New York, US, Oct. 26, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Security Orchestration Automation and Response Market information by types of Standards, by Components, by Application and Region – forecast to 2027” market size to grow at a compound annual growth rate of 14.6% to reach USD 2,027.2 million by 2025
The security orchestration automation and response (SOAR) market is growing at a rapid pace. The market growth acknowledges the information security products and services earning high marks for SOAR market penetration, functionality, manageability, ease of use, scalability, and customer service/support. SOAR plays a causal role in the development and advancements of SoCs.
Many organizations today are trying to explore more about the potential of security orchestration and automation technologies. SOAR platforms are often purpose-built for the cloud, moving beyond limited data collection, retention, and compliance reporting to analyze high-volume IT & cloud application data for advanced threat detection and response.
Dominant Key Players on SOAR Market Covered Are:
IBM Corporation (US)
Cisco Systems Inc. (US)
FireEye Inc. (US)
Palo Alto Networks (US)
Swimlane LLC (US)
LogRhythm Inc. (US)
Splunk Inc. (US)
Ayehu Software Technologies Ltd. (US)
D3 Security (US)
Resolve Systems (US)
ATAR Labs (Europe)
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Additionally, the rise of new technologies, like OT, IT, Blockchain, and Cloud, create substantial market demand. Other major factors bolstering the market growth include rising volume & sophistication of cyber threats, increasing complexity of business environments, and skill-shortage gap.
Organizations and products that are advancing the cause of safe & secure commerce and communications benefit the market growth and forge the industry's future. Investments made by major SOAR platform providers in developing SoCs and devices that can transfer data in real-time influence the market growth. Resultantly, the SOAR market is projected to witness significant traction in the years to come.
Market USP Exclusively Encompassed:
SOAR Market Drivers
The scarcity of security professionals and rising adoption of SOAR platforms are major trends in the market. Since SOAR fills the gap between security professionals and the vastly evolving threat landscape, enterprises are likely to extensively adopt these solutions in the years to come. Besides, the growing digitization leading to increasing vulnerabilities in data security is a major factor influencing the security orchestration and automation market growth.
Integration of SOAR solutions with cyber platforms is another key industry trend, allowing security analysts to receive additional contextual information in case of an incident prioritization to create an attack path toward a critical asset. The need to manage cyber threats and improve detection and response activities across verticals are other key factors boosting the SOAR market size.
Also, the adoption of more intelligent devices contributes the market growth, addressing the issues associated with bandwidth and latency and enterprise maturation. Conversely, the lack of awareness regarding SOAR is a major factor impeding the growth of this market. Nevertheless, the rising adoption of cloud services, business IoT specialists, and the most reliable IoT network would support the market during the assessment period.
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Segmentation of Market Covered in the Research:
The SOAR market forecast is segmented into components, applications, organization size, verticals, and regions. The component segment is sub-segmented into platforms and services. The service segment is categorized into professional and managed services.
The application segment is sub-segmented into security operations center (SOC) optimization, network forensics, threat intelligence, compliance management, and others. The organization size segment is sub-segmented into small and medium-sized enterprises (SMEs) and large enterprises.
The vertical segment is sub-segmented into banking, financial services and insurance, IT & telecom, government, energy and utilities, healthcare, retail and others. The region segment is sub-segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Rest-of-the-World.
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North America dominates the global security orchestration automation and response market. The region witnesses vast R&D investments for the advancement of security orchestration and automation technologies. Besides, the presence of a number of SOAR providers and state-of-the-art development centers in the region propel the growth of the market. With the high digitization to support large volumes of critical data needing SOAR platforms, the US leads the regional market.
Europe holds the second-best position globally in terms of security orchestration automation and response market revenue. The market growth is driven by the rising need among enterprises across industries and managed security service providers to comply with regulations imposed by governments. Additionally, the increasing digitalization and automation across industry verticals and Internet connectivity with high reliability in this region boost the security orchestration and automation market size.
The Asia Pacific region is witnessing a spurring rise in security orchestration automation and response market value. Factors such as the growing adoption of SOAR for security response incidents and security orchestration and automation threat intelligence are key growth drivers for the market. Furthermore, the adoption of 5G technology and AI/ML acceleration increases the region's SOAR market shares.
COVID-19 Impact on the Global SOAR Market
The COVID-19 outbreak impacted the SOAR market positively. With increasing IT & telecom transformations and the digital transformation of economies, the security orchestration and automation market geared up phenomenally. The Coronavirus pandemic has also fostered digitization and automation across the manufacturing sectors globally.
Many organizations have digitized their business processes, including supply chain & product management, sales & marketing, and others. The automation further increased the need for improved Internet connectivity to transfer data files in real-time with high reliability, cloud-based apps, and connected devices & IoT services.
The security orchestration automation and response market is witnessing a constant uptick over the past few months, and solution providers are making substantial investments to foster R&D activities to develop and improve SoCs.
The security orchestration automation and response market would witness various strategic approaches, such as collaboration, expansion, mergers & acquisitions, and advanced technologies integration. Major industry players make strategic investments in driving research and development activities and fostering their expansion plans.
For instance, recently, on May 04, 2021, XM Cyber, a leader in Attack-Centric Exposure Prioritization, announced the new integration with Palo Alto Network's Cortex XSOAR security orchestration automation and response (SOAR) platform. The new integration allows one-click access in the Cortex XSOAR Marketplace with risk-free attack simulation.
In another instance, on May 03, 2021, Securonix, Inc., a leader in Next-Gen SIEM, announced winning the Best SIEM solution award for its next-gen SIEM platform. The company is recognized as a Trust Award Winner for cloud-first SIEM serving hybrid and multi-cloud organizations.
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