Cyber Incident Management Software Market Size, Share, Growth, Trends, and Global Industry Analysis: By Type (Cloud-based and On-premises), By Application (IT & Telecommunications, Healthcare & Life Sciences, Retail & Consumer Goods, Media & Entertainment, Automotive, Aerospace & Defense, Others), and Region

Cyber Incident Management Software Market size was valued at US$ 2,984.6 million in 2023 and is anticipated to grow at a CAGR of 14.8 % over 2024-2030. Cyber incident management software, also known as cybersecurity incident management software or cyber incident response software, refers to specialized technology solutions designed to help organizations effectively detect, manage, and respond to cyber incidents and security breaches. These incidents can include data breaches, malware infections, ransomware attacks, unauthorized access, and other cybersecurity threats that compromise the integrity, confidentiality, or availability of an organization's digital assets.

The escalating frequency and sophistication of cybersecurity threats play a pivotal role in driving the revenue growth of the cyber incident management software market. As cyberattacks become more prevalent and varied, organizations recognize the imperative of having robust incident management solutions in place to swiftly identify, respond to, and mitigate these threats. The increasing complexity of cyber threats, ranging from ransomware and data breaches to zero-day vulnerabilities, underscores the need for specialized software that can facilitate real-time incident detection, comprehensive analysis, and rapid response coordination. Moreover, stringent data protection regulations and industry standards serve as powerful drivers for the sales of cyber incident management software. As governments and regulatory bodies worldwide impose increasingly rigorous requirements for data security and breach reporting, organizations are compelled to invest in solutions that ensure compliance. Cyber incident management software plays a pivotal role in helping businesses meet these mandates by providing a structured framework for incident response, data breach assessment, and timely reporting. The software aids in maintaining transparency with regulatory authorities and customers, thereby mitigating potential fines, legal liabilities, and reputational damage.

However, implementing cyber incident management software can be a substantial upfront investment for organizations, including the cost of software licenses, training, and integration with existing systems. This cost factor might limit the adoption of cyber incident management software. Meanwhile, combining incident management software with security orchestration and automation platforms (SOAR) can create significant opportunities for the growth of the cyber incident management software market. Key market players developing innovative solutions to cater to the end-users. For instance, in February 2023, Integreon developed CyberHawk-AI, an advanced automated technology that utilizes artificial intelligence (AI) to streamline the process of extracting and analyzing sensitive data following cyber breaches.

Cyber Incident Management Software Market Key Developments:        

• In September 2022, Google acquired Mandiant to help organizations improve their threat, incident, and exposure management.
• In December 2022, Hexagon acquired Qognify to strengthen its physical security and incident management capabilities.