The increasing number of sophisticated cyber threats is set to increase demand for Managed Detection and Response (MDR) solutions from the business sector, according to a new forecast by Frost & Sullivan.
The market size for MDR solutions is poised to grow at a compound annual growth rate (CAGR) of 16.4% between 2019 and 2024, with revenues expected to reach $1.9 billion, according to Frost & Sullivan analysts who predict that the increasing number of advanced cyber threats will drive decision makers to invest in MDR solutions more than ever – especially small and medium business players, the research says.
Business leaders are starting to view outsourcing security as a strategic investment in managing IT environments in line with companies' business strategies, according to Mauricio Chede, Senior Industry Analyst, Frost & Sullivan.
"The rise in the number and complexity of threats has made internal management of information security increasingly laborious and expensive, Chede said.
"MDR providers offer organizations the technology, process, and people to enable the proactive monitoring of their customer security environment and 24/7 threat detection to help mitigate security breaches, even more so during COVID-19," the analyst stressed.
MDR is emerging as a trustworthy choice for businesses that are ill-equipped to face disruptive cyber threats. MDR vendors are uniquely positioned to adapt their offerings to customer needs and budget, as well as tailor their detection and response services to the vertical they are in, timely and efficiently, along with custom reports.
“Personal interaction through email or telephone with an assigned analyst is also a differentiating factor,” according to Chede.
Frost & Sullivan’s report, “Global Managed Detection and Response Market, Forecast to 2024,” outlines some recommendations for MDR vendors as well. For example, the research firm says MDR solutions should be inherently customizable and affordable if they are to attract SMBs. Analysts recommend that vendors explore the merger and acquisitions of competitors to enhance regional presence and maximize revenues. Finally, they recommend that vendors offer consulting and value-added services to help clients take advantage of digital transformation initiatives.