Incident Response Market Size Hit USD 119.39 Billion at a CAGR of 21.3%, in 2030

 Increasing usage of social media platforms due to rising penetration of internet and rising incidents of security breaches is driving incident response market revenue growth

Market Size – USD 17.70 Billion in 2020, Market Growth – at a CAGR of 21.3%, Market Trends – High demand from BFSI sector

The global incident response market size is expected to reach USD 119.39 Billion in 2030 and register a revenue CAGR of 21.3% over the forecast period, according to the latest report by Reports and Data. Rising trend of cloud computing and Bring Your Own Devices (BYOD), coupled with advancements in cyber security technologies is driving incident response market revenue growth.

Incident response is a systematic process of managing and addressing security breaches or violations. The process aims to control situation by limiting potential damage caused by cyberattacks or security breaches. Incident response safeguards an organization from cyberattacks that have a significant impact on organization’s data, customer trust and reputation. It helps organizations detect and respond to data breaches and even security incidents faster, which help organizations recover lost data or information. Hence, incident response helps an organization minimize losses, mitigate exploited vulnerabilities, and restore services and processes. It also helps to reduce future incident risks. Furthermore, it provides step-by-step process that is required to be followed in case of a cyberattack.

Data security and protection are crucial for the survival of the e-commerce industry in the present world. Ecommerce business are often vulnerable to cyberattacks and can disclose trading information and reveal addresses and passwords of potential customers. Furthermore, increasing adoption of Bring Your Own Devices (BYOD) and rising compliance requirements by enterprises are factors driving revenue growth in the incident response market.

Companies profiled in the global market report includes Broadcom Inc., McAfee LLC, Palo Alto Networks, International Business Machines Corporation (IBM), Cisco Systems, Inc., Check Point Software Technologies, Ltd., BAE Systems, Inc., NTT, Inc., RiskIQ and AT&T Cybersecurity.

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Market Overview:

The research report assesses the market dynamics, market landscape, company profiles, production and manufacturing capacity, year-on-year growth rate, SWOT analysis, and Porter’s Five Forces analysis. The report estimates the market size, market growth, and provides an accurate forecast for the key segments of the market for the forecast period of 2020-2028. The report also covers an in-depth analysis of the key competitors of the market, along with their growth strategies and business expansion plans.

The Incident Response market has been segmented into key regions of the world and offers an analysis of growth rate, market share, market size, current and emerging trends, production and consumption ratio, industrial chain analysis, demand and supply, import and export, revenue contribution, and presence of key players in each region. A country-wise analysis of the market is offered in the report to gain a better understanding of the regional spread and progress of the Incident Response market.

Some Key Highlights from the Report

  • In March 2021, Check Point Software Technologies Ltd., which is a global leading cybersecurity provider, partnered with SimilarWeb Ltd, a prominent digital intelligence provider company, to provide enhanced cybersecurity solutions to its customers. According to the alliance, the two companies will combine Check Point's ThreatCloud's statistical domain trends and security web risks with SimilarWeb's digital intelligence capabilities.
  • Solution segment accounted for larger revenue share in 2020. Cybersecurity solutions can protect data from unauthorized access, enhance information security and business continuity management, and improve stakeholder confidence in an organization’s information security arrangements. It also improves company credentials with the correct security controls in place.
  • Small and medium sized enterprises segment accounted for significantly larger revenue share in 2020 due to increased adoption of incident response plans to reduce security breaches and promote uninterrupted workflow. An incident response plan provides Small and Medium Enterprises (SMEs) with the guidelines to react and recover when an unwanted attack strikes, which is propelling growth of the segment.
  • Retainer segment revenue is expected to register significantly higher growth rate during the forecast period. An Incident Response Retainer (IRR) is a service agreement that allows organizations to get external help with cybersecurity incidents. It helps to increase security resilience and reduce data recovery time with prearranged communication channels and predefined response playbooks.
  • BFSI segment accounted for significant revenue share in 2020. BFSI sector is one of the critical infrastructure sectors that is prone to data breaches and cyberattacks owing to its large customer base. Increased number of transactions owing to a plethora of payment channels via smartphones, credit/debit cards and others is increasing chance of security breaches.
  • Market in North America accounted for largest revenue share in 2020 due to rapid technological advancements, infrastructure growth and enhanced IT capabilities. Supportive initiatives by the government, such as the National Cyber Incident Response plan and huge investments by the key market players in building cybersecurity systems are propelling market growth of this region.

To understand how our Incident Response Market can bring difference to your business strategy:-

 For the purpose of this report, Reports and Data has segmented the incident response market based on component, organization size, security, deployment, vertical and region:

Component Outlook (Revenue, USD Billion; 2018–2030)

  • Solutions
  • Services
    1. Retainer
    2. Assessment and Response
    3. Tabletop Exercises
    4. Incident Response Planning and development
    5. Advanced Threat Hunting
    6. Others

Organization Size Outlook (Revenue, USD Billion; 2018–2030)

  • Small and Medium-Sized Enterprises
  • Large Enterprises

Security Outlook (Revenue, USD Billion; 2018–2030)

  • Web Security
  • Application Security
  • Endpoint Security
  • Network Security
  • Cloud Security

Deployment Outlook (Revenue, USD Billion; 2018–2030)

  • Cloud
  • On-Premises

Vertical Outlook (Revenue, USD Billion; 2018–2030)

  • BFSI
  • Government
  • Healthcare and Life Sciences
  • Retail and e-commerce
  • Travel and Hospitality
  • IT and Communication
  • Others

Regional Outlook (Revenue, USD Billion; 2018–2030)

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

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Key Advantages of Incident Response Report:

  • Identification and analysis of the market size and competition
  • Qualitative and quantitative analysis of the market data
  • Data validated by industry experts after extensive primary and secondary research
  • Extensive regional analysis of the Incident Response industry
  • Profiling of key players along with their business overview,  business strategies, deals and partnerships, and product portfolio
  • SWOT and Porter’s Five Forces Analysis for in-depth understanding of the competitive landscape
  • Feasibility analysis and investment analysis to enable strategic investment decisions
  • Analysis of opportunities, drivers, restraints, challenges, risks, and limitations

Conclusively, all aspects of the Incident Response market are quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects.

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