Incident Response Market is expected to grow $33.76 billion at a CAGR of 20.3% by 2023

Incident Response Market is expected to grow $33.76 billion at a CAGR of 20.3% by 2023

“IBM (US), Symantec (US), Verizon (US), BAE Systems (UK), NTT Security (Germany), Trustwave (US), Cisco Systems (US), Check Point Software Technologies (Israel), FireEye (US), Rapid7 (US), Dell (US), CrowdStrike (US), McAfee (US), Optiv (US), Resolve Syst”
Incident Response Market by Component (Solution and Services), Service (Retainer, Assessment and Response, and Planning and Development), Security Type, Organization Size, Deployment Mode, Vertical and Region – Global Forecast to 2023

MarketsandMarkets forecasts the market size of incident response services to grow from USD 13.09 billion in 2016 to USD 30.29 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 18.3%. The major factors contributing to the growth of Incident Response Services Market are rise in security breaches targeting the enterprises, growing sophistication of attacks, and the availability of cloud-based security solutions.

The threat landscape has evolved rapidly in the last few years. Numerous attacks hit the web daily. Hence, for any organization, it is necessary to have an incident response plan in place. Incident response capability increases readiness to respond to security incidents with an efficient and coordinated response. 

The incident response services market has been segmented by component, security type, organization size, deployment mode, vertical, and region. The component segment is further segmented into solutions and services. The solutions has been segmented into incident response readiness assessment, incident record management & forensics, user behavior analytics, remediation & recovery, and containment. The services segment includes support & maintenance, consulting & advisory, design & integration, and training & education. Among the component segment, the services type is expected to grow at the highest CAGR.    

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The security type segment for which incident response services are provided includes web security, application security, endpoint security, network security, database security, and cloud security. Cloud security is estimated to grow at the highest CAGR during the forecast period. The rapid adoption of Software-as-a-Service (SaaS) applications and other cloud-based services by different verticals is the reason behind the popularity of cloud security solutions.

The incident response services market has been segmented by vertical into Information Technology-Enabled Services (ITES); Banking, Financial Services, and Insurance (BFSI); government; healthcare; retail; manufacturing; and others (media & entertainment and education). BFSI is expected to grow at the highest CAGR during the forecast period. There is a critical need for advanced security solutions in the BFSI industry to fight against the growing number of physical and cyber-attacks on the critical infrastructure that are taking place due to the work from home opportunities, enterprise mobility trends, and rapid adoption of Bring Your Own Device (BYOD).

North America is estimated to have the largest market share and is expected to dominate the incident response services market due to the presence of a large number of vendors and its open acceptance by enterprises in the region. Asia-Pacific (APAC) offers potential growth opportunities. Due to the increasing sophistication levels of threats, countries such as India, Japan, and Singapore have all updated or launched new national cyber security policies. Furthermore, the changing lifestyle and increasing dependency on ITES have led to the rising deployment of IT in the APAC region.

The prominent players in this market are IBM Corporation, Cisco Systems, Inc., Check Point Software Technologies, Dell SecureWorks, Rapid7, FireEye, Inc., Honeywell International, Inc., BAE Systems, and Verizon Wireless. Players in this market have adopted numerous approaches to expand their global presence and achieve growth in the incident response services market. Many players have adopted the strategies of new product launches & enhancements and partnerships & agreements to increase their geographic presence and expand their product portfolio to untapped markets.

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