Market Research Future (MRFR), in its new “Security Orchestration Automation and Response (SOAR) Market” report, reveals that the SOAR market is expected to exhibit a CAGR of 14.6% during the forecast span of 2018 to 2025. As per MRFR, the SOAR market is likely to capitalize on the growing cases of cyber threats. MRFR estimated a valuation of USD 2,027.2 million by 2025, for the SOAR market.
SOAR is a set of distinct technologies that enables companies to gather data and security threats from different sources. Threat analysis and remediation processes for organizations are performed by SOAR software and services, by prioritizing incident response (IR) activities. The increase in application of SOAR tools by enterprises can be a defining factor for the growth of the market. SOAR services perform threat analysis in a systematic digital workflow format. This leads to the automation of various man-driven activities. SOAR deploys three technology sectors that are security orchestration and automation, incident response, and threat intelligence. This expected to increase efficacy of the technology. Hence, this is expected to propel the market.
Market Segmental Study
The SOAR market segmental study is based on component, organization size, vertical, and application.
By component, the market is divided into services and platform. The services segment is sub-segmented into managed service and professional service. The platform segment is likely to make high profit for the global SOAR market. This is because SOAR platform effectively manage security alerts and can effectively prevent cyberattacks of all kind. The service segment is also expected to gain considerable traction for the global market of SOAR in the evaluation period. This is because numerous enterprises are opting for managed service providers to keep their company secure.
By application, the market study is classified into network forensics, security operations center (SOC) optimization, compliance management, threat intelligence, and others. Threat intelligence facilitates in seamless management of cyber threat intelligence and flawless identification of threats, such as phishing, advanced persistent threat (APT), distributed denial of service, malware, botnets, ransomware, and others.
By organization size, the market is studied by small- and medium-sized enterprises and large enterprises. The large enterprise segment is likely to make high profits across the review period. The SMEs segment is anticipated to garner the higher CAGR by the assessment period.
By vertical, the market is segmented into BFSI, retail, government, IT & telecom, healthcare, energy and utilities, and others. The IT & telecom vertical is likely to garner the highest CAGR in the evaluation period. This is due to the high adoption of SOAR by a large number of MSSPs.
Detailed Regional Analysis
The regional study of SOAR market has been conducted across North America, South America, Europe, Asia Pacific, and the Middle East & Africa.
North America has the largest market share as the companies in this region are investing significantly in R&D activities, which has led to the advancement of technologies in security orchestration and automation. The US leads the market in North America due to high adoption of digital transformation to support large volumes of critical data; as a result, the need for SOAR platform is the highest in the country.
Security Orchestration Automation and Response Market is required to register a CAGR of 14.6%…
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