MarketsandMarkets forecasts the global Managed Detection and Response Market size is expected to grow from an estimated value of USD 2.6 billion in 2022 to USD 5.6 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 16.0% from 2022 to 2027. Growing incidents of business email compromises, ransomware, crypto jacking technological advancements, stringent government regulations and compliances, and increasing instances of internal and external security breaches and attacks are some of the factors that are driving the market growth.
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Scope of the Report:
| Report Metrics | Details |
| Market size available for years | 2016–2027 |
| Base year considered | 2021 |
| Forecast period | 2022-2027 |
| Segments covered | Security Type, Deployment Mode, Organization Size, and Vertical |
| Forecast 2022-2027 CAGR | 16.0% |
| Fastest Growing Region | North America |
| Estimated Year Market Size | USD 2.6 billion in 2022 |
| Forecast Year Market Size | USD 5.6 billion by 2027 |
| Regions covered | North America, Europe, Asia Pacific, Middle East & Africa (MEA), and Latin America |
| Highest Growing Region | APAC (Asia Pacific) |
| Companies covered | 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) |
By deployment mode, cloud segment is to hold a larger market size during the forecast period
Based on deployment mode, the MDR market is segmented into two categories such as on-premises and cloud. The increase in the need to reduce the cost associated with the management of solutions is projected to drive the adoption of cloud based MDR solutions. The need for decentralized cloud storage enables remote maintenance, management, and backup of data with benefits, such as accessibility, cost savings, and data security, for businesses encouraging IT specialists to move their data in the cloud. The increase in the need among companies to ensure their cloud storage is secure and aligns with regulations to protect company and its data from possible cyberattacks with the ongoing remote work culture. All these factors are projected to drive the growth of the cloud segment in the MDR market.
By verticals, BFSI segment to hold a larger market size during the forecast period
The BFSI vertical is expanding due to the strong growth of the existing financial services organizations and the entry of new players in the market. With the advancement of technologies, new and advanced products and services are introduced to enhance business operations. The large customer base of this vertical use facilities such as mobile banking, internet banking, and online banking. This makes this industry a lucrative target for frauds. MDR services are majorly adopted by the BFSI vertical to protect employees, customers, assets, offices, branches, and operations. The rise in the adoption of the BYOD and work from home trends, cloud storage data leaks, and fragile data center security have increased the attacks on the BFSI infrastructure. Various government mandates, such as Personal Information Protection and Electronic Documents Act (PIPEDA), along with standards, including PCI-DSS and SOX, make it mandatory for financial institutions to adopt MDR services.
What is MDR?
According to Alert Logic, MDR solutions identify active threats across an organization and then respond to eliminate, investigate, or contain them. MDR has increased in visibility and importance as organizations realize that no level of investment will provide 100% protection against threats and as the scale and complexity of the security challenge becomes intractable for individual organizations, regardless of size.
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Competitive overview:
The MDR market is led by some of the globally established players such as CrowdStrike, Rapid7, Red Canary, Arctic Wolf, SentinelOne, and others. These players have adopted various growth strategies such as partnerships, agreements, collaboration, acquisitions, and product developments to increase their market presence.
CrowdStrike holds a prominent position in the MDR market space. CrowdStrike is a pioneer in cloud-delivered, next-generation services for endpoint protection, threat intelligence, and response. It provides cloud workload, endpoint security, threat intelligence, and cyberattack response services. The cloud-native Falcon Complete MDR service offers 24 x 7 x 365 protection supported by the Falcon platform. The deployment requires a single lightweight agent. Detections come from endpoints, user behavior, DNS, binary analysis, authentication, network/HTTP activity, ITOps data, and AWS CloudTrail access logs. The proprietary CrowdStrike Threat Graph provides real-time visibility and insights into endpoint events. The strong presence across the globe is one of the key factors leading to a good market share in the SOCaaS market.
Apart from large and SME players, start-ups such as Trustwave(US), Mandiant(US), Sophos(UK), Ackcent(Spain), Cybereason (US), LMNTRIX(US), among others are also evolving in the MDR market space.
Another important player in the SOCaaS market space is Rapid7 which was founded in 2000, Rapid7 is one of the prominent providers of security data and analytics solutions. It operates through two primary business segments: products and professional services. The products segment includes vulnerability management, application security testing, orchestration, and log management. The company offers maintenance and support services for its solutions and provides professional services to secure organizations against APTs and vulnerabilities. The company offers two MDR tiers currently: Essentials for small teams and Elite for most teams. Depending on the tier, Rapid7 MDR includes a dedicated security advisor, 24 x 7 monitoring, real-time incident detection and validation, behavioral analytics, response actions, proactive threat hunting, and access to the cloud-based XDR offering, InsightIDR, with integrated threat intelligence and research as well as support for incident management and response.
According to MnM’s market evaluation framework, most companies opt for inorganic growth strategies to maintain their position in the market. The number of deals increased by around 50-60% relatively in the period of 2020-2021. These deals collectively include partnerships, acquisitions, collaborations, and alliances. Due to the COVID-19 outbreak, there was a sudden decline in product launches and business expansion activities. However, from 2021 onward, companies are expected to follow organic growth strategies to provide MDR solutions and services to end users, which, on the other hand, would help companies in increasing their market revenue.
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