Incident Response System Market: Current Analysis and Forecast (2022-2028)
Emphasis on Component (Solutions and Services); Security Type (Web Security, Network Security, and Application Security); Industry (Banking and Financial Services, Information and Communication Technologies, Healthcare, Retail, and Others); and Region/Country
The global Incident Response System Market is expected to grow at a growth rate of around 21% during the forecast period. Incident response is the method organizations use to respond to and manage cyberattacks. Attacks and data breaches can cause catastrophic damage affecting customers, intellectual property, company time, and resources. The global incident response system market is growing rapidly on the account of the rise in the sophistication level of cyber-attacks, stringent government regulations and compliance requirements, and the rising financial losses post-incident occurrence. Moreover, factors such as technological advancements in cybersecurity solutions, strict corporate compliance requirements, and increasing cyber-attacks are also contributing to the growth of the market. For instance, the insurance industry was the top target of ransomware attacks in the first half of 2021, accounting for nearly 25% of all ransomware attacks against Accenture customers. Consumer goods and services, and telecommunications ranked second and third, according to Accenture.
Some of the major players operating in the market include NortonLifeLock Inc., McAfee Corp., Palo Alto Networks Inc., IBM Corporation, Cisco Systems Inc., Check Point Software Technologies Ltd., BAE Systems plc, Rapid7 Inc., Dell Technologies Inc., and Verizon Communications Inc. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst component, solutions segment to witness robust CAGR during the forecast period”
Based on component, the market is classified into solutions and services. Among these two, the solution segment accounted for a larger revenue share in 2020. Cybersecurity solutions can protect data from unauthorized access, improve information security and business continuity management, and increase stakeholder confidence in an organization’s information security posture. It also improves company credentials with correct security controls in place.
“Amongst industry, the banking and financial services segment to hold a significant share in the market in 2020”
On the basis of industry, the market is segmented into banking and financial services, information and communication technologies, healthcare, retail, and others. The banking and financial services sector accounted for a significant market share as the banking sector has a huge customer base and is one of the major sectors prone to data theft and cybercrime. As such, the banking and financial services sector is changing traditional regulations such as capacity and redundancy and developing technologically advanced compliant solutions to help banks and financial institutions protect their data.
“North America held a significant share in the market in 2020”
North America accounted for a prominent share of the global incident response system market mainly due to the presence of a number of IT corporations and global large and small enterprises that are targets of cyberattacks. Top end-use sectors in the US and Canada such as information and communication technology, banking and financial services, healthcare, and others have registered increased adoption of incident response solutions to protect data. Furthermore, rapid technological advancements, growth in infrastructure, and enhanced IT capabilities are some other factors contributing to the growth of this market in the region.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
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Table of Contents
Research Methodology for the Incident Response System Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global incident response system market were the three major steps undertaken to create and analyze the adoption of incident response systems in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global incident response system market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the incident response system market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the incident response system market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as component, security type, and industry. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the incident response system market. Further, we conducted factor analysis using dependent and independent variables such as component, security type, and industry of incident response system. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the incident response system market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global incident response system market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the incident response system market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global incident response system market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global incident response system market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the component, security type, and industry in the global incident response system market.
The main objective of the Global Incident Response System Market Study
The current & future market trends of the global incident response system market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the incident response system market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of component, security type, and industry
- Define and analysis of the regulatory framework for the incident response system industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the incident response system market for the major region
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the incident response system market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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