Global Security Incident Management Market Size (2023 - 2030)

The Global Security Incident Management Market was valued at USD 2.84 billion and is projected to reach a market size of USD 5.9 billion by the end of 2030. Over the forecast period of 2024-2030, the market is projected to grow at a CAGR of 11%. 

Industry Overview

In the event of cyberattacks, often referred to as cyber incidents, security incidents, and information technology (IT) issues, incident response management refers to a planned and organised set of procedures and tactics that must be used. The different incident response options combine case management, orchestration, automation, and intelligence capabilities into a unified platform to let security teams evaluate, quantify, and enhance these options. Incident response tools are used by businesses to keep an eye out for sophisticated attacks and fraudulent activity on endpoints and networks.

Cyberattacks are becoming more frequent, and businesses have stricter compliance standards, which are some of the factors fuelling market expansion throughout the forecasted period. Customers rely on businesses to protect the personal information they provide with them in order to receive tailored services. As a result, businesses spend a lot of money securing customer data to achieve regulatory compliance goals. Additional factors that are anticipated to fuel the expansion of the global incident response market throughout the projected period include growing organisational worries about customer data loss and data recovery. A well-defined incident response plan reduces the potential damage of a security breach, enabling an enterprise to operate successfully. In addition, it puts into action a crucial strategy for preventing further assaults. Quick action and a swift transition to pre-planned crisis response procedures can be beneficial.

Businesses that gather important data are more susceptible to hackers. Personal data, banking information, and legal data are only a few examples of this data. Attackers can target businesses and even individual individuals whose data has been compromised by stealing and keeping important data. Due to limited funding, Small and Medium Sized Enterprises (SMEs) commonly omit incident response plans. SMEs typically do not place a high priority on cybersecurity awareness due to their modest size and lack of resources. Additionally, SMEs typically lack disaster data backup and recovery methods and strategies, making the use of incident response systems critical in these businesses.

Market Drivers

Increasing number of security breaches will drive the market growth

When it comes to identifying and responding to cybersecurity issues like data breaches, incident response management is crucial. By minimising damage, reducing recovery time, and lowering expenses, incident response aids in the management of cyberattacks. Businesses can develop cyberattack defences against threats by using incident response services. Additionally, with the assistance of an incident response team, firms can create tactical strategies for proactive incident response tasks and can enhance their current threat detection procedure. Therefore, every organisation that wants to be quicker and better prepared to respond to diverse security problems needs to have an incident response strategy. A rise in security breaches is being caused by an increase in the use of cutting-edge and creative technologies in various companies, which is propelling the market's revenue growth.

Increasing use of social media platforms will drive the market growth

The market for incident response is primarily being driven by the expanding need for social media platforms, the deployment of digitalization, as well as internet and mobile usage. The incident response mechanism has also been driven by the social media platform in conjunction with tight government regulations.

Market Restraints

Lack of incident management budget will challenge the market growth

The incident management budget is small in comparison to IT spending, which has a negative impact on the market for incident response. In addition, the IAPP-EY Annual Privacy Governance Report 2018 found that the average privacy budget decreased from $2.1 million in 2017 to $1 million in 2018. The steep fall can be attributed to a number of frequent factors, like spending a lot of money on the regulatory compliance cycle or going over budget for the previous year.

SECURITY INCIDENT MANAGEMENT MARKET REPORT COVERAGE:

Segmentation Analysis

Global Security Incident Management Market- By Enterprise Size:

• Small and Medium-Sized Enterprises
• Large Enterprises

Incident response plans are commonly ignored by Small and Medium-Sized Businesses (SMEs). These firms typically do not prioritise cybersecurity knowledge due to their modest size and lack of resources. But when these firms quickly adopt cutting-edge technologies, they become more open to cyberattacks. When an uninvited attack occurs, incident response solutions give SMEs the instructions they need to respond and recover. To decrease security breaches, SMEs are gradually using incident response services and solutions.

The greatest revenue share in 2021 was attributable to the huge budgets allocated to cybersecurity, which increased incident response implementation. Large businesses are a prime target for cyberattacks because they have a lot of private and public clientele that generate a lot of sensitive and important data.

Global Security Incident Management Market- By Security:

• Web Security
• Application Security
• Endpoint Security
• Network Security
• Cloud Security

In 2021, the segment with the biggest revenue share was cloud security. Cyberattacks are managed in a cloud environment using a straightforward procedure called cloud incident response. A cloud incident response system differs from a non-cloud incident response system in a number of important ways that are employed in governance, shared responsibility, and visibility.

The network security category contributed a sizeable portion of revenue in 2020 and is anticipated to expand quickly during the projection period. Solutions for incident response can shield networks from online dangers. Vendors of incident response offer a range of products and services to the current vertical for defending priceless networking resources.

Global Security Incident Management Market- By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa

According to regional analysis, North America's incident response market will have the greatest revenue share in 2021. Rapid technological development, infrastructural expansion, and improved IT capabilities are fuelling the market's revenue growth. Government-sponsored programmes like the National Cyber Incident Response Plan are promoting business expansion in this area. The incident response market's second-largest revenue contributor is from Europe. The number of sophisticated cyberattacks is rising, and major market players are investing heavily in developing cybersecurity solutions, which is fuelling market expansion in this area.

Due to the growing adoption of incident response systems across a range of end-use industries, the Asia Pacific market is anticipated to expand at the quickest rate over the forecast period. The majority of businesses in the area rely on big data and cloud security to create defences against cyberattacks. Fewer cybersecurity breaches occur as a result of businesses utilising cutting-edge technologies and improved incident response services to identify dangers and frauds. The market in this area is expanding as a result of rising investments being made in the deployment of advanced incident response and compliance management solutions in various nations.

Global Security Incident Management Market- By Companies

1. Broadcom Inc.
2. McAfee LLC
3. Palo Alto Networks
4. International Business Machines Corporation (IBM)
5. Cisco Systems, Inc.
6. Check Point Software Technologies, Ltd.
7. BAE Systems Inc.
8. NTT, Inc.
9. RiskIQ
10. AT&T Cybersecurity

Impact of Covid-19 on the industry

As digitalization continues to permeate enterprises, there is an increasing need for improved incident response systems to help mitigate cyberattacks. Additionally, the spread of the COVID-19 pandemic has prompted hospitals to deploy improved incident response systems. The development of the COVID-19 Incident Response Teams provides quick cyber security evaluation and incident response tool deployment in hospitals, which is driving market growth. The market for incident response will see an increase in demand due to the rising number of security breaches, including cyberterrorism, hacking, money laundering, fraud, identity theft, and other issues.

NOTABLE HAPPENINGS IN THE GLOBAL SECURITYINCIDENT MANAGEMENT MARKET MARKET IN THE RECENT PAST:

• Merger & Acquisition: - IN 2022, VMware will be purchased by Broadcom for for $61 billion in cash and stock. The new VMware, now a part of Broadcom, will give business clients more options and flexibility to handle the most difficult IT infrastructure problems.
• Merger & Acquisition: - In 2021, An investor group led by Advent International Corporation and Permira Advisers LLC, Crosspoint Capital Partners, has entered into a final agreement to acquire McAfee Corp., a market leader in online security.

• Product Launch: - In 2020, Sangfor Technologies, a leading vendor in the APAC area announced the debut of incident Response (IR) Service. This service will suit the distinct and diversified needs of small and medium enterprise in the Asian market. The identification of external threat attack surfaces, improvement of security awareness, and improvement of security capabilities are all features of this new Sangfor incident response system.