The incident response market size is projected to reach USD 60.60 Billion, from USD 16.04 Billion in 2019, exhibiting a CAGR of 17.9% through 2027, according to a new report by Reports and Data. The rising incidence of security breaches, cyber terrorism, money laundering, hacking, identity theft, and others across enterprises is fuelling the demand for incident response solutions to combat these attacks.
Incident response solutions refer to an organized set of approaches and procedures that need to be followed in cases of cybersecurity attacks. The solutions offer capabilities for case management, automation, intelligence, and orchestration into a single platform, thereby assisting security teams in assessing, measuring, and improving the management. Organizations are rapidly taking up incident response solutions as a measure to monitor networks & endpoints for avoiding fraudulent activities and advanced intrusions.
In 2019, cyberattacks on IoT devices experienced a 300% increase due to the large-scale adoption of IoT in combination with outdated IT firmware and architectures. The rise in the number of corporations experience security breaches annually as a result of social media hackings will boost incident response market growth. Moreover, the growing trend of BYOD in small and large organizations will further foster market revenue over the forecast period.
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Further key findings from the report suggest
- On the basis of deployment type, the cloud deployment segment is expected to showcase a growth rate of 13.1% through 2027.
- On the basis of security type, the network security and cloud security segment is estimated to contribute major revenue to the global incident response market share, delivering a CAGR of 12.9% through 2017. The robust growth can be attributed to the excessive use of cloud, tablets, and mobiles globally, making them more prone to cyber-attacks and network hacking.
- Based on components, the services segment is likely to hold a major chunk of the global incident response market share and will exhibit a CAGR of 12.8% through 2027. The robust growth can be attributed to the surging need for assessment and response services across various industries to detect and respond to the network & data security breaches.
- Based on application, the IT and telecom segment is set to grow at 13.3% over the projected timeframe on account of extensive deployment of advanced technologies like IoT, BYOD, big data, and cloud computing, along with devices like desktops, laptops, and smartphones in the sector.
- In terms of region, Europe is estimated to exhibit a growth rate of 16.9% during the forecast period.
- North America accounted for USD 4.8 Billion of the global incident response market revenue in 2018 and is estimated to witness major growth, being a developed and economically strong region that has enormous confidential data more prone to security attacks.
- Key players in the global incident response market are Rapid7 (US), Symantec (US), McAfee (US), FireEye (US), IBM (US), Palo Alto Networks (US), Check Point Software Technologies (Israel), BAE Systems (UK), Cisco (US), Verizon (US), CrowdStrike (US), Trustwave (US), Dell (US), Optiv (US), NTT Security (Germany), LogRhythm (US), Swimlane (US), Resolve Systems (US), Kudelski Security (US), Carbon Black (US), RiskIQ (US), AlienVault (US), Paladion Networks (US), Accenture (Ireland), Coalfire (US), and Kaspersky Lab (Russia), among others.
The Global Incident Response Market is segmented as follows:
Security Type Outlook (Revenue, USD Million; 2017–2027)
- Web security
- Application security
- Endpoint security
- Network security
- Cloud security
Deployment Type Outlook (Revenue, USD Million; 2017–2027)
Component Outlook (Revenue, USD Million; 2017–2027)
- Assessment and Response
- Tabletop Exercises
- Incident Response Planning and Development
- Advanced Threat Hunting
Organization Size Outlook (Revenue, USD Million; 2017–2027)
- Large Enterprises
- Small and Medium-Sized Enterprises
Industry Vertical Outlook (Revenue, USD Million; 2017-2027)
- Healthcare and Life Sciences
- Retail and E-Commerce
- Travel and Hospitality
- IT and Telecommunication
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