Security Orchestration, Automation, and Response Market Surges with Need for Efficient Threat Management

Security Orchestration, Automation, and Response Market expands as organizations adopt automated solutions for efficient threat detection and response.

AUSTIN, TEXAS, UNITED STATES, May 27, 2024 /EINPresswire.com/ -- Market Scope and Overview

The SNS Insider report highlights a booming Security Orchestration, Automation, and Response Market. The market size was valued at USD 1.27 Billion in 2023 and is expected to reach USD 4.14 Billion by 2031, growing at a significant CAGR of 15.9% over the forecast period 2024-2031.

The cybersecurity industry faces a well-documented shortage of skilled workers. This global problem is further compounded by the growing sophistication and prevalence of cyber threats. Even organizations willing to invest heavily in recruiting skilled personnel often find it challenging to fill critical cybersecurity positions. Industry estimates suggest that cybersecurity positions have grown to over two million globally, with this number expected to increase exponentially in the coming years.

SOAR platforms offer a compelling solution to this critical challenge. They address a major pain point for businesses – the lack of in-house security expertise. While larger organizations might be able to train and maintain dedicated security teams for full-time threat hunting, this is not feasible for most companies due to resource limitations. This is particularly true for medium-sized and large organizations that are frequent targets for cyberattacks but lack the manpower or budget for dedicated security teams. SOAR platforms bridge this gap by automating routine security tasks, freeing up security analysts to focus on high-level threat investigation and response.

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Some of the Major Key Players Studied in this Report are:

➤ Cisco Systems
➤ IBM Corporation
➤ FireEye Inc
➤ Swimlane LLC
➤ Palo Alto Networks
➤ Rapid7
➤ Splunk
➤ LogRhythm
➤ DFLabs
➤ ThreatConnect
➤ Others

Segmentation Analysis

The Security Orchestration, Automation, and Response Market can be segmented by application, deployment model, organization size, and industry vertical. By application, network forensics holds the dominant position. Network forensics, a sub-branch of digital forensics, helps identify and analyze network traffic to detect intrusions and cyberattacks. Security orchestration vendors are increasingly integrating network forensics capabilities into SOAR solutions. This allows for faster network traffic investigation, prioritization of threats, and efficient resolution of security incidents, minimizing manpower requirements.

Market Segmentation and Sub-Segmentation Included Are:

On The Basis of Component

➤ Solution
➤ Services

On The Basis of Organization Size

➤ Small & Medium Enterprises
➤ Large Enterprises

On The Basis of Deployment Mode

➤ Cloud
➤ On-Premises

On The Basis of Application

➤ Threat Intelligence
➤ Network Forensics
➤ Incident Management
➤ Compliance Management
➤ Workflow Management
➤ Others

On The Basis of Vertical

➤ BFSI
➤ Government
➤ Energy & Utilities
➤ Healthcare
➤ Retail
➤ IT & Telecom
➤ Others

The Russia-Ukraine War and Economic Uncertainty

The ongoing war in Ukraine has had a complex impact on the Security Orchestration, Automation, and Response Market. On one hand, heightened cyber threats targeting critical infrastructure in both countries have increased awareness of cybersecurity needs, potentially boosting demand for SOAR solutions. On the other hand, supply chain disruptions and economic uncertainty could hinder investments in new security technologies by some organizations.

A potential global economic slowdown could pose challenges for the Security Orchestration, Automation, and Response Market. Organizations facing budget tightening might delay or defer investments in new technologies, including SOAR platforms. However, the long-term benefits of SOAR in terms of improved security posture, reduced operational costs, and streamlined security operations are likely to outweigh these concerns.

Key Regional Developments

North America currently holds the largest market share due to the high concentration of enterprises that invest heavily in R&D activities, leading to advancements in security orchestration and automation technologies. The United States, specifically, accounts for the largest share within the North American market. This is due to the strong adoption of digital transformation initiatives in the US, which require robust security solutions to manage massive amounts of critical data.

Europe is expected to be the second-largest market throughout the forecast period, driven by increasing compliance requirements across various sectors, leading to greater demand for SOAR platforms. The Asia-Pacific region is anticipated to witness the fastest growth rate during the forecast period due to rapid economic growth and increasing internet penetration rates.

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Recent Developments

In May 2022: Bugcrowd partnered with IBM to integrate their crowdsourced security platform with IBM Resilient, a leading SOAR solution. This collaboration allows organizations to leverage the expertise of a global community of security researchers to identify and address vulnerabilities.

Key Takeaways

➤ The report sheds light on how SOAR platforms address the critical challenge of cybersecurity skills shortages. By automating routine tasks, SOAR empowers organizations to streamline security operations and free up security personnel for high-value activities.

➤ The report explores the potential impact of global events like the Russia-Ukraine War and economic slowdowns on the Security Orchestration, Automation, and Response Market. Clients gain a comprehensive understanding of both the challenges and opportunities presented by these developments.

➤ The report highlights the future trajectory of the Security Orchestration, Automation, and Response Market, emphasizing the increasing importance of automation and integration with other security tools. Clients gain a clear understanding of market trends and technological advancements that are shaping the future of SOAR solutions.

The future of the Security Orchestration, Automation, and Response Market is bright, fueled by continued advancements in automation and integration capabilities. Integration with other security tools like Security Information and Event Management (SIEM) and Extended Detection and Response (XDR) platforms will further strengthen SOAR's value proposition. Enhanced automation capabilities will enable SOAR platforms to automate a wider range of security tasks, freeing up security analysts to focus on strategic initiatives.

Table of Contents- Major Key Points

1. Introduction

2. Research Methodology

3. Market Dynamics
3.1. Drivers
3.2. Restraints
3.3. Opportunities
3.4. Challenges

4. Impact Analysis
4.1. Impact of Ukraine- Russia war
4.2. Impact of Ongoing Recession on Major Economies

5. Value Chain Analysis

6. Porter’s 5 Forces Model

7. PEST Analysis

8. Security Orchestration, Automation, and Response (SOAR) Market Segmentation, by Component
8.1. Solution
8.2. Services

9. Security Orchestration, Automation, and Response (SOAR) Market Segmentation, by Organization Size
9.1. Small & Medium Enterprises
9.2. Large Enterprises

10. Security Orchestration, Automation, and Response (SOAR) Market Segmentation, by Deployment Mode
10.1. Cloud
10.2. On-Premises

11. Security Orchestration, Automation, and Response (SOAR) Market Segmentation, by Application
11.1. Threat Intelligence
11.2. Network Forensics
11.3. Incident Management
11.4. Compliance Management
11.5. Workflow Management
11.6. Others

12. Security Orchestration, Automation, and Response (SOAR) Market Segmentation, by Vertical
12.1. BFSI
12.2. Government
12.3. Energy & Utilities
12.4. Healthcare
12.5. Retail
12.6. IT & Telecom
12.7. Others

13. Regional Analysis
13.1. Introduction
13.2. North America
13.3. Europe
13.4. Asia-Pacific
13.5. The Middle East & Africa
13.6. Latin America

14. Company Profile

15. Competitive Landscape
15.1. Competitive Benchmarking
15.2. Market Share Analysis
15.3. Recent Developments

16. USE Cases and Best Practices

17. Conclusion

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