PUBLISHER: The Business Research Company | PRODUCT CODE: 1436385
PUBLISHER: The Business Research Company | PRODUCT CODE: 1436385
Incident response is the swift identification of a data breach to minimize its impact. This process allows organizations to manage cyberattacks, mitigating damage in terms of costs and recovery time, reducing future uncertainties related to data breaches, and preserving brand reputation.
The primary components of incident response consist of solutions and services. Incident response services respond to hardware events, listen for data requests, or perform automated tasks. Security types, including web security, application security, endpoint security, network security, and cloud security, are utilized by small and medium-sized enterprises and large enterprises through cloud and on-premise deployment models. Various industries, such as government, healthcare, life sciences, retail, e-commerce, travel, hospitality, manufacturing, telecom, IT, and others, make use of incident response.
The incident response market research report is one of a series of new reports from The Business Research Company that provides incident response market statistics, including incident response industry global market size, regional shares, competitors with an incident response market share, detailed incident response market segments, market trends and opportunities, and any further data you may need to thrive in the incident response industry. This incident response market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The incident response market size has grown rapidly in recent years. It will grow from $34.01 billion in 2023 to $40.52 billion in 2024 at a compound annual growth rate (CAGR) of 19.1%. The growth during the historical period can be attributed to the rise in cybersecurity threats, regulatory compliance requirements, increased frequency and sophistication of attacks, the protection of reputation and customer trust, and the acknowledgment of the inevitability of breaches.
The incident response market size is expected to see exponential growth in the next few years. It will grow to $87.57 billion in 2028 at a compound annual growth rate (CAGR) of 21.2%. The anticipated growth in the forecast period can be attributed to the evolution of attack vectors, integration with threat intelligence, collaboration and information sharing, automation and orchestration capabilities, and a focus on insider threats. Key trends in the forecast period encompass integration with Endpoint Detection and Response (EDR), remote incident response capabilities, an emphasis on threat hunting, and Incident Response as a Service (IRaaS).
The incident response market is witnessing growth driven by the significant increase in cyber-attacks globally. Cyber-attacks, attempts to steal data or disable computer systems, increased by 38% in 2022 compared to the previous year, according to Checkpoint. The growing threat of cyber-attacks is contributing to the importance of incident response in recognizing and dealing with cybersecurity threats.
The incident response market is anticipated to be fueled by the rising adoption of cloud-based solutions. Cloud-based solutions involve accessing and operating software, services, or resources over the Internet, providing flexibility, scalability, and remote accessibility. Incident response (IR) is crucial for securing cloud-based solutions by analyzing logs, system snapshots, and other data to understand the incident's nature and scope, identify affected systems and data, and determine potential attacker methods. According to a survey conducted by Flexera in April 2023, 87% of organizations adopted a multi-cloud, with 72% adopting a hybrid cloud, 13% adopting multiple public clouds, and 2% adopting multiple private clouds in 2022. Additionally, cloud spending by Small and Medium-sized Businesses (SMBs) saw a significant increase, with 52% spending more than $1.2 million in 2022, up from 38% reported in 2021. Therefore
Major companies are focusing on providing fixed incident response services, such as retainers, to address decreasing dwell times of cyber adversaries. Sophos, a UK-based cybersecurity innovator, launched the Sophos Incident Response Retainer in August 2023. This fixed-cost incident response service includes 45 days of 24/7 Managed Detection and Response (MDR), accelerating response times to swiftly address active cyberattacks. The retainer also includes external vulnerability scanning and critical preparedness guidance to proactively enhance security resilience.
Major players in the incident response market are investing in advanced solutions, such as automated incident response solutions, to address modern cyber threat challenges and maximize their market profits. Automated incident response solutions use advanced technologies to swiftly and efficiently detect, analyze, and remediate security incidents without manual intervention. In April 2022, US-based software company Cybereason launched Cybereason DFIR (Digital Forensics Incident Response), an automated incident response solution utilizing the MalOp Detection Engine for efficient detection and remediation of security breaches. This tool assists organizations in combating the increasing speed of modern cyber threats by providing automated threat detection and incident response, reducing manual administrative tasks for security analysts.
In September 2021, US-based information technology consulting company Booz Allen Hamilton acquired Tracepoint for an undisclosed amount. This strategic move allows Booz Allen Hamilton to establish a scaled business in incident response, managed services, and enterprise consulting. Tracepoint is a US-based provider of incident response and digital forensics services.
Major companies operating in the incident response market report are Verizon Communications Inc., The International Business Machines Corporation, Cisco Systems Inc., BAE Systems PLC, Cybrary Inc., Palo Alto Networks Inc., Symantec Corporation, CrowdStrike Holdings Inc., Check Point Software Technologies, McAfee Corp., Digital Guardian, Kudelski Security, FireEye Inc., RSA Security LLC, Optiv Security Inc., Rapid7, SecureWorks Inc., Tanium Inc., Trustwave Holdings, LogRhythm Inc., Cybereason Inc., RiskIQ, Anomali Inc., Cofense Inc., Swimlane LLC, D3 Security Management Systems Inc., Resolve Systems LLC, AlienVault Inc., Carbon Black Inc., NTT Security Holdings, Blackberry Limited, Cynet, Siemplify Ltd.
North America was the largest region in the incident response market in 2023. The regions covered in the incident response market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the incident response market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The incident response market includes revenues earned by entities by providing software solutions to provide on-demand incident response activities in the wake of cyberattacks to manage the fallout, stop the breach, and carry out 360-degree forensic investigations. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Incident Response Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on incident response market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for incident response ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The incident response market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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