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    Extended Detection and Response Market Size Worth $8.21 Billion, Globally, by 2031 – Exclusive Report by The Insight Partners

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    The Insight Partners

    The extended detection and response market size is expected to reach US$ 8.21 billion by 2031 from US$ 1.62 billion in 2023 to record a CAGR of 22.4% from 2023 to 2031.

    NEW YORK, Oct. 17, 2024 /PRNewswire/ — According to a new comprehensive report from The Insight Partners, the global extended detection and response market is observing significant growth owing to increasing number of cyberattacks and growing need to shift from endpoint detection and response to extended detection and response.

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    The report runs an in-depth analysis of market trends, key players, and future opportunities. In general, the extended detection and response market comprises a vast array of component, deployment, enterprise size, industry vertical, and geography which are expected to register strength during the coming years.

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    Overview of Report Findings:

    1. Market Growth: The extended detection and response market size was valued at US$ 1.62 billion in 2023 and is projected to reach US$ 8.21 billion by 2031; it is expected to register a CAGR of 22.4% during 2023–2031.
    2. Integration with Advanced Technologies such as Machine Learning and Artificial Intelligence: Cybersecurity is undergoing a revolution with technologies such as artificial intelligence (AI) and machine learning (ML). AI and ML can significantly enhance threat detection and response by analyzing large amounts of data at high speed and identifying patterns and anomalies that may indicate a cyber threat. These technologies enable predictive analytics, allowing security teams to anticipate and mitigate potential threats before they materialize. As AI and ML algorithms become more sophisticated, XDR solutions will offer even greater accuracy and efficiency in detecting and responding to complex cyber threats. In addition, organizations worldwide are increasingly launching AI-driven extended detection and response solutions in order to remain in the competition.
    3. Increasing Number of Cyberattacks: In recent years, businesses have been facing the continuous threat of cyberattacks. According to Embroker Insurance Services LLC, cyberattacks were considered the fifth top-rated risk in 2020, and cases continue to rise with technological advancements. Computer malware, data breaches, and denial of service (DoS) are a few examples of cyberattacks. During the COVID-19 pandemic, cybercriminals took advantage of misaligned networks as businesses were shifting to remote working environments. According to OneLogin, cybercrime costs more than US$ 1 trillion worldwide, as 37% of organizations were affected by ransomware and 61% were affected by malware attacks in 2020. Between 2019 and 2020, cyberattacks in the US increased by 139% as the country registered 145.2 million cases in Q3 2020. Malware attacks increased by 358% in 2020 compared to 2019. Similarly, according to the Clusit Report, cyberattacks across the globe increased by 10% in 2021 compared to the previous year. For instance, according to AAG, the UK had the highest number of cybercrime victims per million internet users (4,783 users) in 2022, an increase of 40% over 2020 figures. The average cost of a cyber breach was US$ 3 trillion in 2015, and it is predicted that this value is expected to reach US$ 10.5 trillion by 2025.

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    4. Growing Need to Shift from Endpoint Detection and Response to Extended Detection and Response: Cyber-attacks are constantly evolving, leading to the development of new cybersecurity solutions in recent years. One such advancement is Endpoint Detection and Response (EDR), which emerged in the early 2010s to detect and respond to threats on individual endpoints. However, as cyber-attacks become more sophisticated, EDR solutions have limited ability to protect entire digital ecosystems. In order to address this issue, there is an increasing need to adopt extended detection and response solutions to include other sources of threat data, such as cloud environments, network traffic, and email systems. XDR Is an extension and evolution of EDR capabilities. The adoption of XDR has gained momentum in recent years as organizations realize the need to extend the range of traditional EDR solutions to deal with increasingly sophisticated threats.
    5. Geographical Insights: In 2023, North America led the market with a substantial revenue share, followed by Europe and APAC. Asia Pacific is anticipated to record the highest CAGR in the market during the forecast period.

    Market Segmentation:

    • Based on component, the global extended detection and response market is segmented into software and services. The software segment held the largest extended detection and response market share in 2023.
    • Based on deployment, the global extended detection and response market is segmented into cloud and on-premise. The cloud segment held the largest extended detection and response market share in 2023.

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    • Based on enterprise size, the extended detection and response market is segmented into large enterprises and SMEs. The large enterprises segment held the largest share in the extended detection and response market in 2023.
    • Based on end user, the extended detection and response market is segmented into IT & telecom, BFSI, healthcare, manufacturing, retail & e-commerce, and others. The IT and telecom segment held the largest share in the extended detection and response market in 2023.

    Competitive Strategy and Development:

    • Key Players: A few major companies operating in the extended detection and response market include 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.
    • Trending Topics: Endpoint Security, endpoint detection and response (EDR)., Managed XDR, Security information and event management (SIEM), among others

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    Global Headlines on Extended Detection and Response Market:

    • “Palo Alto Networks announced the ability for customers to integrate their custom machine learning models, seamlessly integrating third-party EDR data and also leveraging cloud detection and response capabilities. Cortex XSIAM now offers Palo Alto Networks customers the flexibility and customization to create a security solution that aligns perfectly with their organization’s goals. The integration of SOC capabilities, such as SIEM, XDR, SOAR and ASM, into a single platform is a game changer for security operations. With Cortex XSIAM, organizations get dramatically better security and turbocharged SOC performance.”
    • “Broadcom Inc. announced its accelerate program, delivered through sole-provider distribution agreements. An expansion of the Broadcom Global Cybersecurity Aggregator Program, the Accelerate Program is aimed at providing enhanced service levels for more Broadcom software solutions delivered to a broader range of Broadcom customers across multiple geographies.”

    In terms of revenue, North America dominated the extended detection and response market share, followed by Europe and APAC. The extended detection and response market in North America is subsegmented into the US, Canada, and Mexico. The US is anticipated to hold the largest extended detection and response market share by 2031. According to estimates by AAG IT Services, in the first half of 2022, cybercrimes affected 53.35 million people in the US. The US was the most targeted country for cyberattacks between July 2020 and June 2021, accounting for 46% of attacks reported globally. The US citizens lost US$ 6.9 billion in 2021 to cyber-related crimes, including romance scams (US$ 956 million), investment scams (US$ 1.4 billion), and business email compromise (US$ 2.39 billion). Thus, the rising number of cyberattacks, coupled with the high rate of digitization in various industries, fuels the growth of the extended detection and response market in the US. A large number of extended detection and response market players are operating in the country. A few of the key market players are Microsoft; Cisco Systems, Inc.; Palo Alto Networks; SentinelOne; and Broadcom, Inc, among others.

    Business complexity refers to forming a large, interconnected network of technologies, products or services, data, and people within an organization. The larger the company, the more complex the business will be. Nowadays, businesses have to manage an increasing number of tools and data, making them more complex. At the same time, market conditions and working environments are changing faster than ever, making it necessary for businesses to react and make decisions quickly. In order to react to change effectively, companies need a clear understanding of their processes, tools, and data.

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    Organizations are under tremendous pressure to adapt to this mix of accelerated change and greater complexity. In order to stay competitive in the market, organizations need a way to clarify business complexity. Many firms now face a higher level of complexity due to the COVID-19 pandemic than they did a few years ago. The pandemic accelerated the change in business processes, requiring enterprises to adapt to a new market quickly, provide new tools to support a remote workforce, and step up their attempts to undergo digital transformation. The focus on digitization remains a priority for organizations nowadays. All these factors increase the complexity of business processes within an organization. Due to the increased number of systems and complexity in an organization, malicious actors can access data or cause disruptive attacks that significantly harm business operations, reputation, and finances. Thus, organizations increasingly focus on adopting cybersecurity solutions. Extended detection and response (XDR) have proven helpful as a cybersecurity technology that monitors and mitigates threats across multiple sources and layers of defense. Thus, the increasing complexity of business processes drives the extended detection and response market.

    Conclusion:

    The extended detection and response market is growing rapidly due to the increasing complexity of business processes, the rising number of cyberattacks, and enhanced visibility and awareness of security threats provided by XDR solutions. The demand for extended detection and response solutions is also driven by the increasing use of cloud solutions and services, the rising number of digital transformation projects, and the growing need to improve the cybersecurity landscape. The COVID-19 pandemic has led to a surge in remote work models, which, in turn, increases the need for deep visibility and comprehensive detection and response. This results in XDR solutions becoming more popular as organizations look for ways to secure their networks and data in a distributed work environment. The COVID-19 pandemic also caused many firms to switch from on-premise to cloud computing, which propelled the requirement for extended detection and response solutions.

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    The report from The Insight Partners, therefore, provides several stakeholders—including software providers, regulatory compliance and certification bodies, service providers and system integrators, and end users —with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.

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    About Us:

    The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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    If you have any queries about this report or if you would like further information, please contact us:

    Contact Person: Ankit Mathur
    E-mail: ankit.mathur@theinsightpartners.com
    Phone: +1-646-491-9876
    Press Release: https://www.theinsightpartners.com/pr/extended-detection-and-response-market

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    SOURCE The Insight Partners

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