At 21.3% CAGR, North America Extended Detection and Response Market is Projected to be Worth US$ 2,859.26 Million by 2031, says Business Market Insights

According to Business Market Insights' research, the North America extended detection and response market was valued at US$ 608.27 million in 2023 and is expected to reach US$ 2,859.26 million by 2031, registering a CAGR of 21.3% from 2023 to 2031. Integration with advanced technologies such as machine learning and Artificial Intelligence and increasing adoption of managed XDR are among the critical factors attributed to the North America extended detection and response market expansion.

Cybersecurity is undergoing a revolution with technologies such as artificial intelligence (AI) and machine learning (ML). AI and ML can significantly enhance threat detection and response by analyzing large amounts of data at high speed and identifying patterns and anomalies that may indicate a cyber threat. These technologies enable predictive analytics, allowing security teams to anticipate and mitigate potential threats before they materialize. As AI and ML algorithms become more sophisticated, XDR solutions will offer even greater accuracy and efficiency in detecting and responding to complex cyber threats. In addition, organizations worldwide are increasingly launching AI-driven extended detection and response solutions in order to remain in the competition. For instance, in March 2024, HiddenLayer announced the launch of AI Detection & Response for Generative AI. HiddenLayer's AI Detection & Response for Generative AI provides a set of security controls that enable real-time monitoring, detection, and response to threats specific to LLMs. Similarly, in March 2024, Trellix announced the launch of Trellix Wise, a powerful suite of traditional and Generative Artificial Intelligence (GenAI) tools to reduce cyber risk drastically. Trellix Wise extends across the Trellix XDR Platform to discover and neutralize threats more efficiently while lowering security operations costs. The AI-driven platform automates workflows, delivering increased analyst efficiencies and improved threat prevention, detection, investigation, and remediation.

Thus, AI and ML have become disruptive technologies in the extended detection and response market, improving cybersecurity, threat detection, and response capabilities. As the threat landscape changes, the use of AI and ML in XDR is expected to grow in the coming years.

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

Based on component, the North America extended detection and response market is bifurcated into software and services. The software segment held 73.4% market share in 2023, amassing US$ 446.30 million. It is projected to garner US$ 2,156.79 million by 2031 to register 21.8% CAGR during 2023-2031.

In terms of deployment, the North America extended detection and response market is bifurcated into cloud and on-premises. The cloud segment held 79.8% share of North America extended detection and response market in 2023, amassing US$ 485.15 million. It is projected to garner US$ 2,354.96 million by 2031 to expand at 21.8% CAGR during 2023-2031.

In terms of enterprise size, the North America extended detection and response market is bifurcated into large enterprises and SMEs. The large enterprises segment held 70.1% share of North America extended detection and response market in 2023, amassing US$ 426.59 million. It is projected to garner US$ 2,084.19 million by 2031 to expand at 21.9% CAGR during 2023-2031.

In terms of end user, the North America extended detection and response market is segmented into IT & Telecom, BFSI, healthcare, retail and Ecommerce, manufacturing, and others. The IT & Telecom segment held 24.7% share of North America extended detection and response market in 2023, amassing US$ 150.44 million. It is projected to garner US$ 754.01 million by 2031 to expand at 22.3% CAGR during 2023-2031.

Based on country, the North America extended detection and response market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 85.4% share of North America extended detection and response market in 2023. It was assessed at US$ 519.53 million in 2023 and is likely to hit US$ 2,482.63 million by 2031, exhibiting a CAGR of 21.6% during 2023-2031.

Key players operating in the North America extended detection and response market are Broadcom Inc, Palo Alto Networks Inc, SentinelOne 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 May 2024, Broadcom Inc. announced its accelerate program, delivered through sole-provider distribution agreements. An expansion of the Broadcom Global Cybersecurity Aggregator Program, the Accelerate Program is aimed at providing enhanced service levels for more Broadcom software solutions delivered to a broader range of Broadcom customers across multiple geographies.
• In May 2024, Palo Alto Networks announced the ability for customers to integrate their custom machine learning models, seamlessly integrating third-party EDR data and also leveraging cloud detection and response capabilities. Cortex XSIAM now offers Palo Alto Networks customers the flexibility and customization to create a security solution that aligns perfectly with their organization's goals. The integration of SOC capabilities, such as SIEM, XDR, SOAR and ASM, into a single platform is a game changer for security operations. With Cortex XSIAM, organizations get dramatically better security and turbocharged SOC performance.
  
  

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