The Company’s Security Operations Platform Continues to Drive Global Growth Across All Market Segments
EDEN PRAIRIE, Minn., June 04, 2024 (GLOBE NEWSWIRE) — Arctic Wolf®, a leader in security operations, today announced that in the recently published Gartner® report: “Market Share: Security Services, Worldwide, 2023”[1], Arctic Wolf has the highest revenue growth rate of the 46 vendors included. In the report, Gartner also notes that “The worldwide security services spending grew by 13.6% to $65.6 billion in 2023 from $57.7 billion in 2022. Security professional services is the largest security services market with a 36.9% share in 2023. Managed security services (MSS) emerged as the fastest-growing security services market with a 17.4% growth. Managed detection and response (MDR), a subsegment of MSS, grew at 22.6% to $6.1 billion in 2023 from $5.0 billion in 2022.”
The Arctic Wolf Security Operations Platform is the premier customer choice for organizations globally looking to rapidly advance critical security operations outcomes, all delivered with the ease and simplicity of a single unified technology solution. Leveraging one of the fastest growing open-XDR platforms at scale, Arctic Wolf has become the security operations platform of record for organizations worldwide looking to consolidate and reduce the number of point products they operate within their business.
With its unique Concierge Delivery Model and Security Journey solutions that drive a distinct advantage for its customers, we believe Arctic Wolf is not only supporting organizations in staying resilient in the face of a sophisticated threat landscape, but also in improving insurability and incident readiness to decisively reduce cyber risk.
“As threat actors continue to become more advanced, and the global cybersecurity skills shortage persists, organizations of all sizes continue to turn to trusted third-parties to help them better operationalize their cybersecurity investments,” said Nick Schneider, president and chief executive officer, Arctic Wolf. “Arctic Wolf is the first vendor to bring to market a technology platform uniquely spanning the full security operations framework and we feel our market-leading growth rate demonstrated in this Gartner report is a direct testament to how well we address the security needs of our customers. The Arctic Wolf Platform is now the cybersecurity center of gravity for more than 5,200 organizations globally and we remain committed to delivering innovative market solutions with speed, efficacy, and a focus on value.”
As we continually advance the network effects of our platform, Arctic Wolf now ingests, parses, enriches, and analyzes more than 5.2 trillion security events per week. With its open-XDR architecture and advanced AI-algorithms, the Arctic Wolf Platform integrates hundreds of security data sources to power a portfolio of security operations solutions that include Managed Detection and Response, Managed Risk, Managed Security Awareness, and Incident Response.
We believe that with the highest growth rate in the global security services market, Arctic Wolf continues to entrench itself not only as a leading cybersecurity platform, but also as a transformative technology company. In the last 12 months, Arctic Wolf has been named to the CNBC Disruptor 50 for a third consecutive year, the Forbes Cloud 100 for a second consecutive year, and to the inaugural edition of the Fortune Cyber 60. Additionally, the company was named a Leader in the 2024 IDC MarketScape for Worldwide Managed Detection and Response Services. We were also recognized as a Customers’ Choice for the North America region in the Gartner Peer Insights™ Voice of the Customer for Managed Detection and Response and received the highest overall rating and the highest Willingness to Recommend scores in the January 2024 Gartner Peer Insights™ Voice of the Customer for Vulnerability Assessment.
Additional Resources:
- Join the conversation with Arctic Wolf on Facebook, Twitter, LinkedIn, and YouTube
- Visit arcticwolf.com to learn more about our security operations solutions
- If you’re ready to get started, request a demo, get a quote, or conduct a Security Operations Maturity Assessment
- Want to join Arctic Wolf’s Partner Program? Apply today
1Gartner, “Market Share: Security Services, Worldwide, 2023”, Shailendra Upadhyay, Rahul Yadav, Akshita Joshi, Matt Milone, Travis Lee, May 22, 2024.
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About Arctic Wolf:
Arctic Wolf® is a global leader in security operations, enabling customers to manage their cyber risk in the face of modern cyber-attacks via a premier cloud-native security operations platform. The Arctic Wolf Security Operations Cloud ingests and analyzes more than 5.2 trillion security events a week to help enable cyber defense at an unprecedented capacity and scale, empowering customers of virtually any size across a wide range of industries to feel confident in their security posture, readiness, and long-term resilience. By delivering automated threat protection, response, and remediation capabilities, Arctic Wolf delivers world-class security operations with the push of a button so customers can defend their greatest assets at the speed of data.
Press Contact:
Reagan McAfee
Reagan.mcafee@arcticwolf.com
916-996-4969
© 2024 Arctic Wolf Networks, Inc., All Rights Reserved. Arctic Wolf, Arctic Wolf Platform, Arctic Wolf Security Operations Cloud, Arctic Wolf Managed Detection and Response, Arctic Wolf Managed Risk, Arctic Wolf Managed Security Awareness, Arctic Wolf Incident Response, and Arctic Wolf Concierge Security Team are either trademarks or registered trademarks of Arctic Wolf Networks, Inc. or Arctic Wolf Networks Canada, Inc. and any subsidiaries in Canada, the United States, and/or other countries.
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