Chicago, June 25, 2024 (GLOBE NEWSWIRE) -- The global Managed Detection and Response (MDR) Market is estimated to be worth USD 4.1 billion in 2024 and is projected to reach USD 11.8 billion by 2029, at a CAGR of 23.5% during the forecast period, according to a new report by MarketsandMarkets™. The Managed Detection and Response (MDR) market is experiencing significant growth due to the escalating frequency and sophistication of cyber threats that traditional security measures cannot adequately address. Businesses face a relentless onslaught of complex attacks such as ransomware, advanced persistent threats, and phishing schemes, which require more sophisticated detection and response mechanisms. MDR services offer a proactive approach to cybersecurity, providing continuous monitoring, advanced threat detection, and rapid response to mitigate potential breaches in real-time. This proactive stance is crucial for businesses to protect their sensitive data and maintain operational integrity in an environment where cyber threats continually evolve. Browse in-depth TOC on "Managed Detection and Response (MDR) Market" 313 - Tables 42 - Figures 270 - Pages Download Report Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=168039027 Managed Detection and Response Market Dynamics: Drivers: Growing incidents of business email compromise, ransomware, and crypto-jacking threats Addressing gap in cybersecurity skills and overwhelming alert volumes Government regulations and need for compliance to drive adoption of MDR services Technological proliferation and increasing penetration of IoT Restraints: Lack of trust in third-party applications. Cost of MDR services to be inhibitor for organizations False positives to hinder effectiveness of MDR services Opportunities: Introduction of ML/AI-powered MDR services. Increasing adoption of MDR across SMEs The benefits of scalability for MDR services List of Top Companies in Managed Detection and Response Market: CrowdStrike (US) Rapid7 (US) Red Canary (US) Arctic Wolf (US) Kudelski Security ...