Security Orchestration Automation and Response (SOAR) Market to Witness Steady Growth with a CAGR of 10.9% by 2032

With a predicted value of US$ 1.3 billion in 2022 and a remarkable 10.9% CAGR to US$ 3.8 billion by 2032, the worldwide Security Orchestration Automation and Response (SOAR) market is expected to rise rapidly.

The growth of technologies such as blockchain, cloud, and IoT is expected to propel the SOAR market to phenomenal increase over the course of the estimated year. Many businesses prioritise security and safety in order to shape future trends in the SOAR industry.

However, it is impossible to overlook the possibility that SOAR’s security manpower scarcity may limit the market throughout the projected term.

Future Market Insights has entailed these facts with insights in its latest market study entitled ‘Security Orchestration Automation and Response (SOAR) market’. It has its team of analysts and consultants to deploy a bottom-up approach in its primary, secondary, and tertiary modes of research.

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“With large volumes of IT application and cloud data being analysed for gauging sophisticated responses to the threats detected, the global SOAR market is bound to grow on an explicable note in the forecast period”, says an analyst from Future Market Insights.

Key Takeaways from SOAR market

• North America holds the largest market share. This could be reasoned with wholesome investment done by the US against cyber-attacks.
• Europe holds the second-largest market share with Germany and the UK leading from the front. This could be attributed to rules imposed by the governments in this regard.
• The Asia-Pacific is expected to grow at the quickest rate in the SOAR market with China ruling the roost.

Competitive Analysis

• XM Cyber, in May 2021, did announce integration with Palo Alto Network’s Cortex XSOAR security orchestration automation and response technology.
• Securonix, in May 2021, did announce that its next-gen SIEM platform bagged the Best SIEM Solution award. The company was thus adjudged as a Trust Award Winner for cloud-first SIEM multi-cloud and hybrid businesses.
• Bugcrowd, in May 2022, entered into collaboration with IBM for bringing SOAR Space and IBM Resilient Integration on the same platform. Security teams make use of SOAR called IBM Resilient.
• Palo Alto Networks, in May 2022, did announce that it entered into collaboration with Cohesity with the objective of integrating SOAR platform with the latter’s AI data management platform for lowering customers’ risk to ransomware.
• ThreatConnect, in September 2020, completed acquisition of Nehemiah Security. The basic purpose is that of adding Cyber Risk Quantification to the former’s SOAR platform that exists.
• Splunk, in March 2022, did join hands with Ridge Security for shortening reaction times.

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What does the Report state?

• The research study is based on component (solution and services), organization size (small & medium enterprises, large enterprises), deployment mode (cloud and on-premises), application (threat intelligence, network forensics, incident management, compliance management, workflow management, and likewise), and by vertical (BFSI, government, energy & utilities, healthcare, retail, IT & telecom, and likewise).
• With product management, supply chain, sales, marketing, and various other activities getting digitized, the global SOAR market is expected to grow on an arduous note in the forecast period.

Key Segments

By Component:

• Solution
• Services

By Organisation Size:

• Small & Medium Enterprises
• Large Enterprises
• By Deployment Mode
  • Cloud
  • On-Premises

By Application:

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

By Vertical:

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

By Region:

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East and Africa (MEA)

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Author:

Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.

He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.