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

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

Increase in the number of complex cyberattacks faced by organizations is driving the overall growth of the SOAR market
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.

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.

In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, innovation and technology directors, and executives from various key organizations operating in the SOAR market.
The breakup of the profiles of the primary participants is given below:

By Company Type: Tier 1 – 30%, Tier 2 – 45%, and Tier 3 – 25%
By Designation: C-level – 35%, D-level – 35%, and Others – 30%
By Region: North America – 45%, Europe – 25%, Asia Pacific – 25%, RoW – 5%

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.

Research Coverage
The market study covers the SOAR market size across segments. It aims at estimating the market size and the growth potential of this market across different segments by component, application, deployment mode, organization size, vertical, and region. The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Key Benefits of Buying the Report
The report will help market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall SOAR market and its subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report will also help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.