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

The Incident Response Services Market is segmented by Deployment Type (On-premise and Cloud), Security Type (Network Security, E-mail Security, Endpoint Security, Database Security, and Web Security), End-user Industry (Information Technology, BFSI, Government, Healthcare, Retail, and Manufacturing), and Geography.

Market Snapshot

Study Period:

2019-2025

Base Year:

2019

Fastest Growing Market:

Asia Pacific

Largest Market:

North America

CAGR:

18.96 %

Major Players:

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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.

  • There has been rise in cases of cyberattacks, globally. Lately, 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. 
  • Proposals, principles, laws, rules, standards, and guidelines are spreading in global forums, federal agencies, state legislatures, and business world, regarding enforcing security standards. In 2018, the US SEC involved in requiring cybersecurity disclosures in financial statements. GDPR fines for non-compliance may be upto 22.28 USD million, or if higher, 4% of an organization’s annual turnover. 
  • Pirated software distribution is still possible in the majority of countries through Torrent services. It can infringe intellectual property rights, yet they remain easily accessible online. They are a popular target for cybercriminals looking to distribute malicious code. Kaspersky Lab discovered PirateMatryoshka malware in March 2019, which carries a Trojan-downloader disguised as a hacked version of legitimate software used in everyday PC activity.

 

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.

By Deployment Type
On-premise
Cloud
By Security Type
Network Security
Email Security
Endpoint Security
Database Security
Web Security
By End-user Industry
Information Technology
BFSI
Government
Healthcare
Retail
Manufacturing
Other End-user Industries
Geography
North America
Europe
Asia-Pacific
Latin America
Middle East & Africa

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Key Market Trends

Data Breaches in the Healthcare Industry to Drive the Market Growth

  • In 2018, the healthcare industry continued to be plagued by data breaches involving sensitive patient information, according to 2019 Breach Barometer Annual Report by Protenus.
  • The largest breach reported in 2018 was a hacking of a business associate. It involved a North Carolina-based health system vendor that had its patient information accessed by an unauthorized party. Hackers gained access to patient information over the course of a week, affecting 2.65 million patient records.
  • For 2019, the largest data breach incident was reported by Navicent Health in March. It was a phishing attack in which the records of 278,016 patients were potentially accessed and copied by the attackers. A similarly sized data breach was reported by ZOLL Services, which impacted 277,319 individuals.
  • As per HIPAA's Data Breach Report, healthcare data breaches continued to be reported at a rate of one a day in March 2019.

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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.

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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.
  • July 2018 - LIFARS, a New York-based cybersecurity digital forensics and incident response firm, tied up with IT consultancy firm Tech Mahindra to innovate and create new services in specific areas of threat detection, mitigation, incident management, and integrated cyber.
  • October 2018 - FireEye rolled out an assortment of free tools, shared knowledge, security expertise, and on-demand services to advance community-based protection from cyberattacks. The platform initially focused on existing open-source software, freeware, and community developed tools.

 

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Table Of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET OVERVIEW

  5. 5. MARKET DYNAMICS

    1. 5.1 Market Drivers

      1. 5.1.1 Rising Security Breaches to Drive the Market

      2. 5.1.2 Increasing Compliance Requirements by Enterprises

    2. 5.2 Market Restraints

      1. 5.2.1 Availability of Pirated Security Solutions

    3. 5.3 Industry Value Chain Analysis

    4. 5.4 Industry Attractiveness - Porter's Five Forces Analysis

      1. 5.4.1 Threat of New Entrants

      2. 5.4.2 Bargaining Power of Buyers/Consumers

      3. 5.4.3 Bargaining Power of Suppliers

      4. 5.4.4 Threat of Substitute Products

      5. 5.4.5 Intensity of Competitive Rivalry

  6. 6. MARKET SEGMENTATION

    1. 6.1 By Deployment Type

      1. 6.1.1 On-premise

      2. 6.1.2 Cloud

    2. 6.2 By Security Type

      1. 6.2.1 Network Security

      2. 6.2.2 Email Security

      3. 6.2.3 Endpoint Security

      4. 6.2.4 Database Security

      5. 6.2.5 Web Security

    3. 6.3 By End-user Industry

      1. 6.3.1 Information Technology

      2. 6.3.2 BFSI

      3. 6.3.3 Government

      4. 6.3.4 Healthcare

      5. 6.3.5 Retail

      6. 6.3.6 Manufacturing

      7. 6.3.7 Other End-user Industries

    4. 6.4 Geography

      1. 6.4.1 North America

      2. 6.4.2 Europe

      3. 6.4.3 Asia-Pacific

      4. 6.4.4 Latin America

      5. 6.4.5 Middle East & Africa

  7. 7. COMPETITIVE LANDSCAPE

    1. 7.1 Company Profiles

      1. 7.1.1 IBM Corporation

      2. 7.1.2 Cisco Systems Inc.

      3. 7.1.3 Intel Corporation

      4. 7.1.4 Broadcom Inc. (Symantec Corporation)

      5. 7.1.5 Dell, Inc.

      6. 7.1.6 BAE Systems PLC

      7. 7.1.7 Check Point Software Technologies Ltd

      8. 7.1.8 FireEye Inc.

      9. 7.1.9 Honeywell International Inc.

      10. 7.1.10 Verizon Communications Inc.

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

  10. 9. MARKET OPPORTUNITIES AND FUTURE TRENDS

** Subject to Availability

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