Security Orchestration Automation and Response (SOAR) Market vendors by Size, Share & growth strategies – 2024 | MarketsandMarkets

[124 Pages Report] To provide detailed information about the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the market

Posted on 2020-10-21 by MarketsandMarkets in Automotive, Technology // 0 Comments

Northbrook, IL 60062, USA, 2020-Oct-21 — 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, 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.

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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