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Identity Threat Detection and Response Market Size Surges to $35.6 Billion by 2029 - Led by Microsoft, IBM, CrowdStrike, Zscaler | MarketsandMarkets™

/EIN News/ -- Chicago, May 24, 2024 (GLOBE NEWSWIRE) -- The global Identity Threat Detection and Response (ITDR) Market size is projected to grow from USD 12.8 billion in 2024 to USD 35.6 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 22.6 % during the forecast period, according to a new report by MarketsandMarkets™. The convergence of digital transformation and the rising interest in decentralized technologies is propelling the growth of ITDR solutions. As industries rapidly adopt digital services, the demand for robust identity solutions to ensure secure interactions and data protection intensifies. ITDR provides response strategies ensuring the safety of sensitive and confidential data. Government initiatives promoting digital identity frameworks drive widespread ITDR adoption, fostering innovation and ensuring citizens have secure, portable digital identities.

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Identity Threat Detection and Response Market Dynamics:

Drivers:

  1. Rise in user identity targeted cyber crimes.
  2. Evolving remote work landscape
  3. Growing regulatory environment

Restraints:

  1. Navigating complexities of solutions for small businesses.
  2. Privacy concerns due to collection of extensive user activity data
  3. Difficulty in distinguishing between genuine threats and false alarms

Opportunities:

  1. Inclusion of AI/ML.
  2. Growing trend toward cloud-based services
  3. Improving communication and data exchange through integration of systems

List of Top Companies in Identity Threat Detection and Response Market:

  • Microsoft (US)
  • IBM (US)
  • CrowdStrike (US)
  • Zscaler (US)
  • Tenable (US)
  • Veronis (US)
  • BeyondTrust (US)
  • CyberArk (US)
  • Proofpoint (US)
  • Quest (US)

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Identity Threat Detection and Response (ITDR) emerges as a crucial cybersecurity field, rapidly expanding to combat cybercriminals' relentless targeting of user credentials and access privileges. ITDR encompasses tools, processes, and threat intelligence to proactively detect suspicious activity, investigate threats, and swiftly respond to identity-based attacks. Factors driving market growth include the rising incidence of identity theft, sophisticated attack techniques, stringent data privacy regulations, and the proliferation of cloud adoption and BYOD practices. Forecasted to reach USD 35.6 billion by 2029, the global ITDR market, with North America leading, emphasizes convergence with Identity and Access Management, enhanced threat detection using AI and machine learning, and heightened user education to fortify defenses against identity-based threats.

The Asia Pacific region is witnessing a notable upsurge in the identity threat detection and response (ITDR) market, propelled by several converging factors conducive to cyberattacks targeting identities. Rapid digitalization across APAC economies, marked by a surge in e-commerce, online banking, and cloud adoption, has expanded the attack surface for cybercriminals. Additionally, the high prevalence of mobile device usage in the region introduces new security challenges due to inherent vulnerabilities. Stricter data privacy regulations, evolving regulatory landscapes, and a need for cybersecurity awareness further exacerbate the risk landscape. Local cybercrime groups exploit regional vulnerabilities, necessitating tailored ITDR solutions. The region's significance as a hub for innovative companies underscores the growing importance of protecting intellectual property. Government initiatives promoting cybersecurity infrastructure and ITDR adoption emphasize the urgency of addressing identity-based threats. As organizations recognize the escalating costs of data breaches, demand for proactive identity security solutions in the APAC region continues to soar, driving the adoption of robust ITDR measures.

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The major players in the identity threat detection and response market include Microsoft (US), IBM (US), CrowdStrike (US), Zscaler (US), Tenable (US), Veronis (US), BeyondTrust (US), CyberArk (US), Proofpoint (US), Quest (US), Oort(US), Vectra (US), Proficio (US), Qomplx (US), Adaptive Shield ( Israel), Acalvio (US), Authomize (Israel), Illusive (US), Mindfire (UAE), Rezonate (US), Semperis (US), Sentinelone (US), Silverfort (Israel), Netwrix(US), Vericlouds (US), Microminder (UK), Quorum Cyber (UK) and Mixmode (US).

 The companies have diverse product lines and extensive global reach. With the digital landscape constantly changing and applications becoming more complex, companies invest in identity threat detection and response to secure their operations in a connected world. Using their worldwide presence, these firms offer a wide range of products. They focus on introducing new products, forming partnerships, acquiring other companies, collaborating with others, and securing contracts to strengthen their position in the market. By leveraging their research and development capabilities and diverse range of products and services, they aim to expand their presence in the market.

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