LONDON–(BUSINESS WIRE)–Technavio market research analysts forecast the global managed detection and response services market to grow at a CAGR of over 23% during the period 2018-2022, according to their latest report.
This market research report segments the global managed detection and response services market based on the type of implementation (on-premises and hosted), and key regions (the Americas, APAC, and EMEA).
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In this report, Technavio analysts highlight the need to focus on core competencies as a key factor contributing to the growth of the global managed detection and response services market:
Need to focus on core competencies
Enterprises in this modern world are focusing on their core business and outsourcing their business-related supporting tasks, which are not a part of their expertise. SMEs are at risk because they usually do not have a skilled in-house IT team. Most SMEs have budget constraints. Hence, it is difficult for them to have a dedicated security team. Also, selecting, supervising, and training one’s own IT security personnel is a time-consuming and costly task. Even if such companies can manage a dedicated IT team, it is very difficult for them to have a cybersecurity team, which needs to be available to prevent cyberattacks 24*7.
Due to this, enterprises are increasingly outsourcing their security management tasks to professional service providers. Many large enterprises are adopting managed detection and response services because their in-house team cannot identify potential risks as they mostly deal with security on a part-time basis. Also, many times, their security teams are not capable of handling managed detection and response services.
According to a senior analyst at Technavio for enterprise application research, “Managed detection and response service providers have the professional expertise and experience to deal with thousands of potentially challenging situations on a regular basis. Hence, most enterprises seek to gain access to an experienced and proficient workforce to secure their systems from potential threats. This will lead to the rise in adoption of managed detection and response services during the forecast period.”
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Global managed detection and response services market – segmentation analysis
In 2017, the Americas dominated the global managed detection and response services market, with close to 44% of the market share followed by EMEA and APAC. Technavio expects the market share of the Americas to increase further during the forecast period as many enterprises in the Americas are investing in advanced security solutions. Also, the Americas is an early adopter of advanced technologies. APAC held the smallest share of the global managed detection and response services market as it is in the early stages of development.
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