New York, April 06, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Security Orchestration, Automation And Response (SOAR) Global Market Report 2023" - https://www.reportlinker.com/p06443931/?utm_source=GNW
, DFLabs S.p.A, Cyberbit, ThreatConnect, CyberSponse Inc., D3 Security Management Systems Inc., Resolve Systems LLC, Exabeam Inc., Tufin, Trellix, and Ayehu Software Technologies Ltd.
The global security orchestration, automation and response (soar) market grew from $1.32 billion in 2022 to $1.54 billion in 2023 at a compound annual growth rate (CAGR) of 16.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The security orchestration, automation and response (soar) market is expected to grow to $2.77 billion in 2027 at a CAGR of 15.8%.
The security orchestration automation and response (SOAR) market includes revenues earned by entities by providing threat intelligence, network forensics, incident management, compliance management, workflow management, professional services and managed services.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Security orchestration automation and response (SOAR) is a collection of technologies that enable businesses to collect information and security alerts from a variety of sources.Enterprises can define response processes and perform threat analysis using security orchestration automation and response tools.
The security orchestration, automation, and response (SOAR) is used to perform security threat analysis in a systematic digital workflow format without any human assistance.
North America was the largest region in the security orchestration, automation and response (SOAR) market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the security orchestration, automation and response (SOAR) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main components in security orchestration, automation and response includes solutions and services.Security orchestration, automation, and response solutions are technological tools that assist organizations in protecting themselves against cyber-attacks, which can result in application downtime, theft of sensitive data, reputational damage, compliance fines, and other negative consequences.
These are deployed over cloud or on premises and are used by small and medium enterprises and large enterprises.The various applications include threat intelligence, network forensics, incident management, compliance management, workflow management, and others.
The different end users include BFSI, retail, healthcare, energy and utilities, government, IT and telecommunications, and others.
An increase in the number of cyberattacks is expected to propel the growth of the security orchestration, automation, and response market going forward.A cyber-attack refers to an attack done by hackers to gain unauthorized access to a computer, computing system, or computer network with the intent to cause damage to the organization.
Security orchestration helps to provide more effective security operations.It contains dozens of cyber security tools that help to prevent, detect and remediate cyber-attacks.
For instance, according to Forbes, a US-based business magazine, in 2021, cyberattacks and data breaches increased by 15.1% in the US. Therefore, the increase in the number of cyberattacks is driving the growth of the security orchestration, automation, and response market.
Technological advancements have emerged as a key trend gaining popularity in the security orchestration, automation, and response market.Major companies operating in the security orchestration, automation, and response sector is focused on introducing new technologies to sustain their position.
For instance, in January 2022, Revelstoke , a US-based IT company launched a next generation SOAR solution, for automating security operations centers. This SOAR platform automates analysis, eliminates software development requirements, optimizes workflows, prevents vendor lock-in, scales processes, and gets to the root of incidents quickly.
In January 2022, Google LLC, a US-based technology company acquired Siemplify for an amount of $500 million.With this acquisition, Google aimed to integrate security orchestration, automation, and response capabilities into their own Google chronicle security solution.
Moreover, this acquisition will enhance Google Cloud’s security to help companies better manage their security threat response. Siemplify is a US-based security orchestration, automation, and response provider.
The countries covered in the security orchestration, automation and response (SOAR) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The security orchestration automation and response (SOAR) market research report is one of a series of new reports that provides security orchestration automation and response (SOAR) market statistics, including security orchestration automation and response (SOAR) industry global market size, regional shares, competitors with a security orchestration automation and response (SOAR) market share, detailed security orchestration automation and response (SOAR) market segments, market trends and opportunities, and any further data you may need to thrive in the security orchestration automation and response (SOAR) industry. This security orchestration automation and response (SOAR) market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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