BANGALORE, India, Sept. 6, 2024 /PRNewswire/ — Network Detection and Response (NDR) Market is Segmented by Type (Cloud Network, IoT Network, Traditional Network), by Application (BFSI, Government, Healthcare, Industrial Control): Global Opportunity Analysis and Industry Forecast, 2024-2029.
The Global Network Detection and Response (NDR) Market was valued at USD 2485.7 Million in 2022 and is anticipated to reach USD 5370.4 Million by 2029, witnessing a CAGR of 13.7% during the forecast period 2023-2029.
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Major Factors Driving Network Detection and Response NDR Market
The demand for sophisticated security solutions and the growing complexity of cyber threats are fueling the market for network detection and response, or NDR. NDR solutions offer a vital line of defense against complex cyberattacks by using machine learning and behavioral analytics to identify and address abnormalities and risks in real-time. The need for NDR solutions has been further stimulated by the growth in digital transformation programs, remote work, and cloud use. The need for organizations to comply with regulations and their increasing knowledge of cybersecurity dangers are also driving the worldwide market’s progress.
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TRENDS INFLUENCING THE GROWTH OF THE NETWORK DETECTION AND RESPONSE (NDR) MARKET
The market for Network Detection and Response (NDR) is expanding due to the fact that traditional networks are facing more complex cyber threats that need more sophisticated security solutions. Older network infrastructures are more susceptible to hacks and assaults since they were not built with the complexity of contemporary cyberthreats in mind. Organizations may more efficiently identify and address any security events with the support of NDR solutions, which offer improved visibility and threat detection capabilities across these conventional networks. There will be a huge increase in need for strong NDR solutions that can protect these settings from developing cyber threats as long as enterprises continue to operate on conventional networks.
The market for network detection and response (NDR) is mostly driven by the quick uptake of cloud networks. With more and more businesses moving their activities to cloud environments, there is a rising demand for all-encompassing security solutions that can keep an eye on and safeguard these dynamic, dispersed networks. Particular security problems are brought about by cloud networks, such as the requirement to monitor enormous volumes of data and identify threats instantly across several cloud platforms. The need for NDR solutions is fueled by the necessity for NDR solutions to give cloud environments the visibility and automatic reaction capabilities that allow enterprises to promptly detect and neutralize any threats.
Because of its high sensitivity to cyber threats, the Banking, Financial Services, and Insurance (BFSI) industry is a major driver of the Network Detection and Response (NDR) market. Because BFSI firms manage so much sensitive data, they are often the target of hackers. Strong cybersecurity measures are also required by the industry’s strict regulatory requirements in order to safeguard financial data and uphold consumer confidence. In order to ensure that these businesses can successfully defend their networks against sophisticated assaults, NDR solutions are being used more and more in the BFSI sector. These systems include real-time monitoring, threat detection, and quick incident response capabilities. The BFSI’s increasing emphasis on cybersecurity is driving the NDR market’s growth.
The market for network detection and response (NDR) is expanding due in large part to the increasing frequency and sophistication of cybersecurity attacks. Hackers are using sophisticated methods like ransomware, phishing, and zero-day flaws to access corporate networks, making cyberattacks more sophisticated and focused. Conventional security tools like firewalls and antivirus software are unable to fend off new attacks as they develop. With the improved visibility that NDR systems offer into network traffic, it is possible to identify unusual behaviors that might be signs of an ongoing assault. The need for NDR solutions is rising across a number of industries due to the growing requirement for proactive threat identification and quick response.
The necessity for strict data protection measures and regulatory compliance are two important drivers pushing the use of NDR systems. Strict laws pertaining to data privacy and security, such as the GDPR, HIPAA, and PCI DSS, apply to sectors including healthcare, banking, and retail. In order to safeguard sensitive data and stop breaches, these requirements mandate that firms put strong security measures in place. Organizations may ensure compliance while protecting their networks using NDR solutions, which provide sophisticated threat detection and response capabilities required to satisfy these regulatory standards. The regulated industries are experiencing a rise in demand for NDR solutions due to the rising emphasis on data protection and privacy.
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NETWORK DETECTION AND RESPONSE (NDR) MARKET SHARE ANALYSIS
Due to its early adoption of cutting-edge cybersecurity solutions and a high incidence of cyber attacks, North America is dominating the market for Network Detection and Response (NDR), which is seeing significant regional growth.
Due to its many big businesses and strict regulations, the United States is a significant market. These factors make advanced network security solutions necessary.
Europe is not far behind, with rising cybersecurity expenditures fueled by laws such as the General Data Protection Regulation and the increased complexity of cyberattacks that target vital infrastructure. With nations like China, Japan, and India making considerable investments in cybersecurity to safeguard their developing digital ecosystems and combat the evolving threat landscape, the Asia-Pacific area is quickly becoming a key market.
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Key Companies:
Awake Security (Arista Networks)Blue HexagonBricataCiscoCorelightDarktraceExtraHopFidelis CybersecurityFlowmon (Kemp)GreyCortexHillstone NetworksIronNet CybersecurityLastline (VMware)PlixerVectra AIFireEye
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DISCOVER MORE INSIGHTS: EXPLORE SIMILAR REPORTS!
– Network Detection And Response (NDR) Software market is projected to grow from USD 2359.3 Million in 2024 to USD 4732.2 Million by 2030, at a Compound Annual Growth Rate (CAGR) of 12.3% during the forecast period.
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