PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1120731
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1120731
Security Orchestration, Automation and Response (SOAR) Market size was valued at USD 1,205.1 Million in 2021, growing at a CAGR of 16.1% from 2022 to 2028.
SOAR is a technology that allow businesses to gather inputs watched over by the security operations team. For instance, alerts from the SIEM system and other security technologies can help define, prioritise, and drive standardised incident response activities. These technologies enable incident analysis and triage to be carried out by combining human and machine power. An organisation can define incident analysis and response processes using SOAR technologies and digital workflows.
The market for security orchestration automation and response is primarily driven by the escalating digitization-related data security concerns. However, the main problem that can impede the growth of the SOAR market is a lack of knowledge about SOAR. Other major drivers propelling the global SOAR market include the requirement to control cyber risks and the improvement of detection and response activities across verticals. Moreover, with the increasing cases of fishing, every event and its accompanying actions may be managed at machine speed using SOAR. Having a SOAR solution manage email ingest and parsing, threat intelligence lookups, response, and remediation suggests that all such actions are carried out at rates that are significantly faster than what is humanly possible. Digital transformation is intensified during pandemics in BFSI, IT and ITeS, healthcare, and other industries. Because of the rise in web and cloud traffic brought on by the adoption of the remote work trend, demand for cybersecurity and security orchestration, automation, and response security is exploding in every industry. Enterprises are becoming more interested in security orchestration, automation, and response security to combat various cyberthreats and attacks as a result of the COVID-19 pandemic in 2020.
The Global Security Orchestration, Automation and Response (SOAR) Market is segmented on the basis of Offering, Organization size, Application and Region.
The market is divided into three categories based on component: Platform, Solution & Services, The platform segment dominates the global market with 46.4% market share. This is because the leading manufacturers are enhancing their product offerings to address digitization-related data security concerns of customers.
The market is divided into six categories based on application: Threat Intelligence, Network Forensics, Incident Management, Compliance Management, Workflow Management, Others The Network forensic application segment is expected to dominate the market with 43% share global Security Orchestration, Automation and Response (SOAR) market. The field of digital forensics known as network forensics organises, watches, and examines computer network traffic in order to spot intrusions and cyberattacks. It aids in locating unapproved computer system access. Network forensics' major objective is to track network activity and offer centralised network data analysis so that enterprises can protect their data and applications against sophisticated cyberattacks. In order to expedite network traffic investigation, prioritise risks, and address security events with the least amount of time and effort, computer experts and security orchestration providers are merging security orchestration systems with powerful network forensic capabilities.
The global market for Security Orchestration, Automation and Response (SOAR) is made comprises of a number of both international and local producers, making it fairly competitive sectors in the world. A key trend among the key market player is the increase in M&As, collaborations, acquisitions, and finance. Companies can quickly broaden their regional reach and current product portfolio through M&A and partnership.
For instance, in In May 2022, Bugcrowd partnered with IBM to Connect to SOAR Space with IBM Resilient Integration. Moreover, in January, 2022 Revelstoke launched a new Security Orchestration Automation and Response (SOAR) solution. The solution will be used to automate analysis projects within Security Operations Centers (SOCs).
The scope of this report covers the market by its major segments, which include as follows: