The extended detection and response global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Extended Detection And Response Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The extended detection and response market size has grown exponentially in recent years. It will grow from $1.61 billion in 2023 to $2.12 billion in 2024 at a compound annual growth rate (CAGR) of 31.9%. The growth in the historic period can be attributed to demand for integrated security platforms, rise in remote work, regulatory compliance requirements, emphasis on proactive threat hunting and incident response capabilities, rising deployment of MXDR solution across the SMEs, growth in the number of large enterprises, which require advanced security solutions.
The extended detection and response market size is expected to see exponential growth in the next few years. It will grow to $6.35 billion in 2028 at a compound annual growth rate (CAGR) of 31.5%. The growth in the forecast period can be attributed to growing adoption of cloud-based security solutions, increasing cyber threats and sophisticated attacks, AI and machine learning for threat detection, expansion of IoT devices, increasing need for XDR solutions. Major trends in the forecast period include technological advancements in AI and machine learning, rising deployment of MXDR solution, integration with artificial intelligence and machine learning, the integration of security technologies, technological innovation.
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Scope Of Extended Detection And Response Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Extended Detection And Response Market Overview
Market Drivers –
The increasing cyber threats and sophisticated attacks are expected to propel the growth of the extended detection and response market going forward. Cyber threats are malicious activities that target computer systems, networks, and sensitive data. Sophisticated attacks are carried out by highly skilled attackers who exploit vulnerabilities and develop advanced capabilities to achieve their objectives. Increasing cyber threats and sophisticated attacks are driven by evolving technologies outpacing security measures. Extended detection and response solutions address cyber threats and sophisticated attack challenges by providing centralized visibility and correlation of security telemetry from multiple sources. This enables organizations to gain a holistic view of the security posture. For instance, according to the Department for Science, Innovation, and Technology, a UK-based government body, in 2022, cybercrime affected 11% of businesses and 8% of charities over the past 12 months. Further, this number increased to 26% of medium-sized businesses, 37% of large businesses, and 25% of high-income charities in 2023. Therefore, the increasing cyber threats and sophisticated attacks are driving the growth of the extended detection and response market.
Market Trends –
Major companies operating in the extended detection and response market are focused on developing innovative solutions, such as the Trend Vision One platform, to enhance cyber resilience. It incorporates next-generation extended detection and response capabilities, which enable early detection and rapid response to cyber threats across various environments such as email, network, server, cloud, and IoT. For instance, in June 2023, Trend Micro Inc., a UK-based cyber security software company, launched the Trend Vision One platform, a next-generation extended detection and response and AI capabilities platform. The platform offers advanced extended detection and response (XDR) features, incorporating an extensive range of native security sensors for comprehensive and cross-domain threat protection. The platform introduces the next generation of extended detection and response to the market with correlated detection models by consolidating data from internal and external sources and applying advanced AI and machine learning analytics.
The extended detection and response market covered in this report is segmented –
1) By Component: Solutions, Services
2) By Deployment Mode: On-Premises, Cloud-Based, Hybrid
3) By Organization Size: Large Enterprises, Small And Medium-Sized Enterprises (SMEs)
4) By Vertical: Banking, Financial Services And Insurance (BFSI), Government, Manufacturing, Energy And Utilization, Healthcare, Information Technology (IT) And Telecommunication, Retail And Commerce, Other Verticals
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Regional Insights –
North America was the largest region in the extended detection and response market in 2023. The regions covered in the extended detection and response market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the extended detection and response market are Microsoft Corporation, Accenture PLC, Cisco Systems Inc., Ernst & Young Global Limited, Oracle Corporation, Broadcom Inc., Tata Consultancy Services Limited, VMware LLC, Atos SE, Palo Alto Networks Inc., Fortinet Inc., McAfee LLC, Trend Micro Inc., Elasticsearch B.V., Kaspersky Lab Italia Srl, BlackBerry Limited, Cybereason Inc., Sophos LTD., Sentinel Labs Inc., Cynet Security LTD., Fidelis Cybersecurity Inc., Red Piranha Limited, Bitdefender SRL, Musarubra US LLC, Optiv Security Inc.
Table of Contents
1. Executive Summary
2. Extended Detection And Response Market Report Structure
3. Extended Detection And Response Market Trends And Strategies
4. Extended Detection And Response Market – Macro Economic Scenario
5. Extended Detection And Response Market Size And Growth
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27. Extended Detection And Response Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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