Extended Detection and Response Market Size Worth $4.5 Billion By 2030: IndustryARC

Extended Detection and Response Market size is predicted to reach $4.5 billion by 2030, growing at a CAGR of 19.3% during the forecast period 2023-2030 according to the latest market research report published by IndustryARC. The increasing cyber threats, growing adoption of cloud-based services, need for simplified security operations, and increased investment in cybersecurity industry propel the market growth, finds IndustryARC in its recent report, titled “Extended Detection and Response Market – By Component (Solutions & Services), By Deployment Mode (On-Premises, Cloud-Based & Hybrid), By Organization Size [Large Enterprises & Small and Medium-Sized Enterprises (SMEs)], By Vertical (Banking, Financial Services and Insurance, Government, Manufacturing, Energy and Utilization, Healthcare, IT and Telecommunication, Retail and Commerce & Others), By Geography – Global Opportunity Analysis & Industry Forecast, 2023-2030”.

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Europe to Register Highest Growth:

Geographically, in the global Extended Detection and Response Market share, Europe is analysed to grow with the highest CAGR of 19.8% during the forecast period 2023-2030. Increasing adoption of cloud-based solutions, the sophistication of cyber-attacks, data protection regulations, and growing awareness of cybersecurity’s importance leads to this region’s fastest growth during the forecast period.

Additionally, COVID-19 pandemic has also increased the demand for cloud-based security solutions that protect remote workers and their devices. Moreover, cloud-based XDR solutions provide cost savings and flexibility to organizations, allowing them to benefit from pay-as-you-go pricing models and reduced capital expenditures.

Extended Detection and Response Market 2023-2030: Segmentation

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Extended Detection and Response Market Report – Key Takeaways:

• Increasing Cyber Threats

Cyber threats are evolving rapidly, and organizations need advanced technologies to detect and respond to these threats. XDR solutions offer comprehensive threat detection and response capabilities, making them critical tools for organizations. With the increasing number of high-profile cyber-attacks, organizations are becoming more aware of the risks associated with cyber threats, which has led to increased investment in the XDR market.

• Adoption by Small and Medium-Sized Enterprises (SMEs)

XDR solutions are tailored to the needs of SMEs and provide a more effective and efficient way to manage security threats, with features such as ease of cloud-based deployment, making it more affordable and scalable. The adoption of XDR solutions by SMEs drives the growth of the XDR market, and XDR vendors are increasingly focusing on developing solutions tailored to the needs of SMEs.

• North-American Region is Leading the Market

According to the Extended Detection and Response Market forecast, the North-American region held the largest market revenue of $507 million in 2022. The high adoption rate of advanced security technologies, large enterprises and technology companies with complex IT infrastructures and the strict regulatory environment led to the highest market share. This region also has a high concentration of cloud service providers and data centres, creating opportunities for XDR vendors to provide more cloud-based security solutions.

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Key Opportunity Analysis:

Cloud-Based Deployment Mode to Register the Fastest Growth

In the Extended Detection and Response Market analysis, the Cloud-based deployment mode segment is estimated to grow with the highest CAGR of 19.9% during the forecast period. The increasing adoption of cloud-based services and applications by organizations has resulted in a growing need for security solutions that can protect cloud-based assets. Cloud-based XDR solutions offer several advantages over traditional on-premises solutions, such as ease of deployment, management, scalability, and accessibility from anywhere with an internet connection.

Integration of Artificial Intelligence and Machine Learning

The integration of artificial intelligence and machine learning has significantly enhanced the efficiency and effectiveness of threat detection and response. These technologies allow XDR solutions to analyse large volumes of data, identify patterns and abnormalities, reduce false positives, and automate threat response. This drives the growth of the XDR market as organizations seek more advanced and automated security solutions to manage their security threats.

Convergence of Security Technologies

Vendors integrate multiple security technologies, such as endpoint detection and response (EDR), network detection and response (NDR), and security information and event management (SIEM), into a unified platform to provide a complete picture of security events across the organization. This enables faster and more effective threat detection and response and the use of AI and machine learning algorithms to automate routine tasks such as incident response. The convergence is driven by the need for better security in complex IT environments.

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The Report also Covers the Following Areas:

• Extended Detection and Response Market Size and Forecast
• Extended Detection and Response Market Trends
• Extended Detection and Response Market Analysis by Product Type

Extended Detection and Response Market 2023-2030: Key Highlights

• CAGR of the market during the forecast period 2023-2030
• Value Chain analysis of key stake holders
• Detailed analysis of market drivers and opportunities during the forecast period
• Extended Detection and Response Market size estimation and forecast
• Analysis and predictions on end users’ behaviour and upcoming trends
• Competitive landscape and Vendor market analysis including offerings, developments, and financials
• Comprehensive analysis of challenges and constraints in the Extended Detection and Response Market

Covid and Ukrainian Crisis Impact:

The sudden shift to remote work and increased reliance on digital technologies have created new vulnerabilities that cyber-criminals are exploiting, leading to increased demand for XDR solutions. Organizations are prioritizing endpoint security and adopting more cloud-based XDR solutions. There is also increased demand for XDR services to help organizations deploy and use XDR solutions effectively. As the threat landscape continues to evolve, XDR vendors are continuously innovating and adapting to meet the changing needs of their customers.

The contention between Russia-Ukraine has led to disruptions in trade dynamics and severely affected people’s lives. Some XDR vendors rely on hardware and software components manufactured in Russia and Ukraine, which led to the disruption of supply chains which accounts for delays and shortages of XDR solutions and services. As we know, cyber-attacks are often used as a tool of warfare, and this conflict led to increased state-sponsored cyber-attacks.

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List of Key Market Players in Extended Detection and Response Market:

The Global Extended Detection and Response Market is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:

• BitDefender
• Broadcom Corporation
• Confluera
• Cisco Systems Inc.
• Microsoft Corporation
• Palo Alto Networks Inc.
• Cynet AutoXDR
• Intel Corporation (McAfee Corp.^TM)
• CrowStrike Holdings, Inc.
• Trend Micro Inc.
• Sophos Group
• SentinelOne Inc.
• Elastic Inc.
• IBM Corporation
• Fidelis Cybersecurity

Related Reports:

Cyber Security Market – Cyber security market is projected to grow at a CAGR of 8.5% from 2023 to 2030. The increasing use of technology such as artificial intelligence, IoT, machine learning and so on are significantly drives the cybersecurity market.

Crowdsourced Market – The Crowdsourced security market is projected to grow at a CAGR of 8.8% during the forecast period from 2023 to 2030. The crowdsourced security market is majorly driven by the increasing number of cyber-attacks and threats from hackers, digital transformation, web application, mobile application and cyber security compliance, privacy and data protection, and so on.

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