Global Managed Detection and Response (MDR) Market Size Set to Touch USD 18.8 Billion by 2029

Published | 09 August 2023

Global managed detection and response (MDR) market is flourishing because of an increasing concern about cybersecurity threats, rising cybercrimes in modernity, and growing exposure of sensitive data.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global managed detection and response (MDR) market size at USD 9.56 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects global managed detection and response (MDR) market size to grow at a significant CAGR of 11.89% reaching a value of USD 18.76 billion by 2029. Major growth drivers for the global managed detection and response (MDR) market include increasing targeted cyberattacks on companies, impending legislation, and growing necessity for compliance. With the emergence and widespread acceptance of transformative concepts, such as the Internet of Things (IoT) and mobile work environments, businesses spanning various industry sectors have escalated their usage of mobile devices to enhance workforce efficiency and secure a significant competitive advantage. Managed detection and response (MDR) is a security service that offers continuous monitoring of an organization's IT infrastructure to identify and promptly respond to cyber threats. Also, the MDR service market has witnessed rapid growth in recent years, driven by the escalating complexity and frequency of cyber-attacks, as well as the increasing adoption of cloud-based solutions and IoT devices. However, data security risk associated with outsourcing to an MDR service provider and lack in presence of skilled cybersecurity professionals are anticipated to restrain the overall market growth during the period in analysis.

Global Managed Detection and Response (MDR) Market – Overview

Managed detection and response (MDR) is an innovative approach that helps organizations fortify their cyber infrastructure by proactively detecting and mitigating threats and cyberattacks. MDR services enable businesses to identify potential risks, intrusions, and malicious activities within their digital systems and take prompt action to prevent and neutralize such attacks. By combining cutting-edge technology solutions with internal security expertise and analytics, MDR service providers empower businesses to scale their cybersecurity resources effectively. By leveraging machine learning and artificial intelligence (AI), MDR enhances the ability to identify and address security vulnerabilities rapidly. Many organizations have made significant investments in MDR services driven by machine learning and AI to enhance their cybersecurity posture.

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Impact of COVID-19 on Global Managed Detection and Response (MDR) Market

COVID-19 pandemic had a dual impact on the global managed detection and response (MDR) market. With the widespread shift to remote work and increased reliance on digital infrastructure, the risk of cyber threats escalated. This has led to a growing demand for MDR services to enhance organizations' security postures. However, the pandemic has also disrupted business operations and budgets, causing some organizations to delay or reduce their investments in MDR solutions. Additionally, the shift to remote work introduced new challenges for MDR providers in terms of monitoring and securing distributed networks. Overall, while the demand for MDR services increased, the market also faced some limitations due to the pandemic's economic impact.

Global Managed Detection and Response (MDR) Market – By Application

Based on application, the global managed detection and response (MDR) market is divided into Banking, Financial Service & Insurance (BFSI), Education & Training, Aerospace & Defense, Automotive, Manufacturing, Healthcare, Government, and Retail segments. The BFSI segment held the highest share in the global managed detection and response (MDR) market by application. The BFSI deals with sensitive financial and personal data, making it a prime target for cyber threats. Regulatory requirements, including data protection and compliance, necessitate robust cybersecurity measures. MDR services provide proactive threat detection, real-time monitoring, and incident response capabilities that align with the specific security needs of the BFSI sector. The BFSI segment's financial resources and focus on risk management enable them to invest in advanced MDR solutions to protect critical assets and maintain customer trust. The high market share in the BFSI segment reflects the sector's recognition of the importance of comprehensive cybersecurity and the value of MDR in mitigating evolving cyber threats.

Competitive Landscape

Major players operating in the global managed detection and response (MDR) market include BAE Systems, Optiv Security Inc., Accenture plc, IBM Corporation, Arctic Wolf Networks, Kudelski Security, Atos SE, Rapid7, Redscan, F-Secure, CrowdStrike, NetWorks Group, and Mnemonic. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Managed Detection and Response (MDR) Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Global Managed Detection and Response (MDR) Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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