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Security Orchestration Automation and Response (SOAR) Market Research Report Information By Component (Platform and Service), By Application (SOC Optimization, Network Forensics, Threat Intelligence, Compliance Management, and Others), By Organization Size (Small-Medium Enterprise and Large Enterprise), By Vertical (Banking, Financial Services, Insurance, IT & Telecom, Government, Energy and Utilities, Healthcare, Retails and Others) And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) –Market Forecast Till 2032.


ID: MRFR/ICT/6913-HCR | 111 Pages | Author: Ankit Gupta| April 2024

Security Orchestration Automation and Response (SOAR) Market Overview


Security Orchestration Automation and Response (SOAR) Market Size was valued at USD 2.2 Billion in 2022. The Security Orchestration Automation and Response (SOAR) market industry is projected to grow from USD 2.46 Billion in 2023 to USD 6.14 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 12.1% during the forecast period (2023 - 2032).Increasing incidents of phishing emails and ransomware and increasing adoption of SOAR are the key market drivers enhancing the market growth.

Figure 1: Security Orchestration Automation and Response (SOAR) Market Size, 2023 - 2032 (USD Billion)

 

Security Orchestration Automation and Response (SOAR) Market Overview

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Security Orchestration Automation and Response (SOAR) Market Trends


Growing cases of phishing emails and ransomware is driving the market growth


Market CAGR for security orchestration, automation and response (SOAR) is being driven by the rising incidents of phishing emails and ransomware. Enhancing the current tools and staff significantly is an outstanding way to combat the phishing problem. Automating phishing triage with SOAR is the technique to eradicate most, in some cases all, of the manual tasks. With SOAR, every event and all the supportive steps can be handled at machine speed. A SOAR solution consumes and analyzes emails, performs threat intelligence lookups, and handles the response and remediation; this specifies that all such steps are implemented at speeds well beyond human capability. SOAR handles these analysts. Automating additional pre-emptive tasks, such as SOAR, automates threat hunting. The SOAR solution can instantly search all the organization’s mailboxes and identify any other mailboxes where malicious indicators are present if the malicious email is found.


Additionally, the primary driver propelling the market expansion during the anticipated period is the expanding implementation of SOAR across several verticals. Merchants operating from physical storefronts and online merchants, both of which come under the retail and eCommerce umbrella, use fixed point-of-Sale (POS) sites. In terms of lowering expenses, increasing sales margins, and utilizing cutting-edge technology, the vertical is at the top of the stack. It is one of the most usually targeted verticals by cyber attackers because of the potential payments and the huge amount of financial transactions performed by VISA, MasterCard, and other payment processing networks. Data risk arises at all levels, from various transactions to customer and employee personal information confidentiality. As a result, comprehensive security solutions are used. As a result, it is predicted that demand for SOAR will increase throughout the projection period due to the rising cyber threats. Thus, driving the Security Orchestration Automation and Response (SOAR) market revenue.


Security Orchestration Automation and Response (SOAR) Market Segment Insights


Security Orchestration Automation and Response (SOAR) Component Insights


The Security Orchestration Automation and Response (SOAR) market segmentation, based on components, includes platforms and services. The services segment dominated the market, accounting for the largest market revenue. Security products effectively offer service support. In response to the sophistication of cyber-attacks, organizations are employing security services to manage risks related to cyber threats and avoid them. These services assist companies in strengthening their security gateway and safeguarding their systems from intrusion, exploitation, and data loss. Due to increasing digitalization and changing regulatory requirements, customers desire continuing support from SOAR implementation specialists. With the help of the knowledge gathered through managed services, customers may develop custom solutions for their business operations.


The platform segment is anticipated to be the fastest-growing segment in the projected period.


Security Orchestration Automation and Response (SOAR) Application Insights


The Security Orchestration Automation and Response (SOAR) market segmentation, based on application, includes Security operations center (SOC) optimization, network forensics, threat intelligence, compliance management, and others. Network forensics category generated the most income. Network forensics is the sub-branch of digital forensics that monitors, manages, and analyzes computer network traffic to identify invasions and cyber-attacks. It identifies unauthorized access to computer systems. The main purpose of network forensics is to record network traffic and offer a centralized analysis of network data to allow organizations to protect their data and applications from sophisticated cyber-attacks.


Threat intelligence is anticipated to be the fastest-growing segment in the projected period.


Security Orchestration Automation and Response (SOAR) Organization Size Insights


The Security Orchestration Automation and Response (SOAR) market segmentation, based on organization size, includes large and small-medium enterprises. The category of SMEs is predicted to generate the greatest amount of market income. Due to budgetary constraints, small and medium-sized enterprises are more susceptible to cyber-attacks with inadequate security. As a result, it is predicted that the adoption in SMEs will be motivated by the growing need to lower operating costs, protect IT assets from data breaches, and minimize operational costs.


The market for large enterprises is predicted to develop at the fastest rate. Large enterprises are employing AI and ML-based security solutions to automate their security platforms due to their enormous data storage.


Figure 1: Security Orchestration Automation and Response (SOAR) Market, by Organization Size, 2022 & 2032 (USD Billion)

Security Orchestration Automation and Response (SOAR) Market, by Organization Size, 2022 & 2032

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

 

Security Orchestration Automation and Response (SOAR) Vertical Insights


The Security Orchestration Automation and Response (SOAR) market segmentation, based on vertical, includes banking, financial services, insurance, IT & Telecom, government, energy & utilities, healthcare, retail and others. The IT & telecom category generated the most income. IT teams use SOAR technologies to detect, standardize, and schedule issue response events for organizations. The majority of IT organizations are using these technologies. Most IT organizations use these technologies to automate security operations and processes, react to incidents, and manage vulnerability and threats.


The healthcare segment is anticipated to be the fastest-growing segment in the projected period. Due to secure electronic resources and information from cyber-attacks, healthcare institutions are thus expected to utilize cyber security solutions, boosting the market growth.


Security Orchestration Automation and Response (SOAR) Regional Insights


By region, the study provides market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American Security Orchestration Automation and Response (SOAR) market area will dominate this market, owing to the heavy investment done by the countries and companies against cyber-attacks. In addition, the growing new and innovative technologies will boost market growth in this region.


Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.


Figure 2: SECURITY ORCHESTRATION AUTOMATION AND RESPONSE (SOAR) MARKET SHARE BY REGION 2022 (USD Billion)

SECURITY ORCHESTRATION AUTOMATION AND RESPONSE (SOAR) MARKET SHARE BY REGION 2022

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

 

Europe's Security Orchestration Automation and Response (SOAR) market accounts for the second-largest market share due to the increasing need among enterprises across managed security services providers to fulfill the rules imposed by the government. Further, the German Security Orchestration Automation and Response (SOAR) market held the largest market share, and the UK Security Orchestration Automation and Response (SOAR) market was the fastest-growing market in the European region.


The Asia-Pacific Security Orchestration Automation and Response (SOAR) Market is expected to grow at the fastest CAGR from 2023 to 2032 due to security incident and response, security orchestration and automation and threat intelligence. Moreover, China’s Security Orchestration Automation and Response (SOAR) market held the largest market share, and the Indian Security Orchestration Automation and Response (SOAR) market was the fastest-growing market in the Asia-Pacific region.


Security Orchestration Automation and Response (SOAR) Key Market Players & Competitive Insights


Leading market players are investing heavily in research and development to expand their product lines, which will help the Security Orchestration Automation and Response (SOAR) market, grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Security Orchestration Automation and Response (SOAR) industry must offer cost-effective items.


Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the Security Orchestration Automation and Response (SOAR) industry to benefit clients and increase the market sector. In recent years, the Security Orchestration Automation and Response (SOAR) industry has offered some of the most significant advantages to technology. Major players in the Security Orchestration Automation and Response (SOAR) market, including Cisco Systems, Inc. (US), IBM Corporation (US), FireEye Inc. (US), Swimlane LLC (US), Palo Alto Networks (US), Rapid7 (US), Splunk Inc. (US), LogRhythm, Inc. (US), DFLabs (Italy), ThreatConnect (US), Cyberbit (Israrel), CyberSponse(US), Revelstoke (US), and others, are attempting to rise market demand by investing in research and development operations.


Revelstoke, British Columbia, a Canadian town well-known for its fantastic skiing and serving as the terminus of the Canadian Pacific Railway, served as the model for its name. The town puts together some of our favorite things, like the liberating experience of skiing and the amazing power and connectivity that facilitate swift train travel. It’s a moniker that accurately describes what we have created: a robust platform that any security team can utilize to go where they need to go more quickly. For Instance: In January 2022, an AUS-based IT business called Revelstoke introduced a new SOAR solution for automating security operations centers. This SOAR platform's scalable operations automate analysis, remove the need for software development, improve workflows, reduce vendor lock-in and promptly identify the cause of issues.


Palo Alto Networks, the industry leader in cyber security, consistently offers innovation to allow safe digital transformation. Become the go-to partner in cyber security, defending our digital way of life. What’s ahead in cyber security is delivered through our best-of-breed systems, top-tier threat intelligence, and knowledgeable services. For Instance: In May 2022, Palo Alto Networks joined hands with Cohesity. Palo Alto Network will incorporate its SOAR platform with Cohesty’s AI data management platform to significantly lower customers’ ransomware risk.


Key Companies in the Security Orchestration Automation and Response (SOAR) market include




  • Cisco Systems Inc. (US)




  • IBM Corporation (US)




  • FireEye Inc. (US)




  • Swimlane LLC (US)




  • Palo Alto Networks (US)




  • Rapid7 (US)




  • Splunk Inc. (US)




  • LogRhythm Inc. (US)




  • DFLabs (Italy)




  • Cyberbit (Israel)




  • CyberSponse (US)




  • Revelstoke




Security Orchestration Automation and Response (SOAR) Industry Developments


May 2022: Bugcrowd partnership with IBM to join SOAR Space with IBM Resilient Integration. IBM Resilient is a security orchestration, automation, and response system security teams use.


March 2022: Ridge Security and Splunk join hands to shorten reaction times. Integrating RidgeBot with Splunk SOAR will increase the effectiveness of security personnel with robust defenses.


Security Orchestration Automation and Response (SOAR) Market Segmentation


Security Orchestration Automation and Response (SOAR) Component Outlook




  • Platform




  • Services




Security Orchestration Automation and Response (SOAR) Application Outlook




  • Security Operations Center (SOC) Optimization




  • Network Forensics




  • Threat Intelligence




  • Compliance Management




  • Others




Security Orchestration Automation and Response (SOAR) Organization Size Outlook




  • Large Enterprises




  • Small-Medium Enterprises




Security Orchestration Automation and Response (SOAR) Distribution Channel Outlook




  • Banking




  • Financial Services




  • Insurance




  • IT & Telecom




  • Government




  • Energy and Utilities




  • Healthcare




  • Retail




  • Others




Security Orchestration Automation and Response (SOAR) Regional Outlook




  • North America






  • US




  • Canada






  • Europe






  • Germany




  • France




  • UK




  • Italy




  • Spain




  • Rest of Europe






  • Asia-Pacific




    • China




    • Japan




    • India




    • Australia




    • South Korea




    • Australia




    • Rest of Asia-Pacific






  • Rest of the World




    • Middle East




    • Africa




    • Latin America





Report Attribute/Metric Details
Market Size 2022 USD 2.2 Billion
Market Size 2023 USD 2.46 Billion
Market Size 2032 USD 6.14 Billion
Compound Annual Growth Rate (CAGR) 12.1% (2023-2032)
Base Year 2022
Market Forecast Period 2023-2032
Historical Data 2018- 2022
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Component, Application, Organization Size, Verticals, and Region
Geographies Covered North America, Europe, Asia Pacific, and the Rest of the World
Countries Covered The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled  Cisco Systems Inc. (US), IBM Corporation (US), FireEye Inc. (US), Swimlane LLC (US), Palo Alto Networks (US), Rapid7 (US), Splunk Inc. (US), LogRhythm Inc. (US), DFLabs (Italy), ThreatConnect (US), Cyberbit (Israel), CyberSponse (US), Revelstoke SOAR, and Others
Key Market Opportunities Increasing research and development
Key Market Dynamics Need for a complete view to manage cyber threats Need for improving detection and response activities


Frequently Asked Questions (FAQ) :

The Security Orchestration Automation and Response (SOAR) market size was valued at USD 2.2 Billion in 2022.

The market is projected to grow at a CAGR of 12.1% during the forecast period, 2023-2032.

North America had the largest share of the market.

The key players in the market are Cisko Systems Inc. (US), IBM Corporation (US), FireEye Inc. (US), Swimlane LLC (US), Palo Alto Networks (US), Rapid7 (US), Splunk Inc. (US), LogRhythm Inc. (US), DFLabs (Italy), ThreatConnect (US, Cyberbit (Israel), CyberSponse (US), Revelstoke SOAR, and others.

The service category dominated the market in 2022.

IT & Telecom had the largest share in the market.

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