Incident Response Market forecast to reach $42.92 billion by 2025, after growing at a CAGR of 20.01% during 2020-2025. Rising sophistication of cyber-attacks and growing concerns among enterprises regarding data loss and internet security are some of the major factors that drive the incident cybersecurity incidence response system. Growing requirement for secured social media platforms with increasing digitalization, internet and mobile usage coupled with strict government norms and compliances have been driving the incident response system. Increasing security breaches such as cyber terrorism, hacking, money laundering, fraud, identity theft as well as growth of e-commerce, which the industries use to connect with their customers will further enhance the overall demand for Incident Response market size during the forecast period 2020-2025.
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Security Type – Segment Analysis
The Web security type is expected to hold the largest market share in 2018 owing to the high dependency of organizations on web technologies. Organizations face cybersecurity issues involving websites, web applications or critical web services running in the cloud. As a result, many organizations adopt incident response solutions for maintaining business continuity and recording all the information required to manage any incident and its aftermath. Web-facing processes are more exposed to threats than any other area of the organization, so response planning for web incidents is crucial to ensure information security and this creates opportunities for incident response market.
Vertical – Segment Analysis
BFSI has been the primary market for Incident response owing to early adoption of advanced technologies such as Internet of Things (IoT), big data analytics, and cloud computing. The industry has to meet strict legal and regulatory compliances associated with information security. Banking sector is one of the leading sectors which faces cyber threats. Most of the financial institutions implement some form of technical solution, such as an intrusion detection system or a firewall, in order to assist in the identification of unauthorized system access. High adopting of incident response solutions in the BFSI sector will fuel the market growth.
Geography – Segment Analysis
North America dominated the Incident Response market with a share of around 38%, followed by Europe and APAC owing to growing instances of sophisticated cyber-attacks. In addition to this, early adoption of advanced technologies, infrastructure, and high level IT capabilities is set to drive the Incident Response market. The Government initiatives such as National Cyber Incident Response plan and investments into cybersecurity will propel the market growth. For instance, in 2017, Incident Response Technologies, Inc, a Denver-based software-as-a-service company had raised $1.2 million of funding by the Innosphere Fund and angel investors. The growing information security challenges, due to network complexities coupled with strict compliance regulations have been pushing organizations in North America to adopt incident response solutions. The increasing need for organizations to reduce the misuse of the internet and enhance their employees’ productivity, and addressing the incidents of attacks on enterprises’ IT infrastructures are expected to drive the incident response market.
Drivers – Incident Response Market
Governments and security agencies, which include regulatory bodies across various countries are aware of the protection requirements of the sensitive data of their citizens and organizations against any cyber threats. The continuously growing cyber threats have led to a rise in the number of government regulations globally that are to be strictly adhered by all organizations. Organizations are compelled to meet the mandatory security standards, failing which a heavy fine is to be paid to the government and regulatory bodies. For instance, Incident response management is a key requirement of the GDPR (General Data Protection Regulation) and the NIS Network and Information Systems. Failure to implement adequate response protocols could therefore not only endanger organizations’ long-term productivity but also lead to substantial penalties. Breaches of the NIS Regulations can attract fines of up to $22 million or 4% of the organization’s global annual turnover. According to article 32 of the GDPR, organizations must take the necessary technical and organizational measures to ensure a high level of information security. Due to stringent regulations, there has been a high adoption of incident response solutions, thereby driving the market growth.
As there are growing number of cyber-attacks due to hackers and dynamic malware, organizations have been implementing security solutions such as anti-malware software, email spam filtering, firewall and server monitoring. Adoption of Incident response for threat analysis, malware detection, guidance for handling a crisis, and data breach notification is set to drive the market growth. In addition to these, growing BYOD (Bring Your Own Device) trend among organizations has pushed the need for incident response utilization.
Challenges – Incident Response Market
Challenges associated with the incident response implementation are lack of skilled professionals in order to handle challenging security incidents and high costs associated with innovation as well as hidden costs such as maintenance and training costs. Automating and orchestrating the repeatable tasks which analysts must perform on a constant basis frees up analysts time, allowing them to focus efforts on those tasks that actually require human intervention. As operations become more efficient, it allows security teams to move from a reactive, defensive approach to a more proactive and offensive approach to security. For this, skilled security professionals are needed. In addition to these, growing usage of pirated and free security solutions is expected to restrain the growth of incident response market.
Technology launches, partnerships, acquisitions and R&D activities are key strategies adopted by players in the Incident Response market. The Incident Response top 10 companies are – Symantec, McAfee LLC, Palo Alto Networks Inc, FireEye Inc, IBM, Cisco Systems Inc, Dell Technologies, Verizon, BAE Systems, IBM, Rapid7 and among others.
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