Enjoy complimentary customisation on priority with our Enterprise License!
The security orchestration automation response market size is forecast to increase by USD 1.97 billion at a CAGR of 20% between 2023 and 2028. The market is experiencing significant growth due to the increasing number of cybersecurity threats, such as unauthorized access and network data breaches. With the frequency and sophistication of cyberattacks on the rise, organizations are turning to SOAR solutions to automate threat detection and response. Outsourcing of security services to service providers has become a popular trend in the IT infrastructure of various end-use industries, including IT & telecommunications, healthcare, BFSI, and critical infrastructure entities. This not only helps to reduce alert fatigue among computer professionals but also enables them to focus on more complex security incidents. Additionally, the adoption of hybrid models in cybersecurity is driving market growth, as these solutions allow for seamless integration with existing security tools. However, the high cost of deployment remains a challenge for some organizations, highlighting the need for cost-effective SOAR solutions.
Phishing attacks continue to pose significant risks to modern businesses, with cybercriminals employing increasingly sophisticated tactics to bypass traditional security measures. In response, organizations are turning to Security Orchestration, Automation, and Response (SOAR) solutions to improve their cybersecurity posture and mitigate these threats. In the IT and telecommunication sector, cloud-based SOAR solutions are essential for BFSI industries to effectively combat ransomware threats, supported by CERT-In guidelines to enhance cybersecurity in the finance sector. SOAR platforms enable organizations to automate their response to security incidents using predefined playbooks. These playbooks outline the steps to be taken when specific threats are detected, ensuring a consistent and efficient response.
Furthermore, by automating repetitive tasks, SOAR solutions help reduce the workload on IT analysts and security teams, allowing them to focus on more complex issues. Outsourcing of security services to third-party providers has become a popular trend in the cybersecurity industry. However, hidden costs and potential quality of service concerns can make it challenging for organizations to choose the right service provider. SOAR solutions offer a cost-effective alternative, as they can be implemented in-house or through a managed service provider. Cultural and political values play a crucial role in cybersecurity, and organizations must ensure that their SOAR solutions align with their specific needs.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The cloud segment is estimated to witness significant growth during the forecast period. Security teams rely on cloud-based Security Orchestration, Automation, and Response (SOAR) solutions to mitigate evolving security risks more effectively. These systems streamline workflow management, enabling seamless integration of threat intelligence and compliance management. By automating response procedures, SOAR platforms reduce the workload on security monitoring teams and minimize human error. Cloud SOAR is a cost-effective alternative to on-premises solutions, with enterprises paying a monthly subscription fee for each device, which covers maintenance and system upgrades. This model is particularly beneficial for Small and Medium-sized Enterprises (SMEs), enabling them to implement advanced security measures at a lower cost. The ease of deployment and reduced time commitment compared to on-premises solutions further adds to the appeal of cloud SOAR for businesses.
Get a glance at the market share of various segments Request Free Sample
The cloud segment was valued at USD 469.50 million in 2018 and showed a gradual increase during the forecast period.
North America is estimated to contribute 42% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
For more insights on the market share of various regions Request Free Sample
The market in North America is experiencing consistent expansion due to several driving factors. The US is a significant contributor to this market's growth, with the IT & telecom segment being a key industry adopter. The transition to cloud technologies and the remote work trend have increased the need for advanced cybersecurity solutions. Compliance with data protection regulations, such as HIPAA and GDPR, is another critical factor. The SOAR market in North America is expected to grow steadily, driven by the increasing adoption of these solutions by end-user industries. Additionally, the shift from traditional IT services to cloud-based systems, the expansion of industries, and government initiatives are fueling market growth. The presence of numerous IT companies and startups in the US further bolsters the market's potential.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Rising frequency and sophistication of cyberattacks is the key driver of the market. The increasing prevalence and complexity of phishing attacks pose a significant challenge for businesses, leading to a heightened demand for advanced security solutions. Security orchestration automation response (SOAR) solutions have emerged as a critical tool in mitigating these threats. Companies are investing heavily in SOAR technology to enhance their network security capabilities.
Furthermore, these solutions automate threat detection, prevention, and response processes through the use of playbooks, enabling organizations to respond more effectively to cyber threats. Outsourcing these services to service providers can help businesses save on hidden costs while maintaining a high quality of service. Cultural and political values also play a role in the adoption of SOAR technology, as organizations prioritize the protection of their assets and reputation. The SOAR market is expected to grow significantly as businesses continue to seek innovative ways to strengthen their cybersecurity posture.
Adoption of hybrid model is the upcoming trend in the market. Security orchestration automation response solutions have become increasingly essential in mitigating cyberattacks and responding to unauthorized access and security incidents. However, the deployment models for these solutions have evolved, with traditional on-premises and cloud-based options having their advantages and disadvantages. While cloud-based solutions offer cost savings, they may pose a risk of confidential network data exposure. To address these concerns, hybrid deployment models have emerged.
Furthermore, these models enable organizations to protect on-premises data while avoiding the need for highly skilled computer professionals, thereby reducing the total cost of ownership. Industries, including small businesses, are adopting hybrid deployment models to enhance their cybersecurity posture without the financial burden of high upfront investment. The cybersecurity skill gap continues to widen, making automated threat detection and response a necessity. Alert fatigue is another concern, and hybrid deployment models can help alleviate this issue by providing a more comprehensive security solution.
High cost of deployment is a key challenge affecting the market growth. In the dynamic cybersecurity landscape, modern businesses face escalating cyber-threats that necessitate advanced IT infrastructure to ensure network and digital forensics. Security Orchestration Automation Response (SOAR) solutions have emerged as a crucial component of strong cybersecurity strategies. However, the adoption of these solutions comes with significant costs. The expenses associated with SOAR implementation include software licensing fees, system design and customization, implementation, employee training, and ongoing maintenance. Hiring IT personnel to manage the installation and operation of SOAR software adds to the financial burden. Moreover, the maintenance of on-premises SOAR solutions necessitates an in-house IT team to address any issues, further increasing costs.
Furthermore, organizations must weigh the benefits of SOAR solutions against these costs to determine their feasibility. Despite the challenges, the investment in SOAR technology can lead to improved threat detection, reduced response times, and enhanced security posture. As cyber-threats continue to evolve, businesses must consider the long-term value of SOAR solutions in safeguarding their IT infrastructure.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Alphabet Inc: The company offers security orchestration automation response solutions through its subsidiary Siemplify a SOAR provider focused on security operations for enterprises and MSSPs.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The phishing problem continues to pose significant risks to modern businesses, with cyber-threats such as unauthorized access, ransomware attacks, and data breaches becoming more sophisticated. In response, the cybersecurity industry has seen a rise in the adoption of Security Orchestration, Automation, and Response (SOAR) solutions. These tools help automate threat detection and response procedures, enabling security teams to effectively manage and mitigate security incidents. However, hidden costs and concerns over the quality of service provided by these providers can pose challenges.
Furthermore, cultural and political values also play a crucial role in the adoption of SOAR solutions. In some regions, cybersecurity positions may be prioritized over other IT roles due to cultural or political considerations. Compliance management, workflow management, and response procedures are key areas where SOAR solutions can add value. Automation playbooks and threat intelligence are essential components of SOAR solutions, helping to streamline incident response and improve the efficiency of security monitoring teams. Patch management, alert fatigue, and compliance are major concerns for IT analysts in the cybersecurity landscape. Cloud-based and on-premise SOAR solutions are available, catering to the needs of large enterprises as well as SMEs.
|
Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
163 |
|
Base year |
2023 |
|
Historic period |
2018-2022 |
|
Forecast period |
2024-2028 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 20% |
|
Market growth 2024-2028 |
USD 1.97 billion |
|
Market structure |
Fragmented |
|
YoY growth 2023-2024(%) |
16.4 |
|
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
|
Performing market contribution |
North America at 42% |
|
Key countries |
US, UK, China, Japan, and Germany |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
Alphabet Inc., Cisco Systems Inc., Cyware Labs Inc., Exabeam Inc., Fortinet Inc., Innotim Yazilim LLC, International Business Machines Corp., LogRhythm Inc., Musarubra US LLC, Palo Alto Networks Inc., Qi Anxin Technology Group Co. Ltd., Rapid7 Inc., Resolve Systems LLC, SIRP Labs Ltd., Splunk Inc., Sumo Logic Inc., Swimlane Inc., ThreatConnect Inc., Tufin, and Zoho Corp. Pvt. Ltd. |
|
Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
|
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Deployment
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
Get the report (PDF) sent to your email within minutes.
Complimentary full Excel data with your report purchase.
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.
