As technologies throughout the world are increasing cyber security issues are also increasing. All the users are suffering great loss from the cyber-attacks so there should be an organization to help out the users in case of such incidents. Hence, there is a need for Incident Response Market along with the growing population throughout the world.
Driving factors of the Incident Response Market
There are several driving factors of the Incident Response Market some of them are :
1. Rising demand for cyber security: The increasing need for cyber security solutions to protect user networks and data against the growing number of cyber threats is driving the growth of the incident response market.
2. Growing adoption of cloud-based services: The rising adoption of cloud-based services in organizations has increased the risk of data breaches, thus resulting in an increased demand for incident response solutions.
3. Increase in compliance requirements: Organizations are increasingly becoming aware of regulatory and compliance requirements, which is driving the growth of the incident response market.
4. Growing awareness about ransomware attacks: With increasing ransomware attacks, organizations are becoming more aware of the need for incident response solutions to mitigate such attacks and prevent financial losses.
5. Increase in government initiatives: Governments across the globe are taking initiatives to promote cyber security and increase awareness about incident response solutions among businesses and other organizations, which is expected to drive the growth of the market during the forecast period.
Advantages of the Incident Response Market
There are various advantages of the Incident Response Market some of which are listed below:
1. Increased Efficiency: The Incident Response Market provides an efficient platform for organizations to respond to cyber threats and incidents quickly, making it easier and faster to identify the root cause of an issue, assess the severity of the incident, take proactive steps to remediate the issue, and move on from it.
2. Reduced Cost: With the help of a professional incident response team or market, organizations can reduce their overall costs related to dealing with cyber threats by outsourcing the task to a third party that is better equipped to handle any challenges posed by a data breach or other security incident.
3. Improved Security Posture: The Incident Response Market helps organizations strengthen their security posture by providing them with access to well-trained experts who can provide timely guidance and advice on how best to manage cyber security risks. This helps organizations stay ahead of the threat landscape and limit their exposure to attacks from malicious actors.
4. Increased Visibility: By using an incident response market, organizations can gain visibility into their current security posture, helping them understand where they need improvement to protect themselves against future attacks or security incidents. This ened level of awareness helps organizations better prepare for any potential incidents before they occur.
Market size value of the Incident Response Market from 2021 to 2031
The global Incident Response Market is predicted to grow at a CAGR of 10.4% from 2021 to 2031 and reach a market size of USD 50.39 Billion in 2031.
Challenges faced by the Incident Response Market/ Restraining factors of the Incident Response Market
Some restraining factors of the Incident Response Market are :
1. Lack of Awareness: End-users are not aware of the benefits associated with having an incident response plan in place or how to properly implement it in their organizations. This lack of awareness can lead to a lack of understanding and adoption, which prevents the market from growing.
2. High Cost: Incident response plans can be expensive for organizations to implement due to the cost of hiring specialized personnel, investing in software and hardware, and other related costs.
3. Complex Solutions: Many incident response solutions have complex configurations and require extensive training for users to understand how they work. This complexity can be a deterrent for some potential customers who may find it difficult to navigate these solutions.
4. Difficulty Measuring ROI: It can be difficult for organizations to measure the return on investment (ROI) associated with implementing an incident response plan since most benefits are not immediately visible or tangible until after an incident has occurred.
Key Market Players of the Incident Response Market
Some of the key players/Manufacturers/vendors of the market are :
IBM Corporation (US),FireEye, Inc. (US),BMC Software, Inc. (US), LogRhythm, Inc. (US), Cisco Systems, Inc. (US), Hewlett Packard Enterprise Development LP (US) , Microsoft Corporation (US) ,Fortinet, Inc. (US).
Based on type the Incident Response Market is divided into three types:
The Remote Incident Response segment is expected to hold the largest market share during the forecast period. This is due to the increasing adoption of remote incident response solutions among organizations globally, as it helps them in combating cyber threats without visiting the affected site. The major advantages of remote incident response solutions are lower costs and faster resolution times.
The On-site Incident Response segment is expected to witness significant growth during the forecast period, owing to its capability to provide effective results in mitigating cyber-attacks. On-site incident response services involve a team of experts who visit an organization’s premises following a breach and investigate, contain, and remediate the problem quickly so that business operations are not disrupted for long periods.
The Cloud Incident Response segment is projected to register strong growth during the forecast period, owing to its ease of access and scalability benefits offered by cloud-based services. With cloud incident response services, organizations can control and monitor their security systems more efficiently as compared to on-premise solutions. In addition, cloud providers have data centers that have high levels of compliance with industry standards like HIPAA (Health Insurance Portability and Accountability Act).
Based on application the Incident Response Market is divided into Government/Public Sector, BFSI, IT and Telecommunication, Energy and Power, Retail and E-Commerce, and Others (Manufacturing, Healthcare, etc .).
The Government/Public Sector segment is expected to hold the largest market share during the forecast period, owing to the increasing focus of government organizations on strengthening their security infrastructure. Governments across the world are increasingly investing in incident response solutions to protect their services from cyber-attacks and other threats.
The BFSI segment is projected to witness significant growth during the forecast period, as banks and other financial institutions are vulnerable to cyber-attacks due to the large volume of sensitive customer data they possess. Banks require advanced incident response solutions that can help them detect, analyze, and respond quickly to any security breach.
The IT and Telecommunication segment is anticipated to register strong growth during the forecast period, driven by growing investments in cybersecurity solutions by IT companies and telecom operators. The rising demand for secure networks among telecom operators has resulted in increased adoption of incident response services by these companies.
Based on the region and end-user the Incident Response Market is divided into North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America.
North America is expected to hold the largest market share during the forecast period, due to the early adoption of advanced technologies in this region. The presence of numerous security vendors in the region has resulted in increased investments in incident response solutions. In addition, stringent regulations related to data privacy have led companies to invest heavily in cybersecurity solutions.
Europe is anticipated to witness significant growth during the forecast period, driven by increasing cyber-attacks in this region. Companies in Europe are increasingly investing in incident response services to protect their services from advanced cyber threats.
APAC is projected to register strong growth during the forecast period owing to growing government initiatives for encouraging investments in cybersecurity solutions across countries such as India, China, and Japan. In addition, rising digitalization across various industries is expected to drive the demand for incident response services in APAC during the forecast period.
COVID-19 impact and market status on the Incident Response Market
COVID-19 had a great impact on the Incident Response Market.
The global incident response market was valued at USD 6.9 billion in 2020 and is expected to reach USD 11.2 billion by 2026, registering a CAGR of 8.7% during the forecast period (2021–2026).
Due to the COVID-19 pandemic, organizations are facing an increased risk of cyberattacks, as hackers have been exploiting the uncertainty created by the pandemic for their gain. To counter these attacks, organizations are investing heavily in incident response solutions and services. As a result, demand for incident response has seen an increase due to the pandemic’s impact on the IT industry.
Apart from this, the increasing prevalence of cyber threats and data breaches, along with growing awareness about security protocols among organizations has further contributed to market growth. The rising adoption of cloud and virtualization technologies is also providing impetus to market growth across various regions.
The ongoing pandemic has forced companies to work remotely and use digital technologies more than ever before, which has increased the chances of data breaches, making it essential for organizations to invest in incident response solutions and services. This is expected to drive growth in the Incident Response Market during 2021–2026.
The recent development in the Incident Response Market from 2019 to 2022
In 2019 January, the global incident response market size was estimated to be USD 5.6 billion and is expected to grow at a CAGR of 10.1% during the forecast period 2019-2022. As organizations continue to increase their digital presence, they face more sophisticated cyber threats than ever, which increases the need for efficient incident response solutions and services. Many companies are investing in effective incident response solutions and services to protect their data and networks from such threats.
New solutions such as cloud-based threat intelligence, advanced analytics, automation, and machine learning are expected to drive the growth of the incident response market soon. The growth in the number of regulations that promote compliance with cybersecurity standards is also anticipated to fuel demand for robust incident response solutions and services globally.
Moreover, government initiatives such as Digital India and Make in India have created numerous opportunities for end users who are seeking innovative solutions for enhancing their security posture against cyber threats. The increasing trend of Bring Your Device (BYOD) is acting as an important factor driving the growth of this market across various organizations worldwide
Incident Response Market Scope
|Revenue forecast in 2031
|USD 50.39 Billion
|CAGR of 10.4 % during 2021-2031
|Type, Application, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|IBM Corporation (US),FireEye, Inc. (US),BMC Software, Inc. (US), LogRhythm, Inc. (US), Cisco Systems, Inc. (US), Hewlett Packard Enterprise Development LP (US) , Microsoft Corporation (US) ,Fortinet, Inc. (US).
Key Segments of the Incident Response Market
Type Overview, 2021-2031 (USD Billion)
Application Overview, 2021-2031 (USD Billion)
• Government/Public Sector
• IT and Telecommunication
• Energy and Power
• Retail and E-Commerce
• Others (Manufacturing, Healthcare, etc.)
Regional Overview, 2021-2031 (USD Billion)
• Rest of Europe
• Rest of Asia Pacific
• Rest of South America
• Middle East and South Africa