CHICAGO, July 8, 2022 /PRNewswire/ — According to a research report “Security Orchestration, Automation and Response (SOAR) Market by Offering (Platform & Solutions, Services), Application (Threat Intelligence, Network Forensics, Compliance), Deployment Mode, Organization Size, Vertical and Region – Global Forecast to 2027,” published by MarketsandMarkets™, the global SOAR Market size is expected to grow from an estimated value of USD 1.1 billion in 2022 to USD 2.3 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 15.8% from 2022 to 2027. As SOAR helps security team to fight against alert fatigue, growing incidents of phishing emails and ransomware is driving the market growth.
Browse in-depth TOC on “Security Orchestration, Automation and Response Market”
398 – Tables
39 – Figures
282 – Pages
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=176584778
By offerings, services segment to grow at higher CAGR during forecast period
Services involve support offered by security vendors to assist their customers to use and maintain security products efficiently. With the increasing sophistication in cyberattacks, organizations are adopting security services to address risks related to cyber threats as well as prevent them. The security services market is segmented across two major types: professional services and managed services. These services enhance the security portfolio of enterprises and safeguard their systems from unauthorized access, exploitation, and data loss. With the increasing digitalization and changing regulatory norms, customers need continuous guidance from SOAR implementation experts. This expertise gathered from managed services helps consumers design customized solutions for their business processes. MSPs also ensure customers are aware of the Return on Investment (RoI) on their security platform.
By deployment mode, cloud segment to grow at higher CAGR during forecast period
With the rapid digital transformation, organizations are changing their operating models and embracing cloud-based solutions. Cloud-based deployment offers several benefits to organizations, such as scalability and agility, reduce physical infrastructure, less maintenance cost, and 24/7 data accessibility from anytime, anywhere. Thus, organizations are adopting cost-effective SOAR solutions to prevent and protect volumes of data from cyberattacks. Cloud platforms automate all the process in an organization that falls short of staff to monitor security operations. These platforms also offer additional support and consulting services.
Speak to Analyst: https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=176584778
By Region, Asia Pacific to grow at a higher CAGR during the forecast period.
Asia Pacific comprises some of the world’s largest economies, such as China, India, Japan, and Australia. The cyber threat landscape in these countries is changing every day, with threats experienced by organizations increasing at an alarming rate. In 2021, the most targeted region for cyberattacks was Asia Pacific, it accounted for one in four cybersecurity attacks launched worldwide. The most incidents in the region were experienced by Japan, Australia, and India, where server access and ransomware were amongst the most popular forms of attacks. The type of threats faced by Asia Pacific countries is also changing and growing more complex each day. Asia Pacific is also proactively leading the charge in the development and adoption of many new technologies, including smart cities. As more and more technologies or complex projects are being taken up, the region also becomes increasingly vulnerable to more sophisticated threats. To address these increasing vulnerabilities, many companies are expanding into Asia Pacific. For example, Swimlane, a major vendor of SOAR has extended its cloud-based security automation into Asia Pacific Japan (APJ) amid momentous growth in region.
Major vendors in the global Security Orchestration, Automation and Response (SOAR) Market include IBM (US), Cisco (US), Rapid7 (US), Palo Alto Networks (US), Splunk (US), Swimlane (US), Tufin (US), Fortinet (US), ThreatConnect (US), Trellix (US), Sumo Logic (US), Siemplify (US), LogRhythm (US), Resolve (US), Exabeam (US), manageEngine (US), KnowBe4 (US), D3 Security (Canada), Qvine (US), Cyware (US), LogicHub (US), Cyberbit (US), Logsign (Netherland), SIRP (UK), Tines (Ireland).
Browse Adjacent Markets: Information Security Market Research Reports & Consulting
Cybersecurity Market by Component (Software, Hardware, and Services), Software (IAM, Encryption, APT, Firewall), Security Type, Deployment Mode, Organization Size, Vertical, and Region (2022 – 2026)
Security Information and Event Management Market by Component, Application, Deployment Mode, Organization Size, Vertical (Information, Finance and Insurance, Healthcare and Social Assistance, Utilities), and Region – Global Forecast to 2025
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.