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Security Orchestration Automation and Response Market Trend, Global Industry Size, Price, Future Analysis, Regional Outlook to 2024
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SOAR is offered as a platform or as a solution by the cybersecurity vendors. The platform enables organizations to collect data from various sources and respond to security operations from a single system.

According to a research report "Security Orchestration Automation and Response (SOAR) Market by Solutions, Services (Professional Services, Managed Services), Application, Deployment Mode (On-premises, Cloud), Organization Size, Vertical, and Region - Global Forecast to 2024", published by MarketsandMarkets, the SOAR market size is projected to grow from USD 868 million in 2019 to USD 1,791 million by 2024, at a CAGR of 15.6% from 2019 to 2024. The major drivers for the market include the rising need for compliance and enable a centralized view on threats.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=176584778

Based on organization size, the large enterprises segment is estimated to lead the market in 2019.

Large enterprises are defined as business entities with over 1,000 employees. Cyber attackers steal large sums of money from large enterprises and often these attacks happen over long periods of time. In 2017, the NotPetya cyberattack spread from Ukraine and severely affected the Danish company, A.P. Møller-Mærsk, the world’s largest container shipping company, causing a loss of USD 200-300 million. Similar losses were faced by Merck & Co., one of the largest pharmaceutical companies in the world. It was estimated that NotPetya suffered damages of over USD 10 billion. As large enterprises are often spread across many countries, and across many units, they require a central approach to visualize all threats and avoid errors that might occur through manual intervention. SOAR solutions provide the required solutions which can orchestrate all the processes and solutions and offers a combined effort by man and machine to remediate threats.

Based on vertical, the healthcare sector is projected to grow at the highest CAGR during the forecast period

The healthcare vertical covers information on personal health and critical data of patients. Data security is, therefore, of utmost importance to healthcare organizations. These organizations face several security challenges while maintaining the privacy of Electronic Health Records (EHR) and other related information. Moreover, due to highly proliferated digital medical devices, network management has become essential to save devices from malicious attacks. Additionally, with the adoption of technologies, such as BYOD and centralized information on patients, the healthcare vertical has become susceptible to advanced cyberattacks. Security orchestration solutions protect healthcare applications and data against vulnerabilities. Increased government regulations, such as the Health Insurance Portability and Accountability Act (HIPAA) compliance, have also resulted in the rapid adoption of SOAR solutions in the healthcare sector. The regulatory standards help in securing sensitive data, protecting identities by providing digital signatures, securing network gateways, and encrypting databases.

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North America is projected to lead the market during the forecast period

The North American region has sustainable and well-established economies, which empower these to invest significantly in R&D activities, thereby contributing to the development of new technologies in SOAR. The presence of a majority of key players is expected to be the major factor driving the growth of the market in this region. Key players, such as IBM Corporation (US), FireEye (US), Cisco Systems Inc. (US), Rapid7 (US), Splunk Inc. (US), Swimlane LLC (US), and Tufin (US), along with several start-ups in the region are offering SOAR solutions & services to cater the needs of customers.

Market Players

The major vendors covered in the SOAR market include IBM Corporation (US), FireEye (US), Cisco Systems Inc. (US), Rapid7 (US), Splunk Inc. (US), Swimlane LLC (US), Tufin (US), ThreatConnect (US), Demisto (Palo Alto Networks) (US), DFLabs (Italy), LogRhythm (US), Siemplify (US), Resolve Systems (US), CyberSponse (US), and Exabeam (US).

About MarketsandMarkets

MarketsandMarkets provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Aashish Mehra
MarketsandMarkets INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441

 

 

 

 

 

 

 

 

 

 

 

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