The Global Security Orchestration Automation and Response (SOAR) Market size is expected to reach $2.3 billion by 2025, rising at a market growth of 16.3% CAGR during the forecast period. Market growth is influenced by factors like growing cyber-attacks, absence of staff availability, strict laws and compliance, absence of centralized views on threats, and a large amount of false alerts that contribute significantly to the SOAR ecosystem.
SOAR (Security Orchestration, Automation and Response) is a solution stack of compatible software programs that enables an organization to gather information from various sources on security threats and cope without human help to low-level security incidents. The purpose of using a SOAR stack is to make physical and digital security activities more efficient. The term can be applied to compatible products and services that assist to identify, prioritize, standardize and automate incident response functions.
The cloud, the internet of things, and mobile today has significantly expanded the surface of the attack. Threat detection tools safeguard various network components. The deployment of different safety point solutions, however, has developed gaps in visibility. Additionally, there are vulnerabilities in data silos. Closing these gaps and incorporating information needs substantial resources, let alone time. At the same time, security teams are further overwhelmed by the alerts produced by the detection tools. If it remains this way, then the analysis of threat alerts from the disparate sources remains a manual, slow, and ineffective method.
Based on Component, the market is segmented into Software and Services. Based on Application, the market is segmented into Threat Intelligence, Incident Management, Network Forensics, Workflow Management, Compliance Management and Others. Based on Deployment Type, the market is segmented into On-Premise and Cloud. Based on Organization Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. Based on End User, the market is segmented into BFSI, Retail & Consumer Goods, Government, Energy & Utilities, Healthcare, Telecom & IT and Others. Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. There are well-established economies in the North American region that allow it to make significant investments in R&D operations, thus helping to develop new technologies in security orchestration and automation. It is predicted that the existence of influential players is expected to be the main driver of North American market growth.
The major strategies followed by the market participants are Product launches and Partnerships & Collaborations. Based on the Analysis presented in the Cardinal matrix, IBM Corporation and Cisco Systems, Inc. are some of the forerunners in the Security Orchestration Automation and Response (SOAR) Market. The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, FireEye, Inc., Cisco Systems, Inc., Palo Alto Networks, Inc. (Demisto, Inc.), Rapid7, Inc., Splunk, Inc., Swimlane LLC, ThreatConnect, Inc.,LogRhythm, Inc. and Tufin, Inc.
Market players are taking step-by-step approaches to leverage market possibilities. Companies focus on innovative market-space competitive strategies. For instance, in August 2019, Splunk integrated with Deloitte in order to provide automated security monitoring and response capabilities which helps in driving higher fidelity and greater consistency into security workflows and outputs for organizations. The same month, FireEye launched FireEye® Network Security 8.3 and FireEye Endpoint Security 4.8; are used for enhanced detection and investigation related to advanced attacks. Similarly, Tufin collaborated with Cisco in order to launch Tufin Orchestration Suite R19-2 for helping the customers to increase the mitigation process to Cisco ACI.