Incident Response Services Market - Growth, Trends, Forecasts (2020 - 2025)

The Incident Response Services Market is segmented by Size of Enterprise (Small & Medium Enterprises, Large Enterprises), End-user Industry (IT & Telecom, BFSI, Industrial, Government, Transportation, Healthcare), and Geography.

Market Snapshot

Study Period:

2020-2025

Base Year:

2019

Fastest Growing Market:

Asia Pacific

Largest Market:

North America

CAGR:

18.96 %

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Market Overview

The market was valued at USD 21.72 billion in 2019, and it is projected to reach a value of USD 61.01 billion by the end of 2025, at a CAGR of 18.96% over the forecast period (2020-2025). With the sophistication and frequency of attacks increasing, more organizations are beginning to prioritize incident response teams who can help mitigate the impact of security threats to any organization.

  • Incident response services refers to services provided by the vendors who follow predefined and organized set of procedures and approaches in the event of cyber-attacks. These are also known as cyber incidents, Information Technology (IT) incidents, and security incidents.
  • Cyber threats are attempts based out of the internet to damage or disrupt information systems and hack critical information using spyware and malware and by phishing. Incident response solutions help enterprises to monitor networks and endpoints for the advanced intrusions and fraudulent activities.
  • Incident response services offered by the key players in the market comprises of a wide variety of capabilities such as breach investigation (to identify if the threat is from an external source or insider, and also to identify the scope and timeline of the breach), forensic services (collection of digital evidences, to be used as part of an investigation), handling chain-of-custody, examination and analysis of applications, data, networks and endpoint systems.
  • Various factors such as the Increasing number of security breaches, Increasing stringent government regulations and compliance requirements by enterprises, rise in the sophistication level of cyber-attacks, heavy financial losses post incident occurrence, among others are anticipated to provide significant scope for the market growth over the forecast period.
  • With the sophistication and frequency of attacks increasing, more organizations are beginning to prioritize incident response teams who can help mitigate the impact of security threats to any organization.
  • With COVID-19 becoming the new reality, organizations across the world are responding proactively to cyber threats that have witnessed a spike during the pandemic. Enterprises across the world are scrambling to tackle cyber risks and secure work-from-home (WFH) conditions amidst the pandemic, the spending on mitigating cyber threats is also soaring.

Scope of the Report

Advanced threat detection solutions are being employed by firms in industries, like IT, BFSI, manufacturing, and healthcare to detect the trespassers, whose main aim is cybercrime. Various security solutions are being installed by enterprises, which establish network, e-mail, database, and web security. Meanwhile all incidents cannot be prevented, there are measures organizations can take to minimize their attack and lessen the frequency and severity of incidents.

Size of Enterprise
Small & Medium Enterprises
Large Enterprises
End User Industry
IT & Telecom
BFSI
Industrial
Government
Transportation
Healthcare
Other End User Industries
Geography
North America
Europe
Asia Pacific
Latin America
Middle East and Africa

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Key Market Trends

BFSI Sector to Drive the Market Growth

  • The BFSI sector is one of the critical infrastructure sector that suffers several data breaches and cyber attacks, owing to the large customer base that the industry serves and the financial information that is at stake.
  • The financial service institutions have been identified to be more susceptible to cyber attacks, as compared to other industries. This is expected to drive the demand for Incident response (IR) solutions that are capable of dealing with a crisis event such as a security breach, security- or IT-incident investigation, and forensic response.
  • Over the past few years, data breaches within the BFSI sector led to an exponential rise in costs and loss of valuable customer information. According to 2019 Data Breach Investigations Report (DBIR) released by Verizon, 88% of all cyber incidents in the financial services and insurance sector were done by cyber attackers with a malicious financial motivation, in pursuit of the easiest path possible to financial gain.
  • Enterprises operating in the BFSI sector are focused on implementing the latest technology with an aim to secure their IT processes and systems, secure customer critical data, while also complying with government regulations. Growing technological capabilities and regulatory requirements, greater customer expectations has been forcing these enterprises to adopt a defensive and proactive approach to data security.
  • Within the BFSI sector, insurance segment has become an enticing target for cyber crime owing to the huge store of personally identifiable information (PII) about policyholders. Once the PII is obtained, a cyber-criminal can be involved in malicious activities such as opening credit card or bank accounts, application for loans, amongst many other possible number of crimes in respective policy holder’s name.

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Asia Pacific to Witness the Highest Growth

  • According to IBEF, India’s IT & ITeS industry grew to USD 181 billion during 2018-2019. According to data released by the Department of Industrial Policy and Promotion (DIPP), the computer software and hardware sector in India attracted cumulative foreign direct investment (FDI) inflows worth USD 35.82 billion during April 2000 to December 2018. This calls for an increased demand for incident response service.
  • Moreover, growing technological innovations in China and Japan results in growth of the incident response services market. According to Japan Electronics and Information Technology Industries Association (JEITA), computers and IT terminal production in February 2019 was worth JPY 95,371 million, as compared to JPY 85,564 million in January 2019.
  • Various factors such as the Increasing number of security breaches, Increasing stringent government regulations and compliance requirements by enterprises, rise in the sophistication level of cyber-attacks, heavy financial losses post incident occurrence, among others are anticipated to provide significant scope for the market growth over the forecast period.
  • There has been rise in cases of cyberattacks, globally. In April 2019, Amnesty International's Hong Kong office has been hit by a years-long cyberattack from hackers with known links to the Chinese government. In the same month, medical billing service provider ‘Doctors’ Management Service’ suffered a ransomware attack compromising patients’ data from a number of its clients. These kind of incidents are leading to an emerging demand for incident response services.

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Competitive Landscape

The market is dominated by key players, like IBM, Cisco, Intel, Symantec, Dell, BAE Systems, and Check Point Software Technologies that help the enterprises globally to detect, manage, and recover from losses regarding security attacks and network breaches.

  • April 2019 - Rapid7 Inc. acquired NetFort, a company that provides end-to-end network traffic visibility and analytics across cloud, virtual, and physical networks. Rapid7 plans to bring NetFort’s network monitoring, visibility, and analytics capabilities into its Insight cloud to help customers securely advance.
  • June 2020- IBM has announced their intent to purchase Spanugo, an early-stage cybersecurity vendor, to fulfill the protection and compliance needs of its clients in highly regulated industries.

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Table Of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Increasing Number of Security Breaches

      2. 4.2.2 Increasing Compliance Requirements by Enterprises

    3. 4.3 Market Restraints

      1. 4.3.1 Availability of Pirated Security Solutions

    4. 4.4 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

    5. 4.5 Impact of COVID-19 on the Market

  5. 5. MARKET SEGMENTATION

    1. 5.1 Size of Enterprise

      1. 5.1.1 Small & Medium Enterprises

      2. 5.1.2 Large Enterprises

    2. 5.2 End User Industry

      1. 5.2.1 IT & Telecom

      2. 5.2.2 BFSI

      3. 5.2.3 Industrial

      4. 5.2.4 Government

      5. 5.2.5 Transportation

      6. 5.2.6 Healthcare

      7. 5.2.7 Other End User Industries

    3. 5.3 Geography

      1. 5.3.1 North America

      2. 5.3.2 Europe

      3. 5.3.3 Asia Pacific

      4. 5.3.4 Latin America

      5. 5.3.5 Middle East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles*

      1. 6.1.1 CrowdStrike Holdings, Inc.

      2. 6.1.2 Check Point Software Technologies

      3. 6.1.3 Cylance Inc.

      4. 6.1.4 FireEye

      5. 6.1.5 Kaspersky Lab

      6. 6.1.6 Rapid7

      7. 6.1.7 IBM Corporation

      8. 6.1.8 NCC Group

      9. 6.1.9 Optiv Security, Inc.

      10. 6.1.10 Secureworks Inc.

      11. 6.1.11 Trustwave Holdings

      12. 6.1.12 KPMG International ltd.

      13. 6.1.13 Deloitte Touche Tohmatsu Ltd.

      14. 6.1.14 Ernst & Young

  7. *List Not Exhaustive
  8. 7. INVESTMENT ANALYSIS

  9. 8. MARKET OPPORTUNITIES AND FUTURE TRENDS

** Subject to Availability

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