Extended Detection and Response Market is to Witness Significant Growth of 6.7 Billion by 2031 During 2021-2031
The research provides detailed segmentation of the global market based on component, deployment mode, organization size, industry vertical, and region.
PORTLAND, OR , UNITED STATES, UNITED STATES, February 16, 2023 /EINPresswire.com/ — The research discusses segments and sub-segments to identify the highest revenue generating and fastest growing segments for market players and startups. Market size and its estimations for each segment and its sub-segment are provided in the report to identify the steps to be adopted for achieving the growth.
The global extended detection and response market generated $980.3 million in 2021, and is expected to reach $6.7 billion by 2031, witnessing a CAGR of 21.5% from 2022 to 2031. The report offers an extensive analysis of changing market dynamics, top segments, value chain, competitive landscape, and the Covid-19 pandemic impact. This report provides detailed information for market players, stakeholders, investors, and startups in devising strategies for achieving sustainable growth and gaining competitive advantage in the market.
Major market players such as – BitDefender, Broadcom Corp, Confluera, Cisco Systems Inc., Cynet, Crowstrike, McAfee, BlueShift Technologies, Sophos Group, IBM Corporation, Fortinet Inc., Elastic Inc., Microsoft Corporation, Trend Micro Inc., SentinelOne, and Palo Alto Networks Inc.
Based on region, North America held the largest market share in 2021, accounting for more than two-fifths of the global extended detection and response market, and is estimated to continue its highest contribution throughout the forecast period. This is due to developments in technology and digitalization that led to adoption of extended detection and response solutions to protect critical data of organizations. However, Asia-Pacific is estimated to manifest the largest CAGR of 24.6% from 2022 to 2031. This is owing to increased cyber threats and rapid shift toward cloud-based platforms in this region.
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Based on deployment model, the on premise segment contributed to the largest market share in 2021, accounting for nearly three-fifths of the global extended detection and response market, and is expected to maintain its dominant share during the forecast period. This is attributed to excessive security measures and much less rate of data breaches as compared to cloud-based deployment models. However, the cloud segment is estimated to manifest the highest CAGR of 22.7% from 2022 to 2031, owing to flexibility and value advantages related to cloud services.
Based on industry vertical, the BFSI segment accounted for the largest market share in 2021, holding around one-fifth of the global extended detection and response industry, and is estimated to continue its highest contribution throughout the forecast period. This is attributed to reliability, relatively stable connectivity, and adoption of online banking and transactions by customers. However, the retail and e-commerce segment is projected to grow at the largest CAGR of 25.1% from 2022 to 2031. This is due to rise of smartphones, surge in real-time payments, and increase in online shopping activities.
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Based on component, the solution segment accounted for the largest market share in 2021, contributing to nearly three-fifths of the global extended detection and response market, and is projected to maintain its lead position during the forecast period. This is due to detection, automation, prevention, and shielding of the networks from cyber threats. However, the service segment is estimated to manifest the largest CAGR of 22.6% from 2022 to 2031, owing to implementation of software program, maximization of cost of existing installation, and minimization of deployment cost & risks.
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Lastly, this report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights on the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market.
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