iCrowd Newswire – Oct 28, 2020
Incident Response Market size is forecast to reach $37.11 billion by 2025, estimated to grow at a CAGR of 17.23 % during 2020-2025. With the growing penetration of digitalization in organizations has led to the rising demand for enhanced incident response system for mitigating the cyber-attacks. In addition, the rise of pandemic COVID-19 has also led to the hospitals to use enhanced incident response system. The creation of the COVID-19 Incident Response Teams are offering rapid cyber security assessment and deployment of incident response tools in hospitals which are surging the market growth. The increasing security breaches such as cyber terrorism, hacking, money laundering, fraud, identity theft and so on will further enhance the overall demand for Incident Response market size during the forecast period 2020-2025.
Security Type – Segment Analysis
The Web Security segment held the largest market share in the Incident Response market in 2019. The rising dependency of organizations including small, medium and large enterprises on web technologies are highly boosting the web security segment. Additionally, organizations are also facing issues related to cybersecurity such as websites, web applications or critical web services running in the cloud. These issues are resulting in adoption of web security solutions in order to maintain their business process without being exposed to cyber threats. Hence, the growing demand for web security solutions for understanding and mitigating the cyber threats are surging the growth of the market
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Geography – Segment Analysis
In 2019, North America dominated the Incident Response market with a share of more than 44%, followed by Europe and APAC. The reflection of policy and statutory updates and the real world incidents such as the Presidential Policy Directive/PPD-41: U.S. Cyber Incident Coordination, and the National Cybersecurity Protection Act of 2014 are enhancing the market growth in this region. Additionally, the rising national security interests, foreign relations, or economy of the United States or to the public confidence for ensuring safety of the American people are impacting the growth of the market.
Drivers – Incident Response Market
Rise of Cyber-attacks
The incident response plan plays a crucial role in helping the IT professionals and staff in recognizing and dealing with cybersecurity incidents such as data breach or cyber-attack. Thus, the use of technology in organizations are leading to the rising cyber threats resulting in hampering the data which requires an efficient plan for mitigating them. Moreover, hackers impose a serious cyber-attack to government sector that leads to the occurrence of ransom ware attack compromising the data of several customers. This type of incidents are leading to boost the growth of the incident response market.
Increasing use of social media platforms
The increasing requirement of social media platform with the rising deployment of digitalization, coupled with internet and mobile usage are majorly driving the incident response market. Additionally, the social media platform coupled with strict government norms and compliances have been driving the incident response system.
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Challenges – Incident Response Market
Lack of incident management budget
The budget imposed for incident management is low as compared with IT expenditure which results in hampering the growth of incident response market. In addition, the average privacy budget fell from $2.1 million in 2017 to $1 million in 2018, according to IAPP-EY Annual Privacy Governance Report 2018. There are some common reasons for the massive decline such as spending a large amount of money on the regulatory compliance cycle or spending over the previous year’s limit.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Incident Response market. In 2019, the market of Incident Response has been consolidated by the major players – Alert Technologies, Crisisworks, ESRI, Eccentex, Emergeo, Haystax Technology, Hexagon, IBM and Intermedix Corporation.
In July 6, 2020, Sangfor Technologies, a major vendor in the APAC region announced the launch of incident Response (IR) Service. This service will fulfil the unique and varied needs of small and medium organization in the Asian market. This new Sangfor’s incident response offers the discovery of external threat attack surfaces, security awareness enhancement and security skills enhancement.
In 2016, PhishMe, amongst the most significant provider of human-phishing defense solutions, announced the release of latest and improved phishing threat management and incident response platform PhishMe Triage. The new phishing incident response allows to mitigate risk and phishing threats, and helps iT security teams to efficiently manage simulations and analyze threats.
In 2019, the Incident Response market was dominated by North America owing to the early adoption of advanced web technologies and rising government initiative in order to provide safety to the American people are driving the market.
The rising dependency of organizations on web technologies are leading to the significant demand for web security solution in order to mitigate the issues related with cybersecurity. This growing demand for web security type of incident response is further enhancing the growth of the market.
The rising of cyber-attacks and the increasing usage of social media platforms along with the growing adoption of digitalization and internet penetration are highly fueling the market growth.
The lack of incident management budget is highly hindering the growth of the incident response market, owing to the increasing spending on regulatory compliance cycle.
Related Reports :
A. Incident and Emergency Management Software Market
B. Cyber Security Market In Healthcare
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