Sophisticated cyber threats are driving the demand for managed detection and response (MDR) solutions among small and medium-sized businesses (SMBs) worldwide, according to research from industry analyst Frost & Sullivan. In addition, the global MDR solutions market is projected to expand at a compound annual growth rate of 16.4 percent between 2020 and 2024, with revenues expected to reach $1.9 billion by 2024.
Cyber threats are increasing in complexity and volume, Frost & Sullivan Senior Industry Analyst Mauricio Chede stated. As such, SMBs may leverage MDR providers to proactively monitor their IT environments and mitigate security breaches.
How to Capitalize on the Rising Demand for MDR Solutions
Frost & Sullivan offered the following recommendations to help MDR providers differentiate themselves from industry rivals:
- Improve the quality of existing MDR solutions
- Develop custom MDR solutions at affordable prices
- Explore merger and acquisition opportunities
- Offer consulting and value-added services
Furthermore, MDR providers must show they can remediate cyberattacks without disrupting their customers' business operations, Chede noted. They also must adapt to their customers' needs and budgets, provide fast, efficient threat detection and response solutions and custom reports and offer support via phone, email and other communication methods.
MSSPs Offer MDR Services
Numerous Top 200 MSSPs now provide MDR services.
MDR services help organizations identify cyber threats and respond to them as soon as they are discovered. By integrating MDR services into their portfolios, MSSPs can help organizations quickly detect and address cyberattacks, as well as further distinguish themselves from their rivals.