Endpoint Detection and Response (EDR) is Estimated to Witness High Growth Owing to Opportunity to Combat Advanced Cyber Threats
Endpoint detection and response (EDR) solutions provide advanced threat detection capabilities and help organizations monitor, investigate, and respond to suspicious activities or cyber threats. EDR solutions leverage endpoint sensors, cloud services and machine learning techniques to analyze endpoint behaviors and detect advanced malware and zero-day attacks in real-time. With growing dependency on digital technologies and remote working models, the risk of cyber attacks and data breaches has increased drastically.
The global endpoint detection and response (EDR) market size is estimated to be valued at US$ 3430.46 Mn in 2023 and is expected to exhibit a CAGR of 26% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The opportunity to combat advanced cyber threats is driving the growth of the EDR market. Cybercriminals are constantly evolving their techniques to launch sophisticated attacks such as ransomware. EDR solutions offer enhanced visibility and the ability to identify and address threats before damage occurs. They leverage techniques like behavioral monitoring and machine learning algorithms to detect even stealthy threats and unknown malware. With EDR, security teams can rapidly respond to incidents, prevent data theft and reduce ransom payments and reputational risks. The growing need among organizations to strengthen their security posture against the onslaught of advanced targeted attacks is favoring increased adoption of EDR solutions across industries.
Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate as EDR solutions require substantial investment in R&D and distribution channels. However, the growing market presents opportunities.
Bargaining power of buyers: The bargaining power of buyers is high as EDR solutions are differentiated but buyers can negotiate on price and switch between vendors.
Bargaining power of suppliers: Few dominant software companies supply EDR solutions. Their bargaining power over pricing and supply is moderate to high.
Threat of new substitutes: Alternatives like standalone antivirus tools offer some substitute threat. However, EDR provides comprehensive visibility making substitution difficult.
Competitive rivalry: Intense competition exists among key players to gain market share through product innovations and partnerships.
SWOT Analysis
Strength: EDR solutions offer advanced detection of known and unknown threats along with automated investigation and response capabilities.
Weakness: High implementation and maintenance costs. Lack of skilled security professionals to leverage complete EDR capabilities.
Opportunity: Growing adoption of cloud and IoT is creating new attack surfaces. Regulatory mandates are driving EDR adoption.
Threats: Privacy and data protection laws pose compliance challenges. Lack of integration of legacy security tools hampers ROI.
Key Takeaways
The global EDR market is expected to witness high growth over the forecast period of 2023 to 2030 driven by increased spending on cybersecurity. North America currently dominates the market attributed to stringent compliance mandates and increasing sophistication of cyber-attacks in the region.
Regional analysis indicates that North America will continue leading aided by comprehensive cyber policies and advanced security investments by enterprises of all sizes. Asia Pacific is poised to grow at the fastest rate among other regions supported by expanding digital transformation initiatives and government initiatives to develop local cybersecurity capabilities.
Key players operating in the EDR market are RSA Security (DELL EMC), Carbon Black Inc., McAfee Corporation, Cisco Systems Inc., OpenText Corporation, FireEye Inc., CrowdStrike Inc., Digital Guardian, Broadcom Inc., Deep Instinct, and Cybereason Inc. Major players are focused on partnerships and product enhancements to strengthen their market position.
Get more insights on this topic: https://creativenewsalert.blogspot.com/2023/12/the-global-endpoint-detection-and.html
Arabic
Français
Español
Português
Deutsch
Türkçe
Dutch
Italiano
Russian
Romaian