Security Orchestration Automation And Response Market Size, Share & Trends Analysis Report By Component (Solution, Services), By Deployment, By Enterprise Size, By Application, By Vertical, By Region, And Segment Forecasts, 2023 - 2030

Security Orchestration Automation And Response Market Growth & Trends

The global security orchestration automation and response market size is estimated to reach USD 4.11 billion by 2030, according to the recent reports of Grand View Research, Inc., growing at a CAGR of 15.6% from 2023 to 2030. The rising adoption of connected technology devices, limited availability of cybersecurity workforce, and high demand for automated security solutions are expected to drive the growth of the market over the forecast period. Furthermore, the average cost of data breaches is growing significantly among industries, such as the healthcare, financial, and technology sectors, driving the demand for robust security solutions that can effectively identify & respond to security challenges with limited human interventions.

These are the key factors anticipated to drive market demand during the forecast period. security orchestration (SOAR) solutions are helping organizations automate time-consuming, low-level, repetitive tasks, such as event enrichment, opening & closing support tickets, and alert sharing. It can also generate and undertake automated actions by using integrated security tools, such as SIEM and XDR. SOAR solution offers playbook workflows that help security analysts synchronize multiple tools and carry out complex security operations with utmost ease and automation. The rising adoption of technology devices, including AI, IoT, web applications, and connected devices across industries, such as BFSI, IT &telecommunication, and healthcare, allow easy access to attackers to compromise the highly complex and large organizational networks.

Identifying and responding to these vulnerabilities in response time becomes challenging for organizations. SOAR solutions assist analysts in handling these tasks with playbook workflows defining the ways and actions required for responding to complex security threats. SOAR platform and software also record and document processes & solutions for future reference. Thus, these capabilities of security orchestration, automation, and response (SOAR) are expected to have high adoption in the market over the forecast period. Asia Pacific is expected to grow at a CAGR of 18.2% from 2023 to 2030. The limited availability of cybersecurity experts, the presence of key industrial sectors, such as BFSI, IT, and retail, and the wide use of connected devices are expected to drive market growth.

SOAR is helping emerging players and SMEs by providing cost-effective and automated security solutions to better respond to the growing security challenges that are expected to drive the demand for the security orchestration, automation, and response market in the region. Key market players are adopting various initiatives, such as M&As, expansions, partnerships, and new product launches, to enhance their solution and service offerings and expand their geographical presence. For instance, in January 2022, Google Cloud announced the acquisition of Siemplify, a SOAR provider, to help the organization effectively manage and respond to security threats.

Security Orchestration Automation And Response (SOAR) Market Report Highlights

• The solution segment is expected to register a CAGR of 14.1% from 2023 to 2030. SOAR services can be defined as deployment, support & maintenance, sales support, and consultation services. The growing demand for SOAR platforms as a service and software is expected to support the growth of the defined segment during the forecast period
• The cloud segment is anticipated to grow at a CAGR of 16.9% from 2023 to 2030. Cloud-based SOAR solutions offer high flexibility to organizations regarding price, usage period, features, and subscription plans. Thus, it ensures cost-effectiveness and scalability among the organizations
• The SMEs segment is predicted to grow at a CAGR of 16.2% from 2023 to 2030. Cybersecurity challenges are constantly evolving among SMEs owing to a need for more security awareness, infrastructure capabilities, and a limited cybersecurity budget. The growing technological advancements in SOAR offer SMEs cost-effective solution offerings, ensuring a holistic security mechanism within the organization
• The threat intelligence segment is expected to register a CAGR of 17.3% from 2023 to 2030. The adoption of SOAR is rising among organizations due to its capabilities of synchronizing various security tools, such as SIEM and XDR, along with SOAR to offer comprehensive threat intelligence and response solutions. Furthermore, it helps in automating common threat detection and vulnerability checking processes, thus saving time and resources involved in doing repetitive and time-consuming tasks
• The BFSI segment is anticipated to grow at a CAGR of 19.1% from 2023 to 2030. The demand for security orchestration, automation, and response in the BFSI sector is growing significantly due to highly confidential information & data, complex & large networks, and higher adoption of connected devices. SOAR platform showcases real-time security updates, prioritizes threats, and represents who has been assigned which task

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