MarketsandMarkets forecasts 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. Incidents of phishing emails and ransomware are rising, also SOAR solution helps security team to fight against alert fatigues these factors are 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.
What is SOAR?
Security Orchestration, Automation, and Response (SOAR) refers to a collection of software solutions and tools that allow organizations to streamline security operations in three key areas: threat and vulnerability management, incident response, and security operations automation.
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Competitive overview:
The SOAR market is led by some of the globally established players such as IBM (US), Cisco (US), Rapid7 (US), Palo Alto Networks (US), Splunk (US), Swimlane (US), Tufin (US), Fortinet (US). These players have adopted various growth strategies such as partnerships, agreements, collaboration, acquisitions and product developments to increase their market presence.
Founded in 1911 and headquartered in New York, US, International Business Machines (IBM) Corporation is a global technology and innovation corporation. It offers a wide variety of products, services, and technologies in various disciplines, such as analytics, cloud, commerce, cognitive, IT infrastructure, and security. The company offers various cybersecurity products that include endpoint protection, network protection, mainframe security, application security, data security, security intelligence and operations, advanced fraud protection, and cloud and mobile security.
The company offers the IBM Resilient Security Orchestration, Automation and Response (SOAR) platform that integrates with the organization’s existing IT infrastructure and helps companies defend against cyberattacks and critical business risks by orchestrating and automating incident response processes. IBM operates through 6 business segments, namely, Global Business Services (GBS), Cognitive Solutions, Technology Services & Cloud Platforms, Systems, Global Financing, and Others. IBM provides its solutions & services to various industry verticals, such as IT, healthcare, life sciences, government, telecom, automobile, manufacturing, FMCG, chemicals & petroleum, electronics, energy & power, media & entertainment, mining, retail, BFSI, travel & transportation, and education. The company has a presence in more than 175 countries, including regions, such as North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
Founded in 1984 and headquartered in California, US, Cisco Systems, Inc. is a global provider of networking equipment. The company designs, manufactures, verifies, and sells integrated products & services that have been powering the Internet since 1984. It also offers Internet Protocol (IP)-based networking, security, cybersecurity products, and services. It has grouped its products & technologies into various categories, such as Infrastructure Platforms; Applications; Security, and Other Products.
Cisco’s Defense Orchestrator solution improves the efficiency of physical and digital security operations and helps organizations protect networks, computers, programs, and data from cyberattacks, damage, security breaches, or unauthorized access. Cisco caters to a large array of industries, such as education, energy, financial services, government, healthcare, hospitality, insurance, manufacturing, retail, sports and entertainment, and transportation. The company has a presence across the globe in regions, such as North America, Asia Pacific, Europe, Middle East & Africa, and Latin America.
According to MnM’s market evaluation framework, most companies opt for inorganic growth strategies to maintain their position in the market. The number of deals increased by around 50-60% relatively in the period of 2020-2021. These deals collectively include partnerships, acquisitions, collaborations, and alliances.
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.
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