The global incident response services market size was valued at USD 3.68 billion in 2020 and is expected to expand at a CAGR of 20.64% during the forecast period, 2021–2028. The growth of the market is attributed to the growing frequency of cyber-attacks and rising companies’ demand for incident response teams to avoid security risks.
Incident response services refers to services given by vendors who follow a planned and coordinated set of protocols and methodologies in the case of a cyber-attack. Information technology (IT) incidents, cyber events, and security incidents are all terms used to describe these types of cyber-attacks. Enterprises may use incident response systems to keep an eye on their networks and endpoints for sophisticated intrusions and fraudulent activity. Cyber threats are attempts to use spyware and malware, as well as phishing, to destroy or disrupt information systems and hack important information. Breach investigation is used to determine whether the threat is from an external source or an inside source, as well as the scope and timeline of the breach. Moreover, forensic services are a collection of digital evidence to be used as part of an investigation.
Organizations all across the world are responding proactively to cyber risks that increased during the COVID-19 pandemic. In the middle of the pandemic, businesses around the world are hurrying to address secure work-from-home (WFH) conditions and cyber risks. As a result, the investment on the services is rising substantially among companies on the attempt of cyber threat mitigation.
Market Trends, Drivers, Restraints, and Opportunities
- Stricter government rules and increased compliance obligations for businesses to prevent their security system from cyber-attacks is a key factor drives the market.
- Implementation of Bring Your Own Device (BYOD) policies by business organizations is another key aspect which boosts the market.
- Constraints on funds and high innovation expenses can hamper the market growth during the forecast period.
- Scarcity of qualified security professionals to deal with complex security occurrences can hinder the market expansion.
- Availability of open source and other alternatives such as pirated security solutions are likely to restrict the market growth during the forecast period.
- Development in the complexity level of cyber-attacks as well as large financial losses following the occurrence of an event are expected to present considerable market growth opportunities throughout the projection period.
Scope of the Report
The report on the global incident response services market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Incident Response Services Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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End-users (Industrial, Government, Transportation, Healthcare, IT & Telecom, and BFSI), and Enterprises (Large Enterprises and Small & Medium Enterprises)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Dell; BAE Systems; Check Point Software Technologies; IBM; Cisco; Intel; and Symantec
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Market Segment Insights
BFSI segment to grow at a rapid pace
Based on end-users, the incident response services market is divided into industrial, government, transportation, healthcare, IT & telecom, and BFSI. The BFSI segment is expected to grow at a rapid pace during the forecast period due to the constant need to upgrade security system to avoid any fraudulent activities in the sector. Moreover, financial organizations require to ensure consumers’ confidence and industry's vast client base about the protection of their financial information. When compared to other businesses, financial service companies have been highlighted as being more vulnerable to cyber-attacks. However, the government segment is anticipated to hold a key share of the market in the coming years as all government agencies around the world serve to collect intelligence while handling crucial and sensitive information.
Small & medium enterprises segment to expand at a considerable CAGR
On the basis of enterprises, the market is bifurcated into large enterprises and small & medium enterprises. The small & medium enterprises segment is projected to expand at a considerable CAGR during the forecast period due to the rising needs for effective security system for handling fraudulent problems and cyber-attacks among small businesses. On the other hand, the large enterprises segment is anticipated to account for a major market share during the forecast period as big enterprises are required to upgrade their networking system to prevent data breaches, reputational loss, and societal negative affects by responding quickly and shifting to pre-planned incident response methods.
Asia Pacific is anticipated to constitute a key market share
In terms of regions, the incident response services market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to constitute a key share of the market during the projected period owing to the wide transformation for digitalization and rising access to the Internet for financial transactions among a large number of the regional population. However, the market of North America is anticipated to expand at a rapid pace during the forecast period due to fast economic development, regulatory changes, and economic stability of the countries in the region.
Segments
The global incident response services market has been segmented on the basis of
End-users
- Industrial
- Government
- Transportation
- Healthcare
- IT & Telecom
- BFSI
Enterprises
- Large Enterprises
- Small & Medium Enterprises
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Dell
- BAE Systems
- Check Point Software Technologies
- IBM
- Cisco
- Intel
- Symantec
Competitive Landscape
Key players competing in the global incident response services market are Dell; BAE Systems; Check Point Software Technologies; IBM; Cisco; Intel; and Symantec. Increasing needs for handling chain-of-custody and analysis of applications, data, networks, and endpoint systems are some of the capabilities offered by the key players in the market.
Moreover, Zscaler and CrowdStrike announced a number of plans in March 2021 to offer end-to-end security protection from endpoint to application in the coming years. The collaboration between the two cloud-native security businesses aimed to provide joint clients with adaptive, risk-based access management to private applications, and ensuring enhanced protection for staff working remotely.
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