At 15.58% CAGR, Security Orchestration Automation and Response (SOAR) Market to hit USD 3.19 Billion by 2028, Says Brandessence Market Research

LONDONFeb. 28, 2022 /PRNewswire/ — According to Brandessence Market Research, The Global Security Orchestration Automation and Response (SOAR) market size reached USD 1.16 Billion in 2021. Our analysts predict that the is set to grow at robust CAGR of 15.58% CAGR during the 2021-2028 periods, reaching a total of USD 3.19 Billion by 2028 end. Rising number of providers and state-of-the-art development centers are some of the major factors driving the growth of the global Security Orchestration Automation and Response (SOAR) market.

Security orchestration automation and response market is a market that is touted to grow at a breakneck speed in the coming years. This is a true statement to the products and services which are meant for information security and how they have been helping in the penetration of the security orchestration automation and response market. The global market is penetrating as the products are scalable, functional and not very difficult to use.

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Scope of The Security Orchestration Automation and Response (SOAR) Market Report:

A lot of the organizations in the world are making their best efforts for exploring more and more security orchestration automation and response technologies and the potential it can have in the coming future. The dynamics of security orchestration are centered around cloud and are now going over and above the purview of data collection and retention as well as analysis of high volume of cloud and IT application data for gauging advanced response to threats which are detected.

Market Trends of SOAR Market:

Further, the rising new technologies such as IT, OT, cloud and blockchain are creating a good amount of demand in the global market. The other factors which are majorly bolstering the growth of the global market are the rising number of threats to security, how sophisticated they are, how the complexity of the business environment is increasing, and the deficit of skills. There are organizations which are now making safety and security their priority through which they are increasing communication to create the future of the SOAR market trends. The global market is expected to witness a great amount of growth as the organizations are trying to figure out ways of transferring data in real-time. As the technology grows, there is going to be a growth in the security measures needed to protect the data. That acts as a security orchestration key driver. What pegs the market back right now though is the lack of security professionals in the market. Not many are equipped to handle the technology. There is a lack of adoption are would involve companies investing majorly and particularly in the digitalization of the security orchestration. The global security orchestration automation and response market is benefitting greatly from the adoption of digitalization but it also acts as a challenge as creating skilled individuals will be a costly affair. The vulnerabilities are going to always increase as the technologies grow and digitalization grows and the need for securitization is also going to increase.

The security orchestration automation and response (SOAR) platform is a solution which is offered to the vendors in the cybersecurity space. This is a platform which allows the organizations to the data from a lot of different sources and integrate them with each other and also automate the tasks that go across workflows as it makes sure that the element of human intervention is maintained. Implementing these solutions is a complex task which is done by multiple organizations for the purpose of managing the security alerts and making sure that further cyber attacks do not take place. With the increase in levels of cyberattacks, the organizations are doing their best to adopt the security services which address the rise in risks in a landscape that is evolving all the time. The segmentation further takes place into managed and professional service.

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Security Orchestration Automation and Response (SOAR) Market Top Companies Analysis:

The major players in the security orchestration automation and response market are companies such as IBM Corporation, FireEye, Cisco Systems Inc., Rapid7, Splunk Inc., Swimlane LLC, Tufin, ThreatConnect, Demisto (Palo Alto Networks), DFLabs, LogRhythm, Siemplify, Resolve Systems, CyberSponse and Exabeam which offer the companies a whole lot of innovation and ways by which they can secure their systems against cyber-attacks. In the recent developments, IBM has partnered with Everbridge where the integration of QRadar Security Intelligence Platform of IBM will be done with IT Alerting of Everbridge. This is a joint solution which is going to enable all many organizations to make their communications, orchestration and collaborations automated and streamline the process of incident response and its securitization. NetFort, which was a company that provides traffic visibility end-to-end network, was recently acquired by Rapid7. It could also provide analytics across the virtual, cloud and physical networks. This is an acquisition which is going to bring visibility, monitoring and the analytics capabilities in to the Insight Cloud.

News: Revelstoke Nabs $13M to Launch Low-Code SOAR Solution

On January 26th, 2022; Revelstoke has launched a new Security Orchestration Automation and Response (SOAR) solution intended to automate analysis projects within Security Operations Centers (SOCs). The organization also raised up around USD 13 million in funding.

SIRP Launched SOAR-as-a-Service for SOC Teams to Streamline Incident Response Management

On March 4th, 2021; SIRP, a leading No-code Risk-based Security Orchestration, Automation and Response (SOAR) platform provider, announced the launch of its SOAR-as-a-Service offering. The cloud-based model provides a fast, flexible solution for enterprises and MSSPs who can access its single, centralized interface to gain valuable intelligence and context on threats, reducing incident response times from hours to minutes. SIRP’s SOAR platform is designed to help organizations struggling with a growing number of security alerts by helping teams decide where incident responders should focus their activity. Its risk-based approach uses machine learning algorithms to assess security data relevancy so teams can make more informed decisions and dramatically reduce response time.

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Segmentation Analysis of SOAR Market:

As far as the segmentation of the global market is concerned, on the basis of component, the services segment will be growing at higher rate than any other segment in the coming few years. In terms of application, the segment that is expected to lead the global security orchestration automation and response market is the threat analysis segment. The threat solutions make sure that they are collecting and analyzing the information which comes in about the existing threat vectors which evolve continuously. The threat come from different sources and offer actionable intelligence feeds on these threats and also provide solutions for it which may be utilized effectively by a lot of the security control solutions. These solutions have the job of keeping these organizations informed against the risk of a lot of these threats such as the APTs or Advanced Persistent Threats, the Zero Day attacks and other threats. This will help the organizations protect themselves against the occurrences of data breach. The increasing dependence of all these organizations on communication and information technology is going to simplify a lot of the business processes which are vulnerable to the cybercrimes and security attacks. The threat analysis solutions are providing an effective detection of threat for the alleviation of the cyber security threats and also the business risks that come with it. These will end up reducing the potential damage and improving the security infrastructure of the organization.

By Component:

  • Solutions
  • Services

By Services:

  • Professional Services
  • Managed Services

By Application:

  • Threat Intelligence
  • Network Forensics
  • Incident Management
  • Compliance Management
  • Workflow Management
  • Others

By Organization Size:

  • SMEs
  • Large Enterprises

By Deployment Mode:

  • Cloud
  • On-premises

By Vertical:

  • BFSI
  • Retail
  • Healthcare
  • Energy & Utilities
  • Government
  • IT & Telecom
  • Others

Regional Analysis: