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.
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398 – Tables
39 – Figures
282 – Pages
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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.
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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.
Key Players
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).
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