Security Orchestration Automation and Response (SOAR) Market to Witness Steady Growth (Computers - Information Technologies)

Item ID 133043912 in Category: Computers - Information Technologies

Security Orchestration Automation and Response (SOAR) Market to Witness Steady Growth

It is anticipated that the global Security Orchestration Automation and Response (SOAR) market would reach US$ 3.8 billion by 2032, a stunning 10.9% compound annual growth rate, from an estimated value of US$ 1.3 billion in 2022.

Over the course of the anticipated year, the SOAR market is anticipated to have a fantastic expansion because to the growth of technologies like blockchain, cloud, and IoT. In order to influence future developments in the SOAR sector, several companies place a high priority on security and safety.

It is hard to rule out the chance, nevertheless, that SOAR’s shortage of security personnel may restrict the market for the duration of the predicted period.

Future Market Insights has entailed these facts with insights in its latest market study entitled ‘Security Orchestration Automation and Response (SOAR) market’. It has its team of analysts and consultants to deploy a bottom-up approach in its primary, secondary, and tertiary modes of research.

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“With large volumes of IT application and cloud data being analysed for gauging sophisticated responses to the threats detected, the global SOAR market is bound to grow on an explicable note in the forecast period”, says an analyst from Future Market Insights.

Key Takeaways from SOAR market

North America holds the largest market share. This could be reasoned with wholesome investment done by the US against cyber-attacks.
Europe holds the second-largest market share with Germany and the UK leading from the front. This could be attributed to rules imposed by the governments in this regard.
The Asia-Pacific is expected to grow at the quickest rate in the SOAR market with China ruling the roost.
Competitive Analysis

XM Cyber, in May 2021, did announce integration with Palo Alto Network’s Cortex XSOAR security orchestration automation and response technology.
Securonix, in May 2021, did announce that its next-gen SIEM platform bagged the Best SIEM Solution award. The company was thus adjudged as a Trust Award Winner for cloud-first SIEM multi-cloud and hybrid businesses.
Bugcrowd, in May 2022, entered into collaboration with IBM for bringing SOAR Space and IBM Resilient Integration on the same platform. Security teams make use of SOAR called IBM Resilient.
Palo Alto Networks, in May 2022, did announce that it entered into collaboration with Cohesity with the objective of integrating SOAR platform with the latter’s AI data management platform for lowering customers’ risk to ransomware.
ThreatConnect, in September 2020, completed acquisition of Nehemiah Security. The basic purpose is that of adding Cyber Risk Quantification to the former’s SOAR platform that exists.
Splunk, in March 2022, did join hands with Ridge Security for shortening reaction times.
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What does the Report state?

The research study is based on component (solution and services), organization size (small & medium enterprises, large enterprises), deployment mode (cloud and on-premises), application (threat intelligence, network forensics, incident management, compliance management, workflow management, and likewise), and by vertical (BFSI, government, energy & utilities, healthcare, retail, IT & telecom, and likewise).
With product management, supply chain, sales, marketing, and various other activities getting digitized, the global SOAR market is expected to grow on an arduous note in the forecast period.
Key Segments

By Component:

By Organisation Size:

Small & Medium Enterprises
Large Enterprises
By Deployment Mode
By Application:

Threat Intelligence
Network Forensics
Incident Management
Compliance Management
Workflow Management
By Vertical:

Energy & Utilities
IT & Telecom
By Region:

North America
Latin America
Asia Pacific
Middle East and Africa (MEA)

Target State: All States
Target City : All Cities
Last Update : May 21, 2024 10:41 AM
Number of Views: 54
Item  Owner  : Sudip Saha is the managing director and co-founder at Future Market Insights
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2024-07-19 (0.392 sec)