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Security Orchestration Automation and Response (SOAR) Market Growing at a CAGR 15.6% | Key Player IBM, FireEye, Cisco Systems, Rapid7, Splunk

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Security Orchestration Automation and Response (SOAR) Market Growing at a CAGR 15.6% | Key Player IBM, FireEye, Cisco Systems, Rapid7, Splunk

September 25
13:21 2020
Security Orchestration Automation and Response (SOAR) Market Growing at a CAGR 15.6% | Key Player IBM, FireEye, Cisco Systems, Rapid7, Splunk

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).
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

The Security Orchestration Automation and Response (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% during the forecast period. The major factors driving the market include the need to comply with increasing security regulations and government policies for large companies.

Based on organization size, the large enterprises segment is estimated to lead the market in 2019.

Large enterprises are defined as business entities with over 1,000 employees. Cyber attackers steal large sums of money from large enterprises and often these attacks happen over long periods of time. In 2017, the NotPetya cyberattack spread from Ukraine and severely affected the Danish company, A.P. Møller-Mærsk, the world’s largest container shipping company, causing a loss of USD 200-300 million. Similar losses were faced by Merck & Co., one of the largest pharmaceutical companies in the world. It was estimated that NotPetya suffered damages of over USD 10 billion. As large enterprises are often spread across many countries, and across many units, they require a central approach to visualize all threats and avoid errors that might occur through manual intervention. SOAR solutions provide the required solutions which can orchestrate all the processes and solutions and offers a combined effort by man and machine to remediate threats.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=176584778

Based on vertical, the healthcare sector is projected to grow at the highest CAGR during the forecast period

The healthcare vertical covers information on personal health and critical data of patients. Data security is, therefore, of utmost importance to healthcare organizations. These organizations face several security challenges while maintaining the privacy of Electronic Health Records (EHR) and other related information. Moreover, due to highly proliferated digital medical devices, network management has become essential to save devices from malicious attacks. Additionally, with the adoption of technologies, such as BYOD and centralized information on patients, the healthcare vertical has become susceptible to advanced cyberattacks. Security orchestration solutions protect healthcare applications and data against vulnerabilities. Increased government regulations, such as the Health Insurance Portability and Accountability Act (HIPAA) compliance, have also resulted in the rapid adoption of SOAR solutions in the healthcare sector. The regulatory standards help in securing sensitive data, protecting identities by providing digital signatures, securing network gateways, and encrypting databases.

The vendors covered in the market report 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). These players have adopted various growth strategies, such as partnerships, agreements & collaborations, new product launches & product enhancements, and acquisitions to expand their presence in the SOAR market. Partnerships, agreements & collaborations and new product launches have been the most adopted strategies by the major players from 2017 to 2019 to innovate their offerings and broaden their customer base.

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

Talent and Transformation, Technology Consulting Services, and Technology Support Services in the market. The company majorly focuses on inorganic growth strategies, such as new partnerships and acquisitions to strengthen its innovative product portfolio. For instance, in March 2019, it partnered with Everbridge. IBM’s QRadar is expected to integrate with Everbridge’s IT Alerting, enabling organizations to automate communications, collaborations, and orchestration to streamline the overall information security incident response process. IBM also partnered with Bay Dynamics in February 2019 to integrate IBM Resilient’s Incident Response Platform (IRP) with Bay Dynamics Risk Fabric cyber risk and UEBA platform. This integrated solution increased cross-enterprise security collaboration by creating centralized threat analysis, visualization and mitigation. Thus, the company is expected to have significant opportunities in the security space in the future.

Speak to Our Expert Analyst: https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=176584778

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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