DUBLIN, Sept. 12, 2019 /PRNewswire/ -- The "Security Orchestration Automation and Response (SOAR) Market by Solutions, Services (Professional Services, Managed Services), Application, Deployment Mode (On-premises, Cloud), Organization Size, Vertical, and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The SOAR market 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.
Market growth is driven by various factors, such as increasing cyberattacks, lack in the availability of staff, stringent regulations and compliances, lack of centralized views on threats, and high number of false alerts, which are contributing a considerable share in the SOAR ecosystem.
The advent of digitalization has led to a significant increase in instances of cybercrimes in enterprises, which are increasing in number and severity. Organizations have started deploying SOAR solutions for the prevention of cybersecurity-related crimes to mitigate risks. SOAR solutions and services enable organizations to centrally manage various security deployments, distributed networks, and security administration tools.
The SOAR solution automatically detects data and network-related threats and responds with instant security mitigation processes which are made within the network security infrastructure. To ensure usability, reliability, integrity, and safety of networks from unauthorized access, data leakages, data modifications, and other threats, SOAR solutions play a major role in combating evolving cybersecurity-related challenges by resolving threats from the networking infrastructure. These also help manage security alerts received from various sources and automatically resolve and respond to them to stop further attacks, within shorter periods, efforts, and possible runtime errors.
Asia Pacific comprises some of the largest economies in the world, such as China, India, Japan, and Australia. The threat landscapes in these countries are changing every day, and threats are being experienced at alarming rates. The types of threats faced by these regions are also changing and growing more complex each day. The region is also leading the adoption of various technologies, such as Smart Cities. As an increasing number of technologies or complex projects are adopted, vulnerability to highly sophisticated threats is also expected to grow.
The Asia Pacific is an ideal environment for cybercriminals to thrive in, due to the high digital connectivity and low cybersecurity awareness, growing cross-border data transfers, and weak regulations. The increasing number of alerts and threats combined with the comparative shortage of staff is resulting in 50% of the threats remaining undetected. SOAR solutions can increase the efficiency of security solutions by responding to low-level incidents without the need for human assistance.
The major SOAR vendors include IBM Corporation, FireEye, Cisco Systems Inc., Rapid7, Splunk Inc., Swimlane LLC, Tufin, ThreatConnect, Demisto (Palo Alto Networks), DFLabs, LogRhythm, Siemplify, Resolve Systems, CyberSponse, and Exabeam, among others.
These players adopted various strategies, such as new product developments, mergers, partnerships, collaborations, and business expansions. Partnerships and new product developments are the majorly adopted strategies by most of the key players, to cater to the needs of the global SOAR market.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the Security Orchestration Automation and Response Market
4.2 Market By Component, 2019-2024
4.3 Market By Services, 2019-2024
4.4 Market By Deployment Mode, 2019-2024
4.5 Market By Application, 2019-2024
4.6 Market By Region, 2019-2024
5 Market Overview and Industry Trends
5.2 Market Dynamics
188.8.131.52 Shortage of Staff to Handle Security Operations of Organizations
184.108.40.206 Vulnerability to Cyber Threats Due to Digitalization of Businesses
220.127.116.11 Demand for Centralized View on Threats and Their Processing
18.104.22.168 Lack of Awareness and Knowledge Among Organizations About SOAR Technology
22.214.171.124 Prioritization and Management of Security Operations of Organizations
126.96.36.199 High Number of False Security Alerts
188.8.131.52 Gap in Security Skills and Expertise
5.3 Use Cases
6 Security Orchestration Automation and Response Market By Component
6.2.1 Increasing Cybersecurity Attacks Expected to Drive the Adoption of SOAR Solutions
6.3.1 Professional Services
184.108.40.206 Increasing Need to Deploy Business-Specific Security Solutions Will Drive the Demand for Professional Services
6.3.2 Managed Services
220.127.116.11 the Growing Complexity of Network Security Threats Will Lead to Increasing Deployment of SOAR Solutions
7 Security Orchestration Automation and Response Market By Application
7.2 Threat Intelligence
7.2.1 Increasing Cyber Threats Boost the Growth of Threat Intelligence Prevention Solutions
7.3 Network Forensics
7.3.1 Growing Number of Instances of Identity Intrusions Among Enterprises Will Fuel the Demand for SOAR Solutions
7.4 Incident Management
7.4.1 Rising Number of Unexpected Events in Real-Time Will Drive the Adoption of Cybersecurity Solutions
7.5 Compliance Management
7.5.1 Increasing Compliances Among Enterprises Will Lead to Higher Adoption of SOAR Solutions
7.6 Workflow Management
7.6.1 Growing Data Breaches and Thefts Fuel the Demand for Workflow Management Threat Prevention Solutions
8 Security Orchestration Automation and Response Market By Deployment Mode
8.2.1 Cost-Effectiveness and Scalability of Cloud-Based SOAR Solutions Drive Their Adoption During the Forecast Period
8.3.1 Security Concerns Drive the Adoption of On-Premises SOAR Solutions
9 Security Orchestration Automation and Response Market By Organization Size
9.2 Small & Medium Enterprises (SMES)
9.2.1 Increased Cyberattacks in SMES are Expected to Boost the Adoption of SOAR Solutions
9.3 Large Enterprises
9.3.1 The Adoption of SOAR Solutions is Expected to Increase in Large Enterprises to Secure Volumes of Critical Data
10 Security Orchestration Automation and Response Market By Vertical
10.2.1 The BFSI Vertical is Increasingly Deploying SOAR Solutions to Protect Information From Cyberattacks
10.3.1 Adoption of SOAR Solutions Help Government Vertical to Secure Sensitive Information and Ensure Data Privacy
10.4 Energy & Utilities
10.4.1 Evolving Network-Based Attacks Affect the Delivery of SOAR Services in Energy & Utilities Vertical
10.5.1 Growing Need to Secure Patient's Data Boost the Adoption of SOAR Solutions in the Healthcare Vertical
10.6.1 Retail Companies to Deploy SOAR Solution to Safeguard Confidential Information of Customers
10.7 IT & Telecom
10.7.1 Increasing Use of ICT Technologies Across IT & Telecom Vertical to Lead the Growth of SOAR Solutions
11 Security Orchestration Automation and Response Market By Region
- Ayehu Software Technologies Ltd.
- Cisco Systems, Inc.
- Demisto (Palo Alto Networks)
- LogRhythm, Inc.
- Resolve Systems
- Splunk Inc.
- Swimlane, LLC
For more information about this report visit https://www.researchandmarkets.com/r/lb0yjh
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