preparedness, collaborative initiatives by market players, increasing cyber threats, and economic and technological advancements. These factors drive the adoption of MDR services in the region to protect business and customer data and enhance overall cybersecurity. As a result, the Asia Pacific region is anticipated to grow at the highest CAGR during the forecasted period.

Top Key Companies in Managed Detection and Response (MDR) Market:

CrowdStrike (US), Rapid7 (US), Red Canary (US), Arctic Wolf (US), Kudelski Security (Switzerland), SentinelOne (US), Proficio (US), Expel (US), Secureworks (US), Alert Logic (US), Trustwave (US), Mandiant (US), Binary Defense (US), Sophos (UK), eSentire (Canada), Deepwatch (US), Netsurion (US), GoSecure (US), LMNTRIX (US), UnderDefense (US), Ackcent (Spain), Cybereason (US), Critical Start (US), Cysiv (US), and Critical Insight (US) are the key players and other players in the Managed Detection and Response (MDR) Market.

Recent Developments

• In April 2023, CrowdStrike (US) launched Falcon Insight for IoT solution that provides endpoint detection and response (EDR) and extended detection and response (XDR) capabilities for XIoT assets, IT endpoints, cloud workloads, identities, and data on a single platform. Organizations can use it to identify ransomware, malware, and other threats across their devices and systems, leverage AI-based threat prevention, and receive custom security policy recommendations for their XIoT assets.
• In March 2023, Rapid7 (US) acquired Minerva Labs, Ltd., a leading anti-evasion and ransomware prevention technology provider to further extend Rapid7's MDR capabilities with the ability to orchestrate advanced ransomware prevention.
• In January 2022, Red Canary (US) collaborated with Microsoft (US). The company integrated with Microsoft Sentinel and Microsoft Defender for Cloud, enabling it to detect attacks early and stop them more quickly for Microsoft clients. This increased integration will effectively defend against identity-based attacks, enhance cloud security coverage, and operationalize Microsoft's security capabilities.
• In December 2022, Kudelski Security (Switzerland) unveiled a new tool named Threat Navigator, a part of its MDR services. This tool enables clients to visualize and understand their current security coverage, receive automated recommendations to improve detection capabilities and gain a deeper understanding of what data and security tooling is required to mitigate risks
• In May 2022, Arctic Wolf (US) launched Arctic Wolf Labs, a new research-focused division focused on advancing innovation in the field of security operations. The mission of Arctic Wolf Labs is to develop cutting-edge technology and tools that are designed to enhance the company's core mission to end cyber risk, while also bringing comprehensive security intelligence to Arctic Wolf's customer base and the security community at large.

Managed Detection and Response (MDR) Market Advantages

• MDR services offer round-the-clock monitoring and alerting, which helps identify threats before they have a chance to do much harm.
• MDR providers have skilled cybersecurity experts on staff who can react swiftly and successfully to threats.
• MDR services offer access to knowledgeable security professionals and cutting-edge technologies without the need for a substantial investment in hardware, software, and staff training, making them more cost-effective than creating an in-house security team.
• By providing security assessments, vulnerability management, and incident response, MDR services can assist organisations in complying with regulatory obligations and avoiding fines.
• The amount of support needed, the kinds of risks to be tracked, and the budget can all be adjusted in MDR services to match the particular requirements of each organisation.

Report Objectives

• To define, describe, and forecast the MDR market based on security type, deployment mode, organization size, SME type, verticals, and regions
• To forecast the market size of five main regions: North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and Latin America
• To analyze the subsegments of the market with respect to individual growth trends, prospects, and contributions to the overall market
• To provide detailed information related to the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the MDR market
• To analyze opportunities in the market for stakeholders by identifying high-growth segments of the MDR market
• To profile the key players of the MDR market and comprehensively analyze their market size and core competencies.
• To track and analyze competitive developments, such as new product launches; mergers and acquisitions; and partnerships, agreements, and collaborations in the global MDR market.

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