At 22.9% CAGR, Europe Extended Detection and Response Market is Projected to be Worth US$ 2,536.92 Million by 2031, says Business Market Insights

According to Business Market Insights’ research, the Europe extended detection and response market was valued at US$ 486.25 million in 2023 and is expected to reach US$ 2,536.92 million by 2031, registering a CAGR of 22.9% from 2023 to 2031. Increasing adoption of managed XDR and increasing complexity of business processes are among the critical factors attributed to the Europe extended detection and response market expansion. 

Managed XDR refers to a service model that provides a subscription-based XDR capability delivered by a third-party provider. Organizations looking to add XDR value to their current security teams and solutions will find managed XDR solutions appealing. Organizations using Managed XDR (MXDR) solutions can benefit from lower complexity, cost, and risk associated with outsourcing in addition to the advantages of XDR, such as enhanced visibility, detection, and reaction. In order to improve security results, managed XDR solutions will also give users access to professional advice, best practices, and threat intelligence. In addition, key companies in the market are increasingly engaging themselves in various strategic decisions such as product launches and partnerships. For instance, in May 2024, Sekuro launched a managed extended detection and response (XDR) platform, offering sovereign architecture and adaptive intelligence. In May 2024, Noventiq achieved Microsoft-verified MXDR solution status. By achieving this status, Noventiq has proven its robust MXDR services, including a security operations center (SOC) with 24/7/365 proactive hunting, monitoring, and response capabilities, all built on tight integrations with the Microsoft Security platform. Similarly, in June 2023, Critical Start announced the launch of its new managed XDR offering, which unifies Critical Start's award-winning MDR service with a cloud-delivered collection, storage, and search platform for security-relevant log sources. In December 2023, BlackBerry Limited announced an update to its BlackBerry Guard MDR service to deliver MXDR service. Thus, the increasing adoption of MXDR is expected to provide lucrative opportunities for the players operating in the extended detection and response market growth in the coming years.

On the contrary, integration and interoperability issues hampers the growth of Europe extended detection and response market. 

Based on component, the Europe extended detection and response market is bifurcated into software and services. The software segment held 76.4% market share in 2023, amassing US$ 371.36 million. It is projected to garner US$ 1,983.33 million by 2031 to register 23.3% CAGR during 2023–2031.

In terms of deployment, the Europe extended detection and response market is bifurcated into cloud and on-premises. The cloud segment held 74.0% share of Europe extended detection and response market in 2023, amassing US$ 359.75 million. It is projected to garner US$ 1,956.43 million by 2031 to expand at 23.6% CAGR during 2023–2031.

In terms of enterprise size, the Europe extended detection and response market is bifurcated into large enterprises and SMEs. The large enterprises segment held 68.6% share of Europe extended detection and response market in 2023, amassing US$ 333.96 million. It is projected to garner US$ 1,811.54 million by 2031 to expand at 23.5% CAGR during 2023–2031.

In terms of end user, the Europe extended detection and response market is segmented into IT & Telecom, BFSI, healthcare, retail and Ecommerce, manufacturing, and others. The IT & Telecom segment held 31.8% share of Europe extended detection and response market in 2023, amassing US$ 154.61 million. It is projected to garner US$ 830.42 million by 2031 to expand at 23.4% CAGR during 2023–2031.

Based on country, the Europe extended detection and response market has been categorized into the UK, Germany, France, Italy, Russia, and the Rest of Europe. Our regional analysis states that the UK captured 33.1% share of Europe extended detection and response market in 2023. It was assessed at US$ 160.80 million in 2023 and is likely to hit US$ 920.45 million by 2031, exhibiting a CAGR of 24.4% during 2023–2031.            

Key players operating in the Europe extended detection and response market are Broadcom Inc, Palo Alto Networks Inc, Microsoft Corp, Sophos Ltd, Cisco Systems Inc, International Business Machines Corp, Check Point Software Technologies Ltd, Fortinet Inc, and Cybereason Inc, among others.

• In January 2023, Red Canary, the Managed Detection and Response (MDR) trailblazer, announced new integrations with Microsoft Sentinel and Microsoft Defender for Cloud. It enabled Red Canary to detect threats earlier and stop them faster for Microsoft customers 24×7. Red Canary MXDR is a Microsoft Verified MXDR (managed extended detection and response) solution.
• In November 2023, Sophos announced several significant enhancements to Sophos XDR that further accelerate detection and response, including expanded technology integrations that leverage existing security investments and new tools and optimized workflows to investigate threats more efficiently.

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