Remote work increasing the growth rate of the EDR market
Malware and virus attacks have increased substantially over the years. With the evolution of modern technologies, the threats associated with them have also increased. But on the brighter side, technology has advanced further to tackle an extensive range of threats such as virus attacks and cyberattacks. Among all the tools used in combating the rising threat of cyberattacks, endpoint detection and response solutions are the most beneficial tools.
Endpoint detection and response solutions are created for detecting and responding to various types of cyberattacks and malware. These tools are developed for recognizing suspicious patterns in the functioning of a server or software. These solutions are based on algorithms and machine learning to detect malware types that will eventually make behavior-based decisions. Thus, the functionality of these tools makes them a favorite among many companies and organizations.
The Transparency Market Research team predicts the global endpoint detection and response market to expand at a CAGR of ~21 percent during the forecast period of 2020-2030. The global endpoint detection and response market is prognosticated to surpass a valuation of $13.8 billion by 2030.
The coming years are a boon for the endpoint detection and response market as the shift to digital technologies and mechanisms is increasing rapidly across the globe. The trend of digitalization continues to evolve and with the advent of the COVID-19 pandemic, it gains more ground.
With the growing adoption of digitalization, the tools to tackle digital threats also gain momentum, thus increasing the growth rate of the endpoint detection and response market.
Remote work to increase the revenues of the players in the EDR market
Remote work was already gaining substantial popularity among various companies but with the emergence of the COVID-19 pandemic, many companies were forced to switch to the work-from-home mechanism. This mechanism is helping in preventing large-scale transmission of the virus to a considerable extent. A large number of companies have many employees working from home.
The threat of malware attacks and data breaches have tightened their grip due to the remote work mechanism. To overcome these problems, many companies are adopting endpoint detection and response solutions to tackle such problems, which eventually help in boosting the growth prospects.
Escalating popularity of connected devices to serve as pillar of growth
Connected devices are gaining tremendous popularity. These devices are most vulnerable to threats and malware attacks. The growing use of these devices for residential and commercial uses has increased considerably over the years.
The players in the endpoint detection and response market are designing customized solutions for connected devices to increase their revenues. These factors help in accelerating the growth of the endpoint detection and response market.
EDR market: Vital growth drivers
The COVID-19 pandemic has led to the adoption of remote work mechanisms by numerous companies on a large scale, which is beneficial to contain the virus spread but, in turn, increases the risk of cyberattacks, thus resulting in the speedy application of endpoint detection and response solutions by various firms and organizations.
The increasing vulnerability of connected devices to cyberattacks and malware attacks further increases the need for good endpoint detection and response solutions.