The size of the incident response market is anticipated to grow at a revenue CAGR of 21.3% and reach USD 119.39 billion in 2030. Incident response market revenue growth is being fuelled by the growing use of cloud computing and Bring Your Own Devices (BYOD), as well as technological developments in cybersecurity solutions.
Cyberattacks are becoming more frequent, and businesses have stricter compliance standards, which are some of the factors fuelling market expansion throughout the forecasted period. Customers rely on businesses to protect the personal information they provide with them to receive tailored services. As a result, businesses spend a lot of money securing customer data to achieve regulatory compliance goals.
A strong response to cybersecurity problems requires prompt and efficient communication. Plans for effective crisis communication offer ways to coordinate internal and external stakeholders and keep an eye on customer sentiment. These technologies enhance an organization’s capacity to react and assist in reducing reputational harm. Organizations should establish their communication strategy in a quiet period to enable informed decision-making rather than doing so in the high-pressure atmosphere surrounding a security issue, as it relates to other incident response plan components.
Some Key Highlights from the Report
Companies profiled in the global market report include 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.
Driver: Increasing number of security breaches
When it comes to identifying and responding to cybersecurity problems like data breaches, incident response is crucial. By minimizing damage, reducing recovery time, and lowering expenses, incident response aids in the management of cyberattacks. Businesses can develop cyberattack defenses against threats by using incident response services. Additionally, with the assistance of an incident response team, firms can create tactical strategies for proactive incident response tasks and can enhance their current threat detection procedure. Therefore, every organization that wants to be quicker and better prepared to respond to diverse security problems needs to have an incident response strategy. A rise in security breaches is being caused by an increase in the use of cutting-edge and creative technologies in various companies, which is propelling the market’s revenue growth.
In 2020, the solution segment accounted for a greater revenue share. Cybersecurity solutions can improve information security and business continuity management, safeguard data from unwanted access, and boost stakeholder confidence in an organization’s information security procedures. With the appropriate security procedures in place, also strengthens organizational credentials.
The category of small and medium-sized businesses contributed a much higher percentage of revenue in 2020 as a result of a rise in the use of incident response plans to lower security breaches and support uninterrupted operations. An incident response plan gives Small and Medium Enterprises (SMEs) instructions on how to respond and recover after an uninvited attack, which is accelerating the segment’s growth.
Revenue from the retainer sector is anticipated to expand at a much faster rate during the projected period. A service contract known as an Incident Response Retainer (IRR) enables enterprises to hire outside assistance for cybersecurity issues. Predetermined communication routes and reaction playbooks aid in enhancing security resilience and speeding up data recovery.
Component Outlook (Revenue, USD Billion; 2018–2030)
- Assessment and Response
- Tabletop Exercises
- Incident Response Planning and development
- Advanced Threat Hunting
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)
Vertical Outlook (Revenue, USD Billion; 2018–2030)
- Healthcare and Life Sciences
- Retail and e-commerce
- Travel and Hospitality
- IT and Communication
Regional Outlook (Revenue, USD Billion; 2018–2030)
- North America
- the Asia Pacific
- Latin America
- Middle East & Africa
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