Incident Response System Market: Current Analysis and Forecast (2022-2028)

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.

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• 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.

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