MarketsandMarkets expects the global incident response market to grow from USD 13.38 billion in 2018 to USD 33.76 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 20.3% during the forecast period.
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The major factors driving the incident response market include heavy financial losses post incident occurrence, rise in security breaches targeting enterprises, and need to adhere to compliance requirements.
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Incident response refers to the predefined and organized set of procedures and approaches that needs to be followed in the event of any cyber-attack which is sometimes known as cyber incident, security incident, and IT incident. incident response solutions and services help organizations to handle and manage not only the aftermath of the attack but also define a clear set of protocols that needs to be followed even before and also during the security incident.
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The various factors, such as increasing demand for next-generation security solutions and growing BYOD trend among organizations would provide growth opportunities for blockchain technology vendors.
The service segment includes retainer, assessment and response, tabletop exercises, incident response, planning and development, advanced threat hunting. The retainer service segment is expected to be the fastest growing in this marketspace. The incident response retainer service provides organization with the ability to rapidly detect a fraudulent activity across enterprise network and respond to cyber incidents faster and more effectively. It helps reduce the incident response time, and improve the overall effectiveness of the security infrastructure, and minimize the cyber breach impact on the networks, endpoints, and applications. Therefore, the adoption of retainer service is growing across industry verticals.
The network security segment is estimated to hold the highest market share in 2018. Organizations adopt a series of policies and incident response solutions and services to provide security to various networking assets and network accessible resources. It consists of multiple components, such as incident response software and appliances that work together to provide layers of comprehensive network security.
In terms of geographic coverage, the incident response market has been segmented into 5 regions, namely, North America, Asia Pacific (APAC), Europe, the Middle East and Africa (MEA), and Latin America. North America is estimated to account for the highest share of the overall market in 2018. North America is considered the most advanced region in technology adoption and infrastructure. The wide presence of key industry players of incident response solutions and services in this region is the main growth factor for the incident response market. Furthermore, APAC is expected to grow at the highest rate during the forecast period, due to the increasing investments in the incident response solutions and services to change the business processes in the government sector.
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