Managed Detection and Response Market Size, Share, Growth Analysis, By Service Type(Protective Monitoring, Prioritization of Threats & Alerts, Threat Hunting, Managed Investigation Services), By Security Type(Endpoint Security, Network Security, Cloud Security, Other Security Types), By Vertical(BFSI, IT & ITES, Government, Energy & Utilities), By Deployment Mode(On-premises, Cloud), By Organization Size(Large Enterprises, Small & Medium-Sized Enterprises), By Region - Industry Forecast 2024-2031

Global Managed Detection and Response Market size was valued at USD 3.8 billion in 2022 and is poised to grow from USD 4.01 billion in 2023 to USD 5.45 billion by 2031, growing at a CAGR of 23.54% during the forecast period (2024-2031).

A rapid surge in the incidence of cyberattacks and data breaches is primarily driving up the demand for managed detection and response around the world. Increasing digitization and launch of new digital transformation initiatives around the world are also expected to create new opportunities for managed detection and response companies in the future. Growing adoption of cloud platforms and technologies and imposition of strict regulatory mandates for data privacy and security are also estimated to bolster managed detection and response market growth in the long run. Dearth of skilled cybersecurity professionals is another key prospect that is favoring the adoption of managed detection and response on a global level. Rapid rise in the number of remote workers around the world after the COVID-19 pandemic has also created an opportune setting for managed detection and response companies. On the contrary, challenges in integration, false positives, and data privacy concerns are slated to be some key restraints that trouble managed detection and response providers in the long run.