Incident Response Services Market Worth 30.29 Billion USD by 2021
According to a new market research report “Incident Response Services Market by Component, Security Type (Web, Application, Cloud, Database, Endpoint, Network), Organization Size, Deployment Mode, Vertical and Region – Global Forecast to 2021″, published by MarketsandMarkets, the market size is estimated to grow from USD 13.09 Billion in 2016 to USD 30.29 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 18.3%.
The major forces driving this market are rise in the security breaches targeting enterprises, increasing sophistication of cyber-attacks, and improved returns on investments. The growing market for Bring Your Own Device (BYOD) and other devices and the rise in demand of next-generation security solutions are contributing to the growth of the Incident Response Services Market.
Incident record management and forensics solution segment is expected to grow at the highest CAGR in the Incident Response Services Market during the forecast period
The adoption of the incident record management and forensics solution segment is expected to grow at the highest CAGR during the forecast period, as it involves various crucial steps such as reporting of the incident, collecting of evidence, and conversations with the users, system owners, and others to detect the method of attack. In the forensic readiness approach, this incident preparedness includes actions, both technical and nontechnical, which maximize an organization’s ability to use the digital evidence. The solution offers in-depth analysis of the incident, so as to avoid similar issues in the future. This helps it to gain prominence in the Incident Response Services Market offerings.
Consulting and advisory services segment is expected to hold the largest market share in the Incident Response Services Market and the current trend is expected to continue during the forecast period
The consulting and advisory services segment is essential for the Incident Response Services Market and helps organizations in finding the right solution for their network infrastructure. Consultants include highly qualified industry experts, domain experts, and security professionals. Consulting service providers guide companies in setting up new cyber security infrastructure to address their specific security requirements in a way feasible for them.
North America is expected to have the largest market share
North America is expected to hold the largest market share and would dominate the incident response services from 2016 to 2021, owing to the maximum number of IT companies, multinational large-scale enterprises, along with a number of small-scale enterprises that are target for cyber-attacks. The U.S. holds the majority of the market share in terms of adoption as well as revenue generation in North America, owing to the stringent government regulations.
Asia-Pacific to grow with the highest CAGR
The Asia-Pacific (APAC) region is expected to witness the highest growth rate during the forecast period, as a result of the existence of unethical hackers, changing lifestyle, and increasing dependency on IT-enabled services. The countries in the region are adopting several stringent laws to curb cyber security and bring about augmented incident response systems such as implementation of strict cybersecurity regulations by the Chinese government.