DUBLIN--(BUSINESS WIRE)--The "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" report has been added to ResearchAndMarkets.com's offering.
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.
Market Dynamics
Drivers
- Shortage of Staff to Handle Security Operations of Organizations
- Vulnerability to Cyber Threats Due to Digitalization of Businesses
- Demand for Centralized View on Threats and Their Processing
Restraints
- Lack of Awareness and Knowledge Among Organizations About SOAR Technology
Opportunities
- Prioritization and Management of Security Operations of Organizations
- High Number of False Security Alerts
Challenges
- Gap in Security Skills and Expertise
Use Cases
Companies Mentioned
- Ayehu Software Technologies Ltd.
- Cisco Systems, Inc.
- CyberSponse
- Demisto (Palo Alto Networks)
- DFLabs
- Exabeam
- FireEye
- IBM
- LogRhythm, Inc.
- Rapid7
- Resolve Systems
- Siemplify
- Splunk Inc.
- Swimlane, LLC
- ThreatConnect
- Tufin
For more information about this report visit https://www.researchandmarkets.com/r/jpokna
