Security Orchestration Automation and Response (SOAR) Market Share, Size, Trends, Industry Analysis Report, By Offering (Solutions, and Services); By Application; By Deployment Mode; By Organization Size; By Vertical; By Region; Segment Forecast, 2022 - 2030
The global Security Orchestration Automation and Response (SOAR) market size is expected to reach USD 3.3 billion by 2030, according to a new study by Polaris Market Research. The report “Security Orchestration Automation and Response (SOAR) Market Share, Size, Trends, Industry Analysis Report, By Offering (Solutions, and Services); By Application; By Deployment Mode; By Organization Size; By Vertical; By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The rapidly rising cybersecurity experts in the public and private sectors are assisting the market to grow as the need for security has grown across the various verticals which is boosting the market growth over the forecast period. Also, it is well known that there is a severe lack of trained workers in the cybersecurity sector. For instance,in August 2021, US firms in the private and public sectors posted an expected 450,000+ job opportunities for cybersecurity experts, according to data from Cyberseek. It is a widespread issue, and there is an exponential increase in the need for qualified people to deal with the prevalence and sophistication of cyber threats.
Additionally, major players are collaborating to develop advanced security solutions. In May 2022,the Zero Trust Segmentation business Illumio, Inc. revealed a strengthened partnership with IBM Security and a new connection between their solutions for cutting-edge end-to-end threat detection and mitigation.
Due to a lack of resources, the majority of businesses find it challenging to train and establish specialized security teams that can conduct full-time threat hunting. These aforementioned factors are propelling market growth.
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Further, due to the sheer usage of Bring your own device (BYOD) and consolidated patient data, the healthcare sector is now more susceptible to sophisticated cyberattacks. As a result, security orchestration automation and response are becoming more widely used. Healthcare apps and data are protected against vulnerabilities by security orchestration solutions. The quick uptake of security orchestration automation and response systems in the healthcare industry has also been facilitated by increased legal constraints, such as HIPAA compliance. The regulatory criteria raise the need for security orchestration automation and response and help to protect sensitive data, create digital signatures, secure network gateways, and encrypt databases.
Security Orchestration Automation and Response (SOAR) Market Report Highlights
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