Global Incident Response Service Market - Growth, Trend and Forecasts (2018 - 2023)
The Incident Response Services Market was valued at USD 12.92 million in 2017, and is expected to reach a market value of USD 37.71 billion by 2023, registering a CAGR of 19.55%, during the forecast period of 2018-2023. The report discusses the deployment mode and various types of incident response services and solutions. Regions considered for the scope of this report are North America, Europe, Asia-Pacific, Latin America and Middle East & Africa. The study also emphasizes the effect of increasing security breaches on enterprises.
The incident response services market is set to witness a significant growth rate in the near future, due to increasing concerns among enterprises regarding data loss and crashes. It follows a step by step process, which starts if an incident occurs. Technological developments, globally, have resulted in the advent of response systems, which help in reducing damage and exposure and decrease recovery costs. Companies fear the loss of vital data through security attacks and breaches, which can adversely impact its business and reputation in the market. Therefore, responses, in the form of services, to these threats are required, to establish a smooth and hassle-free work environment.
Increasing Incidences of Security Breaches are driving the Market
The incident response services market is gaining prominence due to increasing instances of security breaches on enterprises. Organization’s technical infrastructure can be attacked easily with the increasing sophistication in the pattern of cyber-attacks, causing adverse effect. 2016 will be remembered for some famous data and security breaches. One of them was related to Yahoo, in which, the company discovered a breach from 2013 that affected 1 billion user accounts. The third-party data breach stole data related to user account information, including names, email addresses, , and birthdays. Such an exposure, of personal information, can be catastrophic at organizational and personal levels. The need to effectively combat these issues is expected to increase the usage of incident response services, thus, driving the incident response services market.
Information Technology Leads the Market
IT service providers rely on databases to provide solutions to consumers. A cyberattack on these organizations can be drastic for businesses. In recent years, the IT sector has encouraged the trend of work from home, enterprise mobility, and BYOD (bring your own devices). The risk of data breach and cyberattack is always high for personal devices. As there is lack of testing solutions for BYOD and other mobile devices, it makes them more vulnerable to external networks, thus, creating a need for incident response services.
North America may Emerge as a Market Leader
The North American region is expected to dominate the incident response services market, due to the presence of major players. In recent years, US-based companies were subjected to data breaches and cyberattacks. In 2016, the website adultfriendfinder.com reported the exposure of its 412 million accounts online. Also, stringent regulations related to cyber security in the United States have resulted in the high adoption of incident response services in the enterprises, thus, driving the incident response services market.
Key Developments in the Market
February 2018 - CynergisTek Inc. announced the expansion of its Incident Response (IR) Services. The comprehensive suite of services is designed to help organizations meet the increasing challenges of cyberattacks with expertise, best practices, and guidance, enabling them to be fully prepared to respond to a wide range of threats.
September 2017 - Cisco has signed a MoU with ST Electronics to provide cyber security services to Singapore government agencies and enterprises. It is an effort to improve real-time threat detection and incident response capabilities in the complex and digital landscape of Singapore
Major Players: BAE SYSTEMS, CHECK POINT SOFTWARE TECHNOLOGIES LTD., CISCO SYSTEMS, INC., DELL, INC., FIREEYE, INC., IBM CORPORATION ,MCAFEE, LLC, SYMANTEC CORPORATION, AND VERIZON COMMUNICATIONS, INC., amongst others
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