PUBLISHER: The Business Research Company | PRODUCT CODE: 1392884
PUBLISHER: The Business Research Company | PRODUCT CODE: 1392884
“Security Orchestration, Automation And Response (SOAR) Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on security orchestration, automation and response (soar) market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for security orchestration, automation and response (soar)? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The security orchestration, automation and response (soar) market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Security Orchestration, Automation, and Response (SOAR) encompass a set of technologies designed to enable businesses to collect information and security alerts from various sources. Through security orchestration, automation, and response tools, enterprises can define response processes and conduct threat analysis systematically in a digital workflow format, without requiring human intervention.
The main components of Security Orchestration, Automation, and Response include solutions and services. SOAR solutions are technological tools deployed over the cloud or on premises, assisting organizations in defending against cyber-attacks that could lead to consequences such as application downtime, theft of sensitive data, reputational damage, compliance fines, and other negative outcomes. These solutions are utilized by both small and medium enterprises as well as large enterprises. Applications of SOAR include threat intelligence, network forensics, incident management, compliance management, workflow management, and others. Various end users, such as those in BFSI, retail, healthcare, energy and utilities, government, IT and telecommunications, among others, benefit from the functionalities of SOAR.
The security orchestration automation and response (SOAR) market research report is one of a series of new reports from The Business Research Company that provides security orchestration automation and response (SOAR) market statistics, including security orchestration automation and response (SOAR) industry global market size, regional shares, competitors with a security orchestration automation and response (SOAR) market share, detailed security orchestration automation and response (SOAR) market segments, market trends and opportunities, and any further data you may need to thrive in the security orchestration automation and response (SOAR) industry. This security orchestration automation and response (SOAR) market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The security orchestration, automation and response (soar) market size has grown rapidly in recent years. It will grow from $1. 48 billion in 2023 to $1. 7 billion in 2024 at a compound annual growth rate (CAGR) of 14. 8%. The growth observed in the historical period can be attributed to the increasing volume and complexity of cybersecurity incidents, the imperative for rapid incident response and resolution, the integration with threat intelligence platforms, a shortage of cybersecurity talent, and a focus on streamlining security operations.
The security orchestration, automation and response (soar) market size is expected to see rapid growth in the next few years. It will grow to $3. 13 billion in 2028 at a compound annual growth rate (CAGR) of 16. 6%. The anticipated growth in the forecast period can be attributed to the expansion of threat detection and response capabilities, increased adoption by small and medium enterprises (SMEs), the growth of cloud-based SOAR solutions, and an emphasis on cross-platform orchestration and automation. Key trends expected in the forecast period include threat hunting and proactive incident detection, the integration of SOAR with Security Information and Event Management (SIEM), a focus on User and Entity Behavior Analytics (UEBA) in SOAR, the automation of routine security tasks and workflows, and a continuous focus on improving and optimizing SOAR processes.
The anticipated rise in cyberattacks is poised to drive the future growth of the security orchestration, automation, and response (SOAR) market. Cyberattacks, characterized by unauthorized attempts to access computers, computing systems, or networks with the intent of causing harm, have seen a notable increase. Security orchestration plays a pivotal role in enhancing the effectiveness of security operations, incorporating numerous cybersecurity tools to prevent, detect, and remediate cyber threats. Forbes reported a 15. 1% increase in cyberattacks and data breaches in the US in 2021, underscoring the urgency for robust security measures. Consequently, the surge in cyberattacks is a significant factor fueling the growth of the security orchestration, automation, and response market.
The escalating adoption of cloud computing is expected to be a driving force behind the growth of the security orchestration, automation, and response (SOAR) market. Cloud computing involves delivering various computing services over the internet, encompassing servers, storage, databases, networking, software, and analytics. The unique security challenges posed by cloud environments, such as data exposure, identity management, and misconfigurations, create a demand for SOAR solutions tailored to address these issues. According to Exploding Topics, cloud infrastructure services' annual revenue is projected to reach $178 billion, with 90% of large businesses implementing multi-cloud infrastructure. Additionally, the cloud applications market is estimated to reach $168. 6 billion by 2025. Hence, the increasing adoption of cloud computing is expected to contribute significantly to the Security Orchestration, Automation, and Response (SOAR) market's growth.
Technological advancements have emerged as a prominent trend gaining traction in the security orchestration, automation, and response markets. Major companies in this sector are actively introducing new technologies to fortify their positions. For example, Revelstoke, a US-based IT company, launched a next-generation SOAR solution in January 2022, designed to automate security operations centers effectively. This SOAR platform streamlines analysis, eliminates the need for software development, optimizes workflows, prevents vendor lock-in, scales processes, and facilitates rapid incident resolution.
Major players in the security orchestration, automation, and response (SOAR) market are strategically partnering to develop and expand their operations. Strategic partnerships involve formal relationships established between companies or organizations to pursue common goals or projects. In May 2022, Cohesity, a US-based data management company, collaborated with Palo Alto Networks, a US-based cybersecurity company, to enhance the detection and recovery of ransomware attacks. This partnership integrates Cohesity's system, which alerts to unusual activity in backup data, with Palo Alto Networks' Cortex XSOAR, automatically taking steps to mitigate the impact of ransomware attacks. Such collaborations bolster threat detection and response capabilities, contributing to enhanced data security.
In January 2022, Google LLC, a US-based technology company, acquired Siemplify for $500 million, intending to integrate security orchestration, automation, and response capabilities into Google Chronicle security solutions. This acquisition positions Google Cloud to strengthen security threat response management, offering enhanced capabilities to organizations in managing and mitigating security threats. Siemplify, a US-based SOAR provider, contributes to Google's efforts to fortify its security solutions.
Major companies operating in the in the security orchestration, automation and response (soar) market report are IBM Corporation., Cisco Systems Inc., FireEye Inc., Palo Alto Networks Inc, Swimlane LLC., Rapid7, LogRhythm Inc., Splunk Inc., DFLabs S. p. A, Cyberbit, ThreatConnect, CyberSponse Inc., D3 Security Inc., Resolve Systems LLC., Exabeam Inc., Tufin, Musarubra US LLC., Ayehu Inc., Anomali ThreatStream Inc., Fortinet Inc., Stellar Cyber Inc., Uptycs Inc., Zscaler Inc., BigPanda Inc., Demisto Inc., Niara Inc., LogicHub Inc., Lumu Technologies Inc.
North America was the largest region in the security orchestration, automation and response (SOAR) market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the security orchestration, automation and response (soar) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the security orchestration, automation and response (soar) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
The security orchestration automation and response (SOAR) market includes revenues earned by entities by providing threat intelligence, network forensics, incident management, compliance management, workflow management, professional services and managed services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.