According to our latest study on "Extended Detection and Response Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis - by Component, Deployment, Enterprise Size, End User," 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. The Europe extended detection and response market is segmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. In terms of revenue, UK dominated the extended detection and response market share. Rapid digitalization is giving rise to significant cybersecurity concerns in the UK. Thus, the government of the country is promoting the use of advanced security solutions to safeguard data. The UK's National Cyber Security Centre (NCSC) supports the most critical organizations in the country, the wider public sector, various industries, SMEs, and the public. It provides an effective incident response to minimize harm to the UK's data and help with recovery by promoting the use of extended detection and response solutions to secure endpoints. In addition, several market players are expanding their business presence in the UK. In August 2023, CAE Technology Services Ltd achieved Cisco Extended Detection and Response Solution Specialization in the UK, which made CAE Technologies the second Cisco partner in the UK to achieve this status.
The 2022 State of IT Security in Germany report mentioned ongoing cybercrime activities, cyber-attacks in the context of the Russia-Ukraine war, and inadequate product quality of IT and software products as the key reasons for the high threat level. The report also stated that the threat in cyberspace was much higher than ever as of 2022. Ransomware remained the main threat, especially for big companies. Thus, Germany is among the countries that have been persistently adopting and investing in advanced security technologies, which creates a conducive environment for the adoption of extended detection and response solutions among businesses. In addition, Germany is continuously embracing digitization across multiple sectors due to the shift toward Industry 4.0. An upsurge in IoT deployment and digitization may subject enterprises to a higher risk of cyberattacks, which generates the need for extended detection and response solutions in the country. Various globally operating market players provide their solutions in Germany. For example, Microsoft provides its MXDR services for monitoring, detecting, and resolving threats from its German security operations center (SOC).
Key Findings of Extended Detection and Response Market Study:
The extended detection and response market study primarily focuses on component, deployment, enterprise size, industry vertical, and geography. Based on component, the extended detection and response market is bifurcated into software and services. By deployment, the market is bifurcated into cloud and on-premises. Based on enterprise size, the market is segmented into large enterprises and SMEs. Based on industry vertical, the market is segmented into IT & telecom, BFSI, manufacturing, retail and eCommerce, healthcare, and others. Based on geography, the extended detection and response market is segmented into North America, Asia Pacific, Europe, the Middle East & Africa, and South & Central America.
By deployment, the market is bifurcated into cloud and on premise. The cloud segment held the largest extended detection and response market share. A cloud-based XDR solution has gained popularity due to its flexibility and lower costs. Cloud-based XDR solutions use the power of the cloud to deliver a scalable and accessible solution. This approach allows for easy deployment, seamless updates, and hassle-free maintenance, ensuring businesses stay up to date with the latest features and enhancements. Cloud-based XDR solutions can scale to fit environments of any size, as cloud-based infrastructure offers minimum service disruptions. Cloud-based XDR solutions offer more uptime and, therefore, higher availability. Most cloud XDR vendors provide subscription pricing models that allow customers to pay based on the services they need, which leads to reduced costs depending on the vendor and specifications. Cloud XDR vendors handle patches, updates, and upgrades, reducing the effort required by businesses to maintain the hardware and software. Furthermore, the leading players in the industry are focusing on launching advanced cloud-based XDR systems to meet the expanding demand for cloud solutions
On-premise deployment refers to the installation, maintenance, and management of XDR software and solutions within the end user's systems and environments. It helps companies collect and store information and data within their premises or systems, which reduces the company's data security concerns, such as data theft. It also helps companies control third-party interference. The on-premise deployment of solutions provides end users with better control over processes and data and avoids situations where a third party is handling the company's confidential data. On-premise deployment of solutions might not seem an attractive option for small and mid-size industries due to its high initial capital investments and infrastructural requirements; however, this deployment model is widely used by large organizations that focus on handling massive data as on-premise deployment provides them control over data and improved data security.
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 players profiled in the extended detection and response market report. Several other major players were studied and analyzed during the extended detection and response market analysis to get a holistic view of the market and its ecosystem. The extended detection and response market also provides detailed market insights, which help the key players strategize their growth. The report includes growth prospects owing to the current extended detection and response market trends and their foreseeable impact during the forecast period.
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