According to a research report "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", published by MarketsandMarkets, the SOAR market size 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. The major drivers for the market include the rising need for compliance and enable a centralized view on threats.
Browse 48 market data Tables and 29 Figures spread through 124 Pages and in-depth TOC on "Security Orchestration Automation and Response (SOAR) Market - Global Forecast to 2024"
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North America is projected to lead the market during the forecast period
The North American region has sustainable and well-established economies, which empower these to invest significantly in R&D activities, thereby contributing to the development of new technologies in SOAR. The presence of a majority of key players is expected to be the major factor driving the growth of the market in this region. Key players, such as IBM Corporation (US), FireEye (US), Cisco Systems Inc. (US), Rapid7 (US), Splunk Inc. (US), Swimlane LLC (US), and Tufin (US), along with several start-ups in the region are offering SOAR solutions & services to cater the needs of customers.
Market Players
The major vendors covered in the SOAR market 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).
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IBM (US) has been acknowledged as one of the leading vendors of SOAR solutions. The company offers a diverse set of products and services, which includes Application Services, Business Process and Operations, Business Resiliency Services, Business Strategy and Design, Cloud Services, Digital Workplace Services, Network Services
Rapid7 (US) is another top player in the SOAR market. The company offers its software, Insight Connect and Komand in the market. It invested heavily on acquisition. For instance, in 2019, it acquired NetFort to provide customers with network traffic visibility and analytics across cloud, virtual, and physical networks. The company focuses primarily on inorganic growth through acquisitions and partnerships in the market. The company concentrates on providing innovative products in order to enable its end clients to spread their business models and revenue streams. In the coming years, the company plans to further accelerate its pace of innovation, increase the value of the network, and deliver the required solutions to its customers.
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