Global Incident Response Services Market to Reach US$ 72.7 Billion by 2028, Bolstered by Emergence of Mobile Banking and Cashless Payments

The latest report by IMARC Group, titled “Incident Response Services Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” finds that the global incident response services market reached a value of US$ 24.9 Billion in 2022. Incident response (IR) services are a predefined and systematic process of managing and addressing security attacks or violations, cyber incidents, and information technology (IT) incidents. They comprise various services such as analysis of logs, endpoint data, network traffic and containment, eradication, and recovery strategies. IR services also include case management, orchestration, automation, intelligence into a single platform and assist security teams in assessing, measuring, and improving capabilities. In recent years, IR services have been utilized by various organizations to monitor networks and endpoints for advanced intrusion and fraudulent activities, limit potential damage and minimize recovery costs and time.

Global Incident Response Services Market Trends: 

The market is primarily driven by the rising security breaches and phishing threats targeting various business enterprises due to rapid digital transformation. In addition, the emergence of mobile banking and cashless payments have encouraged organizations to deploy IR services to ensure confidentiality, integrity, and smooth functioning of business operations.. Besides this, the rising trend of bring-your-own-devices (BYOD) is also escalating the demand for IR services. In the banking, financial services, and insurance (BFSI) industry, the emergence of mobile banking and cashless payments is increasing the need for deploying IR services to identify and prevent cyber espionage. Furthermore, with the growing use of m-health services and the rising popularity of online shopping, e-commerce platforms are relying on IR services to safeguard sensitive data of potential customers from malicious activities. Looking forward, the market is expected to reach a value of US$ 72.7 Billion by 2028, exhibiting a CAGR of 20.6% during the forecast period (2023-2028).

Market Summary: 

• Based on the component, the market has been segmented into solution and services.
• On the basis of the service type, the market has been classified into retainer, assessment and response, tabletop exercises, incident response planning and development, advanced threat hunting, and others.
• The market has been categorized based on the security type into web, application, endpoint, network, and cloud security.
• On the basis of the deployment mode, the market has been segregated into cloud-based and on-premises.
• Based on the enterprise size, the market has been bifurcated into small and medium-sized and large enterprises.
• The market has been categorized based on the end use industry into IT and telecom, BFSI, government, transportation, healthcare, and others.
• Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
• The competitive landscape of the market has been examined, with some of the key players being Accenture plc, BAE Systems plc, Check Point Software Technologies Limited, Cisco Systems Inc., CrowdStrike Holdings Inc., Deloitte Touche Tohmatsu Limited, FireEye Security Holdings US LLC, Fortinet Inc., International Business Machines Corporation, AO Kaspersky Lab, NEC Corporation, Optiv Security Inc., Rapid7 Inc., and Vmware Inc. (Dell Technologies Inc.).

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