Security Orchestration Automation and Response (SOAR) Market Size - By Application (Threat Intelligence, Incident Response, Compliance), By Industry Vertical (BFSI, IT & Telecom, Healthcare, Manufacturing, Education), Deployment, Component, Enterprise Size & Forecast 2024 - 2032

Security Orchestration Automation and Response (SOAR) Market Size - By Application (Threat Intelligence, Incident Response, Compliance), By Industry Vertical (BFSI, IT & Telecom, Healthcare, Manufacturing, Education), Deployment, Component, Enterprise Size & Forecast 2024 - 2032

Security Orchestration Automation and Response Market Size

Security Orchestration Automation and Response Market was valued at USD 1.6 billion in 2023 and projected to exhibit 15% CAGR from 2024 to 2032, propelled by the increasing incidences of cybersecurity threats worldwide. According to the latest CERT-In report, throughout 2022, the occurrence of ransomware threats maintained an upward trend, with a noteworthy 53% surge in ransomware incidents reported year-over-year. The Information Technology and IT-enabled Services (IT & ITeS) sector experienced the most significant impact, closely followed by the Finance and Manufacturing sectors. Ransomware actors strategically targeted critical infrastructure entities, deliberately disrupting essential services to compel them into making ransom payments.

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The ever-growing and evolving landscape of cybersecurity threats, including malware, ransomware, phishing, and data breaches, has pushed the demand for more efficient and effective security solutions. SOAR platforms are seen to help organizations respond to these threats more rapidly and effectively by automating and orchestrating security processes, favoring their adoption in the long run.

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Compliance with these regulations requires organizations to have robust incident response and reporting capabilities. SOAR platforms offered the automation and orchestration capabilities necessary to streamline compliance efforts and reduce the risk of non-compliance penalties. On the other hand, implementing a SOAR solution can be a complex and resource-intensive process. It often involves integrating with various existing security tools, customizing workflows, and training security teams. The complexity of deployment and integration can be a significant barrier for smaller organizations with limited resources or expertise, which may limit SOAR industry growth.

COVID-19 Impact

The COVID-19 pandemic significantly impacted the security orchestration automation and response market. With the rapid shift to remote work, the demand for cybersecurity solutions surged, prompting organizations to invest in SOAR to bolster their digital defenses. Instances of COVID-related phishing attacks and ransomware threats soared, emphasizing the need for robust incident response capabilities. Furthermore, remote operations highlighted the importance of cloud-native SOAR solutions as organizations sought flexible, scalable, and remote-accessible tools to manage and automate their cybersecurity incident response processes.

Security Orchestration Automation and Response Market Trends

Cloud-native SOAR Solutions could be an emerging trend in the SOAR market. With the growing adoption of cloud technologies and the remote work trend, there could be a shift towards cloud-native SOAR solutions. These solutions are designed to operate in cloud environments, offering greater scalability and flexibility. Cloud-native SOAR can enable organizations to manage and orchestrate security incidents from anywhere, which is particularly relevant in today's distributed and digital-first business landscape. These benefits have prompted companies operating in this space to upgrade their technological capabilities and innovate new products to cope with the growing market demand.

In September 2023, Google Cloud unveiled its most recent advancement in Chronicle Security Operations, aimed at simplifying and automating threat detection, investigation, and response (TDIR) by consolidating its various elements into one unified console. This consolidation encompasses its security information and event management (SIEM), security orchestration, automation, and response (SOAR), and attack surface management technology sourced from Mandiant. Notably, Google introduced Chronicle Security Operations last year, presenting a cloud software suite that integrates Chronicle's SIEM, Google's acquired SOAR from Siemplify, and Google Cloud's threat intelligence.

Security Orchestration Automation and Response Market Analysis

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The software segment was worth USD 1.1 billion in 2023. Security Orchestration, Automation, and Response (SOAR) software are gaining widespread popularity in the cybersecurity landscape. With an ever-increasing volume of cyber threats and a shortage of skilled security professionals, organizations are turning to SOAR to streamline incident response. These platforms enable automation of routine tasks, orchestration of complex workflows and offer real-time threat intelligence, resulting in faster and more efficient security incident management. As cyber threats continue to evolve, SOAR's adaptability and efficiency make it an essential tool for organizations seeking to protect their digital assets.

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The IT & telecom segment held approximately 17% market share in 2023. SOAR software and services are witnessing high demand within the IT and Telecom sector due to several compelling reasons. These industries are increasingly targeted by sophisticated cyber threats, making efficient incident response crucial. SOAR streamlines security operations, automates repetitive tasks, and orchestrates complex processes, enabling IT and telecom companies to rapidly detect and mitigate threats. The need for compliance with stringent data protection regulations further drives this demand, as SOAR solutions offer improved data security and regulatory compliance management capabilities, which are paramount in these sectors.

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North America dominated around 35% share of the global security orchestration automation and response market in 2023. The region faces a continuous and evolving threat landscape, with cyberattacks increasing in complexity. SOAR solutions are being adopted to enhance incident response, streamline workflows, and optimize security operations. Furthermore, the presence of numerous large enterprises, financial institutions, and critical infrastructure in North America places a premium on cybersecurity solutions, further fueling the demand for SOAR platforms and services to fortify defenses against cyber threats.

Security Orchestration Automation and Response Market Share

Companies such as Tines and IBM Corporation are employing growth strategies such as expanding their product offerings, forming strategic partnerships, targeting new industries, and enhancing their global presence to seize market opportunities and maintain competitive advantage.

Security Orchestration Automation and Response Market Companies

Major players operating in the security orchestration automation and response industry are

• Fortinet, Inc.
• IBM Corporation
• Logpoint
• Palo Alto Networks
• Rapid7
• ServiceNow
• Siemplify
• Splunk Inc.
• Swimlane
• Tines

Security Orchestration Automation and Response Industry News

• In April 2023, D3 Security unveiled Smart SOAR, an upgraded edition of its security orchestration, automation, and response (SOAR) solution. Smart SOAR is tailored to assist Managed Security Service Providers (MSSPs) and Managed Detection and Response (MDR) providers in the automated evaluation of threats and the resolution of security incidents.

This security orchestration automation and response market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD billion) from 2018 to 2032, for the following segments

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Market, By Component

• Software
• Services

Market, By Deployment

• Cloud
• On-premises

Market, By Enterprise Size

• Large Enterprises
• SMEs

Market, By Industry Vertical

• BFSI
• IT & Telecom
• Manufacturing
• Healthcare
• Retail & E-Commerce
• Government
• Education
• Others

Market, By Application

• Threat Intelligence
• Network Forensics
• Incident Response
• Compliance
• Others

The above information is provided for the following regions and countries

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
  • Southeast Asia 
• Latin America
  • Brazil
  • Mexico
  • Argentina 
• MEA
  • UAE
  • South Africa
  • Saudi Arabia

Frequently Asked Questions (FAQ)

How big is the security orchestration automation and response market?

The market size of security orchestration automation and response was worth USD 1.6 billion in 2023 and is estimated to register over 15% CAGR between 2024 and 2032, due to increasing incidences of cybersecurity threats worldwide.

Why is software segment gaining traction in the security orchestration automation and response market?

The software segment was reached USD 1.1 billion in 2023 and is expected to grow significantly through 2032, as SOAR software is gaining widespread popularity in the cybersecurity landscape.

What are the factors influencing the North America SOAR market growth?

North America region captured around 35% share of the security orchestration automation and response industry in 2023 and will grow significantly through 2032, as the region faces a continuous and evolving threat landscape, with cyberattacks increasing in complexity.

Who are the major security orchestration automation and response industry players?

Fortinet, Inc., IBM Corporation, Logpoint, Palo Alto Networks, Rapid7, ServiceNow, Siemplify, Splunk Inc., Swimlane, and Tines.