MarketsandMarkets forecasts the global MDR market size is expected to grow from an estimated value of USD 2.6 billion in 2022 to USD 5.6 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 16.0% from 2022 to 2027. Growing incidents of business email compromises, ransomware, crypto jacking technological advancements, stringent government regulations and compliances, and increasing instances of internal and external security breaches and attacks are some of the factors that are driving the market growth.
What is MDR?
According to Alert Logic, MDR solutions identify active threats across an organization and then respond to eliminate, investigate, or contain them. MDR has increased in visibility and importance as organizations realize that no level of investment will provide 100% protection against threats and as the scale and complexity of the security challenge becomes intractable for individual organizations, regardless of size.
Competitive overview:
The MDR market is led by some of the globally established players such as CrowdStrike, Rapid7, Red Canary, Arctic Wolf, SentinelOne, and others. These players have adopted various growth strategies such as partnerships, agreements, collaboration, acquisitions, and product developments to increase their market presence.
CrowdStrike holds a prominent position in the MDR market space. CrowdStrike is a pioneer in cloud-delivered, next-generation services for endpoint protection, threat intelligence, and response. It provides cloud workload, endpoint security, threat intelligence, and cyberattack response services. The cloud-native Falcon Complete MDR service offers 24 x 7 x 365 protection supported by the Falcon platform. The deployment requires a single lightweight agent. Detections come from endpoints, user behavior, DNS, binary analysis, authentication, network/HTTP activity, ITOps data, and AWS CloudTrail access logs. The proprietary CrowdStrike Threat Graph provides real-time visibility and insights into endpoint events. The strong presence across the globe is one of the key factors leading to a good market share in the SOCaaS market.
Apart from large and SME players, start-ups such as Trustwave(US), Mandiant(US), Sophos(UK), Ackcent(Spain), Cybereason (US), LMNTRIX(US), among others are also evolving in the MDR market space.
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Another important player in the SOCaaS market space is Rapid7 which was founded in 2000, Rapid7 is one of the prominent providers of security data and analytics solutions. It operates through two primary business segments: products and professional services. The products segment includes vulnerability management, application security testing, orchestration, and log management. The company offers maintenance and support services for its solutions and provides professional services to secure organizations against APTs and vulnerabilities. The company offers two MDR tiers currently: Essentials for small teams and Elite for most teams. Depending on the tier, Rapid7 MDR includes a dedicated security advisor, 24 x 7 monitoring, real-time incident detection and validation, behavioral analytics, response actions, proactive threat hunting, and access to the cloud-based XDR offering, InsightIDR, with integrated threat intelligence and research as well as support for incident management and response.
According to MnM’s market evaluation framework, most companies opt for inorganic growth strategies to maintain their position in the market. The number of deals increased by around 50-60% relatively in the period of 2020-2021. These deals collectively include partnerships, acquisitions, collaborations, and alliances. Due to the COVID-19 outbreak, there was a sudden decline in product launches and business expansion activities. However, from 2021 onward, companies are expected to follow organic growth strategies to provide MDR solutions and services to end users, which, on the other hand, would help companies in increasing their market revenue.
Related Reports:
Managed Detection and Response (MDR) Market by Security Type (Network, Endpoint, Cloud), Deployment Mode (On-Premises and Cloud), Organization Size (SMEs and Large Enterprises), Vertical and Region - Global Forecast to 2027
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