The global incident response market size to grow from USD 13.38 billion in 2018 to USD 33.76 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 20.3% during the forecast period.
Stringent government regulations and compliances requirements, rise in the sophistication level of cyber-attacks, and heavy financial losses post incident occurrence have led enterprises to adopt incident response solutions and services to detect and respond to advanced cyber threats and data breaches. Moreover, the Small and Medium-size enterprises (SMEs) are gaining a high traction in the market, as they are more targeted by cyber-attacks and data breaches.
With the adoption of incident response solutions, organizations can effectively maintain and secure their critical information from data breaches and respond to an incident more efficiently. incident response solutions help organizations optimize employees' productivity, protect sensitive data, applications, and comply with stringent regulations.
Incident response services include various service types, such as incident response retainer, assessment and response, tabletop exercises, incident response planning and development, and advanced threat hunting. The assessment and response services type is expected to dominate the incident response market and is estimated to have the largest market size in 2018. The incident response retainer is expected to play a key role in changing the marketspace and to grow at the highest CAGR during the forecast period, as these services help organizations to maintain access to the critical capabilities needed to effectively respond to various security incidents.
The Banking, Financial Services, and Insurance (BFSI) is the fastest growing vertical in the global incident response market, as the vertical has to meet stringent legal and regulatory compliances associated with information security. SMEs continue to deploy incident response solutions, as they are facing security concerns and cyber-attacks, such as Denial of Services (DoS) attacks; virus, worm, and Trojan horse infections; illegal inside activities; cyberespionage; and compromise of sensitive information of an agency.
North America is estimated to hold the largest market size in 2018. The increasing need for organizations to reduce the misuse of the internet and enhance their employees' productivity, and addressing the incidents of attacks on enterprises' IT infrastructures are expected to drive the incident response market. Furthermore, rapid economic growth in the major countries, along with regulatory reforms and economic stability, is expected to drive the market in Asia Pacific (APAC). In the Middle East and Africa (MEA) region, enterprises in a range of verticals, such as BFSI, government, and manufacturing, are expected to increase their investments in incident response solutions and services.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights 4.1 Attractive Market Opportunities in the Market 4.2 Global Market By Component 4.3 Global Market Share of Top 3 Services and Regions 4.4 Incident Response Market Share, By Security Type, 2018 4.5 Market Investment Scenario
5 Market Overview 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 188.8.131.52 Stringent Government Regulations and Compliance Requirements 184.108.40.206 Rise in the Sophistication Level of Cyber-Attacks 220.127.116.11 Heavy Financial Losses Post Incident Occurrence 5.2.2 Restraints 18.104.22.168 Financial Constraints and High Innovation Costs 5.2.3 Opportunities 22.214.171.124 Growing Byod Trend Among Organizations 5.2.4 Challenges 126.96.36.199 Lack of Competent Security Professionals to Handle Challenging Security Incidents 188.8.131.52 Availability of Open Source and Pirated Security Solutions 5.3 Regulatory Implications 5.3.1 Payment Card Industry Data Security Standard (PCI DSS) 5.3.2 Health Insurance Portability and Accountability Act (HIPAA) 5.3.3 Gramm-Leach-Bliley Act (GLBA) 5.3.4 Sarbanes-Oxley Act (SOX) 5.3.5 General Data Protection Regulation (GDPR)
10 Market By Organization Size 10.1 Introduction 10.2 Small and Medium-Sized Enterprises 10.3 Large Enterprises
11 Incident Response Market, By Vertical 11.1 Introduction 11.2 Banking, Financial Services, and Insurance 11.3 Government 11.4 Healthcare and Life Sciences 11.5 Retail and Ecommerce 11.6 Travel and Hospitality 11.7 Manufacturing 11.8 Telecom and IT 11.9 Others
12 Incident Response Market, By Region
13 Competitive Landscape 13.1 Overview 13.2 Competitive Scenario 13.2.1 New Product Launches and Product Enhancements 13.2.2 Agreements and Partnerships 13.2.3 Mergers and Acquisitions 13.2.4 Business Expansions