Security Orchestration Tools Market is likely to touch USD 2,123.5 million at a 15% CAGR over the forecast period (2017-2023), reveals the new Market Research Future (MRFR) report. Security orchestration (SOC) simply put, is a means to connect security tools and integrate disparate security systems. This is a connected layer which powers security automation and streamlines security processes. Security orchestration can stop slow, manual processes, and replace the same with fast responses and contextual decision making. It includes the combination of technology, people, and processes to augment the security posture of an organization.
The goal of SOC is in improving the efficiency of digital security and physical operations. Vulnerability and threat management, security operations automation, and security incident response are the three vital capacities of the security orchestration technology. Besides, it has also gained recognition for the various benefits that it offers, such as comprehensive integration, rapid response, compliance, and consistency, focused attention, and lower cost.
Various factors are driving the growth of the security orchestration market. These factors, in accordance with the Market Research Future (MRFR) report, include rising security incidents and breaches, rapid development & deployment of cloud-based solutions, and growth in the Bring Your Own Device (BYOD) trend.
On the contrary, frequent cyber-attacks on companies and concerns related to data privacy and security are factors that may hamper the security orchestration market growth over the forecast period.
The Market Research Future report offers a wide segmental analysis of the security orchestration market based on application, component, organization size, deployment, and vertical.
Based on component, the security orchestration market is segmented into service and solution. The service segment is again segmented into support and maintenance, managed services, training and education, consulting services, professional services, and others.
Based on application, the security orchestration market is segmented into network forensic, threat intelligence, compliance management, ticketing solutions, and others. Of these, the network forensic segment will have the largest share in the market over the forecast period.
Based on deployment, the security orchestration market is segmented into on-premise and cloud.
Based on organization size, the security orchestration market is segmented into large enterprises and small and medium enterprises.
Based on vertical, the security orchestration market is segmented into retail, BFSI, IT and telecommunication, healthcare, government, and energy and utilities.
Based on the region, the security orchestration market report covers growth opportunities and the latest trends across the Asia Pacific (APAC), Europe, North America, and the Rest of the World. Of these, North America will spearhead the market over the forecast period. This is due to the presence of key players in the region, demand for the latest security technology, and well-established R&D center.
The security orchestration market in the APAC region is predicted to grow at the fastest pace over the forecast period. This is owing to the need for the latest security solutions for combating cyber-attacks and increasing the use of cloud-based security solutions.
The security orchestration market in Europe is predicted to have significant growth in the market over the forecast period. This is owing to several startups emerging in this region, coupled with intense M&A activities taking place in recent years.
The security orchestration market in the Middle East and Africa is predicted to have a lucrative growth during the forecast period. This is owing to the growing IT sector in the region and increasing urbanization.
Leading players profiled in the security orchestration market report include CyberSponse Inc. (US), Swimlane LLC (US), Tufin (Israel), Phantom Cyber Corporation (US), Phantom Cyber Corporation (US), Hexadite (US), Huawei Technologies (China), IBM Corporation (US), IBM Corporation (US), Cisco Systems, Inc. (US), and FireEye, Inc. (US). The key players are using numerous strategies such as acquisitions, partnerships, joint ventures, agreements, expansions, and new product launches to boost their footprint for sustaining in the long run.
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