Security Orchestration, Automation And Response (SOAR) Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope
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.

Sizing and Forecast
The security orchestration, automation and response (soar) market size has grown rapidly in recent years. It will grow from $1.48 billion in 2023 to $1.7 billion in 2024 at a compound annual growth rate (CAGR) of 14.8%. The growth in the historic period can be attributed to growing volume and complexity of cybersecurity incidents, need for rapid incident response and resolution, integration with threat intelligence platforms, shortage of cybersecurity talent, emphasis on streamlining security operations.

The security orchestration, automation and response (soar) market size is expected to see rapid growth in the next few years. It will grow to $3.13 billion in 2028 at a compound annual growth rate (CAGR) of 16.6%. The growth in the forecast period can be attributed to expansion of threat detection and response capabilities, increased adoption by small and medium enterprises (smes), growth in cloud-based soar solutions, emphasis on cross-platform orchestration and automation. Major trends in the forecast period include threat hunting and proactive incident detection, integration of soar with security information and event management (siem), focus on user and entity behavior analytics (ueba) in soar, automation of routine security tasks and workflows, continuous improvement and optimization of soar processes.

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Segmentation & Regional Insights
The security orchestration, automation and response (soar) market covered in this report is segmented –

1) By Component: Solution, Services
2) By Deployment Mode: Cloud, On Premises
3) By Organisation Size: Small And Medium Enterprises, Large Enterprises
4) By Application: Threat Intelligence, Network Forensics, Incident Management, Compliance Management, Workflow Management, Other Applications
5) By End User: BFSI, Retail, Healthcare, Energy And Utilities, Government, IT And Telecommunications, Other End Users

North America was the largest region in the security orchestration, automation and response (SOAR) market in 2023. 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, Africa

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Major Driver Impacting Market Growth
An increase in the number of cyberattacks is expected to propel the growth of the security orchestration, automation, and response market going forward. A cyberattack 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 cyberattacks. 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 security orchestration, automation, and response market growth.

Key Industry Players
Major companies operating in the security orchestration, automation and response (soar) market report are IBM Corporation., Cisco Systems Inc., FireEye Inc., Palo Alto Networks Inc, Swimlane LLC., Rapid7, LogRhythm Inc., Splunk Inc., DFLabs S. p. A, Cyberbit, ThreatConnect, CyberSponse Inc., D3 Security Inc., Resolve Systems LLC., Exabeam Inc., Tufin, Musarubra US LLC., Ayehu Inc., Anomali ThreatStream Inc., Fortinet Inc., Stellar Cyber Inc., Uptycs Inc., Zscaler Inc., BigPanda Inc., Demisto Inc., Niara Inc., LogicHub Inc., Lumu Technologies Inc.

The security orchestration, automation and response (soar) market report table of contents includes:

1. Executive Summary

2. Security Orchestration, Automation And Response (SOAR) Market Characteristics

3. Security Orchestration, Automation And Response (SOAR) Market Trends And Strategies

4. Security Orchestration, Automation And Response (SOAR) Market – Macro Economic Scenario

5. Global Security Orchestration, Automation And Response (SOAR) Market Size and Growth

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31. Global Security Orchestration, Automation And Response (SOAR) Market Competitive Benchmarking

32. Global Security Orchestration, Automation And Response (SOAR) Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Security Orchestration, Automation And Response (SOAR) Market

34. Security Orchestration, Automation And Response (SOAR) Market Future Outlook and Potential Analysis

35. Appendix

Top Major Players:

IBM Corporation

Cisco Systems Inc

FireEye Inc

Palo Alto Networks Inc

Swimlane LLC

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