Dublin, Nov. 15, 2019 (GLOBE NEWSWIRE) -- The "Security Orchestration Automation and Response (SOAR) Market by Solutions, Services (Professional Services, Managed Services), Application, Deployment Mode (On-premises, Cloud), Organization Size, Vertical, and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The SOAR market is projected to grow from USD 868 million in 2019 to USD 1,791 million by 2024, at a CAGR of 15.6% from 2019 to 2024.
Market growth is driven by various factors, such as increasing cyberattacks, lack in the availability of staff, stringent regulations and compliances, lack of centralized views on threats, and high number of false alerts, which are contributing a considerable share in the SOAR ecosystem.
Major vendors offering SOAR solutions include IBM Corporation (US), FireEye (US), Cisco Systems Inc. (US), Rapid7 (US), Splunk Inc. (US), Swimlane LLC (US), Tufin (US), ThreatConnect (US), Demisto (Palo Alto Networks) (US), DFLabs (Italy), LogRhythm (US), Siemplify (US), Resolve Systems (US), CyberSponse (US), and Exabeam (US). The study includes an in-depth competitive analysis of these key market players, along with their profiles, recent developments, and key market strategies.
By deployment, the cloud segment is estimated to account for a larger market size than the on-premises segment in 2019
SOAR technology is offered as a platform or as a tool by cybersecurity solution vendors. Companies of all sizes and industries are migrating to cloud due to the lower cost and features, such as enhanced security, 24/7 support and maintenance, scalability, and speed. With the entire ecosystem shifting to the cloud from on-premises legacy methods, organizations are taking advantage of cloud security platforms, such as SOAR to visualize threats in a centralized manner and make collective efforts to remediate attacks.
Organizations suffer from shortage of staff for security operations. Cloud platforms can automate the entire process and will free security analysts from the task of monitoring and help them concentrate on other important issues. Cloud platforms also offer other additional services, such as support and consulting, which are provided by security vendors, managed security service providers, and other vendors who offer SOAR platforms or solutions.
Based on application, the incident management segment is projected to grow at a higher CAGR than the network forensics segment during the forecast period
An incident signifies an unexpected occurrence of an undesirable event which may cause or has the potential to cause major damage to business operations. SOAR solutions for incident management mechanize and rationalize the incident management processes, empowering businesses to identify, supervise, and design resolution plans for security threats or incidents in real-time. Additionally, they record events, track investigations, and report on incidents. This enables organizations to rapidly resolve future incidents so that the consequences can be minimized, and the network infrastructure remains unaffected.
The Asia Pacific market is projected to grow at the highest CAGR during the forecast period
Asia Pacific comprises some of the largest economies in the world, such as China, India, Japan, and Australia. The threat landscapes in these countries are changing every day, and threats are being experienced at alarming rates. The types of threats faced by these regions are also changing and growing more complex each day. The region is also leading the adoption of various technologies, such as Smart Cities. As an increasing number of technologies or complex projects are adopted, vulnerability to highly sophisticated threats is also expected to grow.
The Asia Pacific is an ideal environment for cybercriminals to thrive in, due to the high digital connectivity and low cybersecurity awareness, growing cross-border data transfers, and weak regulations. The increasing number of alerts and threats combined with the comparative shortage of staff is resulting in 50% of the threats remaining undetected. SOAR solutions can increase the efficiency of security solutions by responding to low-level incidents without the need for human assistance.
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the Security Orchestration Automation and Response Market
4.2 Market By Component, 2019-2024
4.3 Market By Services, 2019-2024
4.4 Market By Deployment Mode, 2019-2024
4.5 Market By Application, 2019-2024
4.6 Market By Region, 2019-2024
5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Shortage of Staff to Handle Security Operations of Organizations
5.2.1.2 Vulnerability to Cyber Threats Due to Digitalization of Businesses
5.2.1.3 Demand for Centralized View on Threats and Their Processing
5.2.2 Restraints
5.2.2.1 Lack of Awareness and Knowledge Among Organizations About SOAR Technology
5.2.3 Opportunities
5.2.3.1 Prioritization and Management of Security Operations of Organizations
5.2.3.2 High Number of False Security Alerts
5.2.4 Challenges
5.2.4.1 Gap in Security Skills and Expertise
5.3 Use Cases
5.3.1 Use Case: Scenario 1
5.3.2 Use Case: Scenario 2
5.3.3 Use Case: Scenario 3
6 Security Orchestration Automation and Response Market By Component
6.1 Introduction
6.2 Solutions
6.2.1 Increasing Cybersecurity Attacks Expected to Drive the Adoption of SOAR Solutions
6.3 Services
6.3.1 Professional Services
6.3.1.1 Increasing Need to Deploy Business-Specific Security Solutions Will Drive the Demand for Professional Services
6.3.2 Managed Services
6.3.2.1 the Growing Complexity of Network Security Threats Will Lead to Increasing Deployment of SOAR Solutions
7 Security Orchestration Automation and Response Market By Application
7.1 Introduction
7.2 Threat Intelligence
7.2.1 Increasing Cyber Threats Boost the Growth of Threat Intelligence Prevention Solutions
7.3 Network Forensics
7.3.1 Growing Number of Instances of Identity Intrusions Among Enterprises Will Fuel the Demand for SOAR Solutions
7.4 Incident Management
7.4.1 Rising Number of Unexpected Events in Real-Time Will Drive the Adoption of Cybersecurity Solutions
7.5 Compliance Management
7.5.1 Increasing Compliances Among Enterprises Will Lead to Higher Adoption of SOAR Solutions
7.6 Workflow Management
7.6.1 Growing Data Breaches and Thefts Fuel the Demand for Workflow Management Threat Prevention Solutions
7.7 Others
8 Security Orchestration Automation and Response Market By Deployment Mode
8.1 Introduction
8.2 Cloud
8.2.1 Cost-Effectiveness and Scalability of Cloud-Based SOAR Solutions Drive Their Adoption During the Forecast Period
8.3 On-Premises
8.3.1 Security Concerns Drive the Adoption of On-Premises SOAR Solutions
9 Security Orchestration Automation and Response Market By Organization Size
9.1 Introduction
9.2 Small & Medium Enterprises (SMES)
9.2.1 Increased Cyberattacks in SMES are Expected to Boost the Adoption of SOAR Solutions
9.3 Large Enterprises
9.3.1 The Adoption of SOAR Solutions is Expected to Increase in Large Enterprises to Secure Volumes of Critical Data
10 Security Orchestration Automation and Response Market By Vertical
10.1 Introduction
10.2 BFSI
10.2.1 The BFSI Vertical is Increasingly Deploying SOAR Solutions to Protect Information From Cyberattacks
10.3 Government
10.3.1 Adoption of SOAR Solutions Help Government Vertical to Secure Sensitive Information and Ensure Data Privacy
10.4 Energy & Utilities
10.4.1 Evolving Network-Based Attacks Affect the Delivery of SOAR Services in Energy & Utilities Vertical
10.5 Healthcare
10.5.1 Growing Need to Secure Patient's Data Boost the Adoption of SOAR Solutions in the Healthcare Vertical
10.6 Retail
10.6.1 Retail Companies to Deploy SOAR Solution to Safeguard Confidential Information of Customers
10.7 IT & Telecom
10.7.1 Increasing Use of ICT Technologies Across IT & Telecom Vertical to Lead the Growth of SOAR Solutions
10.8 Others
11 Security Orchestration Automation and Response Market By Region
11.1 Introduction
11.2 North America
11.2.1 US
11.2.1.1 Growth in Technological Innovations and Stringent Regulations to Drive the Market Growth of SOAR in the US
11.2.2 Canada
11.2.2.1 1.2.2.1 Government Initiatives Against Cyberattacks to Set the Market Growth of SOAR in Canada
11.3 Europe
11.3.1 UK
11.3.1.1 Rising Number of Cyber Threats
11.3.2 Germany
11.3.2.1 Increased Government Spending on Cybersecurity
11.3.3 France
11.3.3.1 Government Initiatives
11.3.4 Rest of Europe
11.4 Asia Pacific
11.4.1 China
11.4.1.1 Organizations' Weaker It Environment
11.4.2 Australia
11.4.2.1 Increased Cyber Threats Faced Leading to the Adoption of SOAR Solutions in Australia
11.4.3 Japan
11.4.3.1 Increased Cybersecurity Initiatives to Boost the Security Orchestration Automation and Response Market in Japan
11.4.4 Rest of Asia Pacific
11.5 Middle East and Africa (MEA)
11.5.1 Middle East
11.5.1.1 Growing Number of Threats to Major Sectors Expected to Boost the SOAR Market
11.5.2 Africa
11.6 Latin America
11.6.1 Brazil
11.6.1.1 Increasing Demand for the SOAR Methodology Due to Wide Adoption Among Corporates
11.6.2 Mexico
11.6.2.1 Digital Advancements to Enable the SOAR Market Growth
11.6.3 Rest of Latin America
12 Competitive Landscape
12.1 Competitive Leadership Mapping
12.1.1 Visionary Leaders
12.1.2 Innovators
12.1.3 Dynamic Differentiators
12.1.4 Emerging Companies
12.2 Competitive Scenario
12.2.1 Partnerships, Agreements, and Collaborations
12.2.2 New Product Launches/Product Enhancements
12.2.3 Mergers & Acquisitions
13 Company Profiles
13.1 Introduction
13.2 IBM
13.3 FireEye
13.4 Cisco Systems, Inc.
13.5 Rapid7
13.6 Splunk Inc.
13.7 Swimlane, LLC
13.8 Tufin
13.9 ThreatConnect
13.10 Demisto (Palo Alto Networks)
13.11 DFLabs
13.12 Exabeam
13.13 LogRhythm, Inc.
13.14 Ayehu Software Technologies Ltd.
13.15 Siemplify
13.16 Resolve Systems
13.17 CyberSponse
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