LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global incident response system market is expected to grow at a staggering CAGR of nearly 13% during the forecast period.
This research report titled ‘Global Incident Response System Market 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. To calculate the market size, the report considered the revenue generated from the sales of the geospatial technologies, backup and disaster recovery solutions, threat management solutions, and surveillance systems.
With the changing IT environment, attackers have found new ways to access valuable information and disrupt businesses. Increased dependency on web applications leads to an unprecedented rise in cyber-attacks, including advanced persistent threats. The high dependency on web applications for online purchases and related activities has led to an increase in identity theft. In addition, with the emergence of social networking sites, it has become easy for attackers to extract users' information. To avoid such advanced threats, organizations employ threat management solutions.
Ishmeet Kaur, a lead IT security analyst at Technavio, says, “There is an increased need for better data storage solutions across various industries in countries such as the UK and the US. Due to intense market competition, firms provide advanced services to their clients to have a competitive edge and concentrate more on their core competencies.”
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Based on system, the report categorizes the global incident response system market into the following segments:
- Geospatial technologies
- Backup and disaster recovery solutions
- Threat management systems
- Surveillance systems
Global incident response system market by backup and disaster recovery solutions
The global incident response system market by backup and disaster recovery solutions will grow at a CAGR of 21.4% during the forecast period to reach USD 22.02 billion by 2020.
“There is an increasing demand for cloud-based disaster recovery solutions in the market as they enable the fast recovery of data in case of any disaster at the third-party vendor's location. They enable continuity in business operations,” asserts Ishmeet.
Vendors offer backup and recovery products through modern platforms that leverage cloud-based storage to support on-premises deployments. Backup as a service has become a reliable alternative for organizations that struggle with legacy backup products. Such services help clients recover restorable data from the cloud provider because cloud backup aims at providing full protection against data loss. Backup and disaster recovery solutions are gaining popularity because of the rising adoption of cloud computing and its related services among organizations.
Global incident response system market by threat management systems
The global incident response system market by threat management systems will grow at a CAGR of 18.66% during the forecast period, and it will reach USD 10.87 billion by 2020.
Threat management systems will have substantial growth during the forecast period because of the growing need for a high level of network security in corporate firms. With the increase in the number of security attacks and threats, the need for advanced security solutions is increasing. The adoption of threat management systems among enterprises and cloud service providers is rising with the increase in the volume of critical data being transferred. The increased adoption of mobile devices for professional and personal use is also contributing to the growing demand for threat management systems.
In 2015, threat management systems were in the growth stage. There was increased adoption of threat management systems in the telecom, financial, and government sectors to improve business operations and productivity. The increase in a number of incidents of identity theft, cyber-crime, and insider fraud is driving organizations to adopt threat management solutions.
Global incident response system market by surveillance systems
The global incident response system market by surveillance systems will grow at a CAGR of 8.44% during the forecast period, and it will reach USD 22.42 billion by 2020.
The increase in criminal activities in government organizations and enterprises is a major factor driving the adoption of surveillance systems. With the growing advances in technology, security threats have become more advanced and sophisticated. Many organizations are investing in video monitoring solutions to monitor and track people that enter the premises. The adoption of surveillance systems in the retail sector is increasing because of a rise in the number of incidences of pilfering, which leads to inventory shrinkage.
Global incident response system market by geospatial technologies
The global incident response system market by geospatial technologies will grow at a CAGR of 7.83% during the forecast period, and it will reach USD 14.75 billion by 2020.
There is an increase in demand for geospatial technologies from both developed and developing countries. Developed countries, especially Canada, the UK, and the US, play a major role in the growth of the global incident response system market. They play an important role in revenue generation and contribute a major share to the revenue of the market. GIS is widely used in the military sector to identify trends and patterns, which help in determining the decisions and actions of an opponent. GIS also helps in planning and executing operations by providing real-time data and reports.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Lockheed Martin
- Rockwell Collins
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