The global Security Orchestration, Automation and Response (SOAR) Market Size, Statistics, Growth, Opportunity, Trends Analysis

The global Security Orchestration, Automation and Response (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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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.

Europe consists of some of the most technologically advanced countries, such as the UK, Germany, and France. These countries also contribute to the region's economy and overall development. Europe is estimated to hold the third-largest share of the SOAR market in 2022, after the North American and Asia Pacific regions.

The government has established an agency named Agence Nationale de la Sécurité des Systèmes d'Information (ANSSI) to deal with the nation's cybersecurity. In 2022, a new cyber campus near Paris' La Défense business district is inaugurated. Specialists from the public and private sectors will be brought together at this center to develop new security and defend France and French businesses from cyberattacks. These parameters are expected to fuel the growth of the SOAR market in France.

The SOAR market is expected to witness growth in Germany, as the major market players in this country are focusing on expanding their presence in various verticals, such as BFSI, telecom and IT, retail and eCommerce, government, and defense. To bolster the country's cybersecurity posture, Germany is getting its version of a Defense Advanced Research Projects Agency headed jointly by the Defense and Interior ministries.

The UK firms have the lowest cybersecurity budgets compared to their average IT budget. These factors have led to increased threats, making the UK one of the most targeted countries in the world. Adopting security orchestration solutions can curb these threats and attacks by allowing organizations to take inputs from their security management systems. Additional capabilities such as case management, incident management, threat intelligence, dashboards, and reporting will also provide added protection from the threats.

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Key Players

Major vendors in the global 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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