According to the Market Statsville Group (MSG), the global endpoint detection and response market size is expected to grow from USD 2,669.7 million in 2022 to USD 27,484.1 million by 2033, at a CAGR of 23.6% from 2023 to 2033. Endpoint detection and response tools are used to detect and identify threats on endpoints. EDR tools typically offer threat hunting, detection, investigation, and response capabilities. As there is certainly no stronger method for detecting an intrusion than by monitoring the target environment being attacked, and because the telemetry collected by an EDR platform enables full triage and investigation, endpoint detection and response have become an important factor of any endpoint security solution.
Additionally, EDR tools can help analyze data to identify threat patterns, automatically respond to threats to remove or control them, and alert security personnel. It can also be used as a forensic tool to support investigations that are expected to offer lucrative growth opportunities to the market. Plus, get real-time visibility across all endpoints by tracking events and processes like registry changes, logins, and network connections. This allows your team or company to investigate suspicious activity immediately. Moreover, the advanced Endpoint Detection and Response (EDR) process helps reduce the workload of detecting and responding to threats and hazards. Save security teams time and resources by reducing the need to monitor multiple tools and dashboards, driving market growth constantly.
The ongoing pandemic has caused social unrest and economic turbulence all across the world. The lockdown imposed by many governments has favorably impacted the adoption of endpoint detection and response (EDR). Following the effects of COVID-19, businesses are concentrating on emerging technologies, including computing technology, Al-powered solutions, automation, and cloud-based EDR across industries like healthcare, BFSI, government, and others, to perform contactless operations safely and securely, which generates demand for EDR solutions and expands the market globally.
Further, businesses have safeguarded their networks against common cyber security risks during the coronavirus crisis with the aid of sophisticated malware detection. Firms in the EDR sector have come under scrutiny for offering secure and dependable endpoint software as a result of the huge increase in remote working activities.
Work-from-home regulations have made an organization's network more vulnerable because of a shared environment, leading to demand for EDR software. Market players in this industry are expanding their marketing capabilities to reach their ideal target clients, who have demonstrated a revived interest and adoption of malware detection solutions in order to prevent exposed endpoints and security breaches.
The demand for endpoint detection and response (EDR) is growing as businesses want more advanced threat prevention. Enhancing endpoint event visibility and speeding up threat detection and response times is the main goal of EDR systems. It considers risks, detects hazards, and responds quickly in order to investigate incidents. Additionally, it confirms and prioritizes risks, detects incidents, and guards against systemic attacks. These technologies eliminate the requirement for any externally fed indicators of compromise (IOCs) by detecting complex concealed threats.
Any organization or corporation that stores valuable and sensitive information and data must now practice data risk management. Data protection is crucial in light of the constantly evolving cyber threats faced today in order to lower the risk to the company and financial values. The organization has improved insight into identifying and halting malware, a lower chance of a breach, and advanced threats as a result of the use of EDR. As a result, the market is expanding due to the increase in demand to reduce IT risk, thereby fuelling the market for endpoint detection and response during the next few years. For instance, as per a recent survey by the UK government, around 39% of UK businesses identified a cyber attack in the last 12 months.
The threat is typically at its highest level when a corporation lacks proper security procedures, personnel training, or employee resources. Employee mistakes like opening a malicious email, using a USB stick from home, or sharing sensitive information with coworkers who don't need or shouldn't have access might be caused by a lack of security awareness. Internal cybersecurity vulnerabilities are surprisingly frequently caused by weak and easily guessable passwords.
Without a question, and with good reason, external dangers are what keeps IT professionals up at night. They are expensive, unpredictable, and highly developed threats. These come about as a result of hacks that provide criminals access to customers' sensitive, private, or confidential financial and personal information. Thus, a lack of awareness regarding internal and external threats and the lack of awareness among individuals to cope with such threats will hamper the market’s growth.
The operational security staff's efficiency is increased by next-generation endpoint security solutions, which also have a low total cost of ownership. Further, endpoint detection and response (EDR) companies are incorporating artificial intelligence (AI) and behavioral analytics into the software. An American multinational cyber-security business called Palo Alto Networks, Inc. is becoming well known for its Cortex XDR technology, which can withstand sophisticated attacks. Like McAfee, endpoint detection and response (EDR) businesses are becoming more well-known for their software platforms, making it easier to identify and respond to targeted assaults and provide a thorough analysis of harmful behavior. The use of behavior analysis in endpoint software platforms to track attacks on shared corporate networks is rapidly expanding. Threat intelligence, including shared local threat intelligence and externally acquired threat intelligence, is prioritized in EDR platforms. Market players in the EDR market are making further efforts to reduce the need to track false positives and provide a more accurate triage of incidents.
The study categorizes the endpoint detection and response market based on component, deployment mode, enterprise size, endpoint device, and industry at the regional and global levels.
Based on industry, the market is bifurcated into banking, financial services, and insurance (BFSI), aerospace & defense, government & public utilities, manufacturing, IT & telecom, healthcare, retail, and others. The BFSI segment accounts for a larger revenue share in 2021 due to the requirement to secure sensitive and significant customer data from hackers. The BFSI industry has been a top target for hackers who utilize cunning techniques to obtain user credentials, tax records, insurance information, and bank account and credit/debit information. EDR products shield BSFI organizations from all internet dangers that could jeopardize their operations.
Based on the regions, the global endpoint detection and response market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. During the forecast period, Asia Pacific will grow at the fastest CAGR in the global endpoint detection and response market. Due to its large population and rising labor costs, Asia-Pacific, known for being a powerhouse for manufacturing, is going through a digital transition, with China at the lead. The nation's manufacturers use IoT for supply chain management, asset tracking, and preventative maintenance.
The endpoint detection and response market is extremely cutthroat, and significant competitors in the sector are using tactics including product development, collaborations, acquisitions, agreements, and growth to bolster their market positions. Most businesses in the sector are focused on growing their operations worldwide and cultivating long-lasting partnerships.
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