Extended Detection and Response Market Size Worth $8.21 Billion, Globally, by 2031 - Exclusive Report by The Insight Partners

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The report runs an in-depth analysis of market trends, key players, and future opportunities. In general, the extended detection and response market comprises a vast array of component, deployment, enterprise size, industry vertical, and geography which are expected to register strength during the coming years.

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Overview of Report Findings:

Market Segmentation:

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Competitive Strategy and Development:

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Global Headlines on Extended Detection and Response Market:

In terms of revenue, North America dominated the extended detection and response market share, followed by Europe and APAC. The extended detection and response market in North America is subsegmented into the US, Canada, and Mexico. The US is anticipated to hold the largest extended detection and response market share by 2031. According to estimates by AAG IT Services, in the first half of 2022, cybercrimes affected 53.35 million people in the US. The US was the most targeted country for cyberattacks between July 2020 and June 2021, accounting for 46% of attacks reported globally. The US citizens lost US$ 6.9 billion in 2021 to cyber-related crimes, including romance scams (US$ 956 million), investment scams (US$ 1.4 billion), and business email compromise (US$ 2.39 billion). Thus, the rising number of cyberattacks, coupled with the high rate of digitization in various industries, fuels the growth of the extended detection and response market in the US. A large number of extended detection and response market players are operating in the country. A few of the key market players are Microsoft; Cisco Systems, Inc.; Palo Alto Networks; SentinelOne; and Broadcom, Inc, among others.

Business complexity refers to forming a large, interconnected network of technologies, products or services, data, and people within an organization. The larger the company, the more complex the business will be. Nowadays, businesses have to manage an increasing number of tools and data, making them more complex. At the same time, market conditions and working environments are changing faster than ever, making it necessary for businesses to react and make decisions quickly. In order to react to change effectively, companies need a clear understanding of their processes, tools, and data.

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Organizations are under tremendous pressure to adapt to this mix of accelerated change and greater complexity. In order to stay competitive in the market, organizations need a way to clarify business complexity. Many firms now face a higher level of complexity due to the COVID-19 pandemic than they did a few years ago. The pandemic accelerated the change in business processes, requiring enterprises to adapt to a new market quickly, provide new tools to support a remote workforce, and step up their attempts to undergo digital transformation. The focus on digitization remains a priority for organizations nowadays. All these factors increase the complexity of business processes within an organization. Due to the increased number of systems and complexity in an organization, malicious actors can access data or cause disruptive attacks that significantly harm business operations, reputation, and finances. Thus, organizations increasingly focus on adopting cybersecurity solutions. Extended detection and response (XDR) have proven helpful as a cybersecurity technology that monitors and mitigates threats across multiple sources and layers of defense. Thus, the increasing complexity of business processes drives the extended detection and response market.

Conclusion:

The extended detection and response market is growing rapidly due to the increasing complexity of business processes, the rising number of cyberattacks, and enhanced visibility and awareness of security threats provided by XDR solutions. The demand for extended detection and response solutions is also driven by the increasing use of cloud solutions and services, the rising number of digital transformation projects, and the growing need to improve the cybersecurity landscape. The COVID-19 pandemic has led to a surge in remote work models, which, in turn, increases the need for deep visibility and comprehensive detection and response. This results in XDR solutions becoming more popular as organizations look for ways to secure their networks and data in a distributed work environment. The COVID-19 pandemic also caused many firms to switch from on-premise to cloud computing, which propelled the requirement for extended detection and response solutions.

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The report from The Insight Partners, therefore, provides several stakeholders—including software providers, regulatory compliance and certification bodies, service providers and system integrators, and end users —with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.

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