PUBLISHER: The Insight Partners | PRODUCT CODE: 1535270
PUBLISHER: The Insight Partners | PRODUCT CODE: 1535270
The extended detection and response market size was valued at US$ 1.62 billion in 2023 and is expected to reach US$ 8.21 billion by 2031; it is estimated to record a CAGR of 22.4% from 2023 to 2031.
The extended detection and response market is segmented into five major regions-North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. North America dominated the market in 2023, followed by Europe and APAC, respectively. North America is one of the fastest-growing regions in terms of both technological innovations and the adoption of advanced technologies. The region plays a significant role in the extended detection and response market. The region's expanding IT infrastructure and the accelerated shift to cloud services necessitate advanced security measures. In 2023, North America held the largest market share in the extended detection and response market. Increasing digitalization and rising number of security breaches linked to cyberattacks contribute to the adoption of extended detection and response solutions in the region. Extended detection and response solutions in North America aim to protect organizations from more sophisticated types of cyberattacks. These solutions have detection, investigation, and response capabilities across a range of areas, such as the organization's endpoints, cloud applications and workloads, hybrid identities, email, and data stores
The Asia Pacific extended detection and response market is projected to experience highest growth rate from 2023 to 2031 owing to increase in digitalization of operations, a rise in internet penetration, the adoption of extended detection and response systems by many SMEs, and the rapid development of digital infrastructure. China dominates the extended detection and response market in the region, holding the largest market share. In addition, India's extended detection and response solutions market is witnessing rapid growth and showcasing immense potential in the country. This expansion of the Asia Pacific extended detection and response market also results from the growing need for dynamic security measures to guard sensitive data and prevent unauthorized access. With the rising adoption of cloud-based technologies and the growing number of cyber threats, organizations across various industries recognize the importance of implementing security solutions. Furthermore, the proliferation of digital technologies and the increase in emphasis on regulatory compliance drive the demand for extended detection and response solutions in Asia Pacific. As industries continue to support digital transformation, the need for a secure the organization's data becomes paramount, further boosting the extended detection and response market growth
Based on end user, the extended detection and response market is segmented into IT & telecom, BFSI, healthcare, manufacturing, retail & e-commerce, and others. The IT & telecom industry segment held the largest extended detection and response market share. The IT & telecom sector is one of the fundamental components of the modern digital world, as any disruption to this sector is likely to have severe effects on a variety of fronts, including everyday life, the national economy, national security, and the telecom operator itself. IT and telecom businesses are prime targets for cyberattacks, owing to the volume of personal data they handle and the importance of their underlying infrastructures. Due to their sophisticated, interconnected infrastructures and varied business ecosystem, IT and telecom businesses face distinct cybersecurity challenges compared to other industries. In order to tackle cyber threats, XDR solutions are widely adopted by the IT & telecom industry players.
Broadcom Inc; Palo Alto Networks Inc; SentinelOne Inc; Microsoft Corp; Sophos Ltd.; Cisco Systems Inc; International Business Machines Corp; Check Point Software Technologies Ltd; Fortinet Inc; and Cybereason Inc are among the key extended detection and response market players that are profiled in this market study.
The overall extended detection and response market size has been derived using both primary and secondary sources. Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the extended detection and response market size. The process also helps obtain an overview and forecast of the market with respect to all the market segments. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain analytical insights. This process includes industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the extended detection and response market.