The global security orchestration automation and response (SOAR) market is anticipated to grow at a significant CAGR during the forecast period (2024-2031). SOAR is a solution offered by cybersecurity vendors. It empowers organizations to collect information from multiple sources and react to security operations from a solitary unit. The execution of these platforms is done in private or public organizations to oversee security alerts and to reduce further cyberattacks. As the refinement level in cyberattacks vector is rising at a significant rate, various organizations are implementing security services to address increasing risk in a persistently elevating threats landscape. This factor is anticipated to boost the growth of the market.
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The substantially growing number of false alerts is the major factor that is anticipated to drive the global SOAR market during the forecast period. The rising cases of cyber-attacks and stringent regulatory bodies’ compliances and regulations are some factors that elevated the demand for security orchestration automation and response (SOAR) and propel market growth. Additionally, the lack of a centralized view on threats and lack of availability of staff are some key factors that are expected to create lucrative opportunities for the growth of the market during the forecast period.
Moreover, the key players present in the global SOAR market include IBM Corp., FireEye, Cisco Systems, Inc., and others are adopting various strategies, such as product launches, mergers & acquisitions, among others to remain competitive in the market. For instance, in July 2019, FireEye announced the launch of two innovative managed detection and response (MDR) services. FireEye managed defense nights and weekends and FireEye managed defense for endpoint security are two major MDR services that offer threat protection even in the off-hours and 24*7 visibility solutions.
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Market Coverage
- Segment Covered
- Regions Covered- Globally
Competitive Landscape- IBM Corp., FireEye, Cisco Systems, Inc., and others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominates the market in base year?
- Which segment and region will project fastest growth in the market?
- How COVID-19 impacted the market?
o Recovery Timeline
o Deviation from pre-COVID forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Security Orchestration Automation and Response (SOAR) Market Report Segmentation
By Component
- Solutions
- Services
By Application
- Threat Intelligence
- Network Forensics
- Incident Management
- Compliance Management
- Workflow Management
- Others
By Organization Size
- SMEs
- Large Enterprises
By Deployment Type
- Cloud
- On-Premises
By Vertical
- BFSI
- Retail
- Healthcare
- Energy & Utilities
- Government
- IT & Telecom
- Others
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