According to a research report "Security Orchestration Automation and Response (SOAR) Market major factors driving the market include the increasing number of false alerts. Security Orchestration Automation and Response (SOAR) Market by component, application, organization size, deployment mode, vertical, region, and analyze the various macroeconomic and microeconomic factors that affect market growth - Global Forecast to 2024" published by MarketsandMarkets. Analytics as a Service Market provide detailed information about the key factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges). The Security Orchestration Automation and Response market size is projected to grow from USD 868 million in 2019 to USD 1,791 million by 2024, at a CAGR of 15.6% from 2019 to 2024.
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Based on organization size, the large
enterprises segment is estimated to lead the market in 2019.
Large enterprises are
defined as business entities with over 1,000 employees. Cyber attackers steal
large sums of money from large enterprises and often these attacks happen over
long periods of time. In 2017, the NotPetya cyberattack spread from Ukraine and
severely affected the Danish company, A.P. Møller-Mærsk, the world’s largest
container shipping company, causing a loss of USD 200-300 million. Similar
losses were faced by Merck & Co., one of the largest pharmaceutical
companies in the world. It was estimated that NotPetya suffered damages of over
USD 10 billion. As large enterprises are often spread across many countries,
and across many units, they require a central approach to visualize all threats
and avoid errors that might occur through manual intervention. SOAR solutions
provide the required solutions which can orchestrate all the processes and
solutions and offers a combined effort by man and machine to remediate threats.
Based on vertical, the healthcare sector is
projected to grow at the highest CAGR during the forecast period
The healthcare vertical covers
information on personal health and critical data of patients. Data security is,
therefore, of utmost importance to healthcare organizations. These
organizations face several security challenges while maintaining the privacy of
Electronic Health Records (EHR) and other related information. Moreover, due to
highly proliferated digital medical devices, network management has become
essential to save devices from malicious attacks. Additionally, with the
adoption of technologies, such as BYOD and centralized information on patients,
the healthcare vertical has become susceptible to advanced cyberattacks.
Security orchestration solutions protect healthcare applications and data
against vulnerabilities. Increased government regulations, such as the Health
Insurance Portability and Accountability Act (HIPAA) compliance, have also
resulted in the rapid adoption of SOAR solutions in the healthcare sector. The
regulatory standards help in securing sensitive data, protecting identities by
providing digital signatures, securing network gateways, and encrypting
databases.
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North
America is projected to lead the market during the forecast period
The
North American region has sustainable and well-established economies, which
empower these to invest significantly in R&D activities, thereby
contributing to the development of new technologies in SOAR. The presence of a
majority of key players is expected to be the major factor driving the growth
of the market in this region. Key players, such as IBM Corporation (US),
FireEye (US), Cisco Systems Inc. (US), Rapid7 (US), Splunk Inc. (US), Swimlane
LLC (US), and Tufin (US), along with several start-ups in the region are
offering SOAR solutions & services to cater the needs of customers.
Market
Players
The
major vendors covered in the SOAR market include IBM Corporation (US), FireEye
(US), Cisco Systems Inc. (US), Rapid7 (US), Splunk Inc. (US), Swimlane LLC
(US), Tufin (US), ThreatConnect (US), Demisto (Palo Alto Networks) (US), DFLabs
(Italy), LogRhythm (US), Siemplify (US), Resolve Systems (US), CyberSponse
(US), and Exabeam (US).
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