The global Security Orchestration Automation and Response (SOAR) market size is expected to reach USD 3.3 billion by 2030, according to a new study by Polaris Market Research. The report “Security Orchestration Automation and Response (SOAR) Market Share, Size, Trends, Industry Analysis Report, By Offering (Solutions, and Services); By Application; By Deployment Mode; By Organization Size; By Vertical; By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The rapidly rising cybersecurity experts in the public and private sectors are assisting the market to grow as the need for security has grown across the various verticals which is boosting the market growth over the forecast period. Also, it is well known that there is a severe lack of trained workers in the cybersecurity sector. For instance, in August 2021, US firms in the private and public sectors posted an expected 450,000+ job opportunities for cybersecurity experts, according to data from Cyberseek. It is a widespread issue, and there is an exponential increase in the need for qualified people to deal with the prevalence and sophistication of cyber threats.
Additionally, major players are collaborating to develop advanced security solutions. In May 2022, the Zero Trust Segmentation business Illumio, Inc. revealed a strengthened partnership with IBM Security and a new connection between their solutions for cutting-edge end-to-end threat detection and mitigation.
Due to a lack of resources, the majority of businesses find it challenging to train and establish specialized security teams that can conduct full-time threat hunting. These aforementioned factors are propelling market growth.
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Further, due to the sheer usage of Bring your own device (BYOD) and consolidated patient data, the healthcare sector is now more susceptible to sophisticated cyberattacks. As a result, security orchestration automation and response are becoming more widely used. Healthcare apps and data are protected against vulnerabilities by security orchestration solutions. The quick uptake of security orchestration automation and response systems in the healthcare industry has also been facilitated by increased legal constraints, such as HIPAA compliance. The regulatory criteria raise the need for security orchestration automation and response and help to protect sensitive data, create digital signatures, secure network gateways, and encrypt databases.
Security Orchestration Automation and Response (SOAR) Market Report Highlights
- The services segment is anticipated to grow at a significant CAGR over the forecast period. These systems are used in both public and commercial businesses to monitor security alerts and stop new threats. Due to this, the market for security orchestration, automation, and response has seen significant expansion.
- Cloud segment is anticipated to dominate the segment of deployment mode during the targeted period. The adoption of cloud computing is rising in the IT, other services, and security industries as a result of modernization and after COVID-19. Because more people are using the cloud, hackers can access online data.
- Asia-Pacific region is the fastest-growing region over the forecast period due to rising investments in large R&D efforts and the concentration of the majority of market competitors in this area. The cyber threat environment in these nations is evolving daily, and the threats faced by enterprises are rising alarmingly fast.
- The global players include Ayehu Software Technologies, Anomali ThreatStream, D3 Security D3 SOAR, LogRhythm, Splunk, ThreatConnect, and ThreatQuotient ThreatQ
Polaris Market Research has segmented the Security Orchestration Automation and Response (SOAR) market report based on offering, application, deployment mode, organization size, vertical, and region:
Security Orchestration Automation and Response (SOAR), Offering Outlook (Revenue – USD Billion, 2018 – 2030)
Security Orchestration Automation and Response (SOAR), Application Outlook (Revenue – USD Billion, 2018 – 2030)
- Threat Intelligence
- Network Forensics
- Incident Management
- Compliance Management
- Workflow Management
Security Orchestration Automation and Response (SOAR), Deployment Mode Outlook (Revenue – USD Billion, 2018 – 2030)
Security Orchestration Automation and Response (SOAR), Organisation Size Outlook (Revenue – USD Billion, 2018 – 2030)
- Large Enterprises
Security Orchestration Automation and Response (SOAR), Vertical Outlook (Revenue – USD Billion, 2018 – 2030)
- Energy and Utilities
- IT and Telecom
Security Orchestration Automation and Response (SOAR), Regional Outlook (Revenue – USD Billion, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa