From GlobeNewswire: 2024-11-07 09:00:00

The Security Orchestration, Automation, and Response (SOAR) market was valued at USD 1.5 billion in 2023, with a projected growth to USD 5.5 billion by 2032, driven by the rise in cyber threats and government support for SOAR deployment, particularly in the United States.

SOAR technology, integrated by federal agencies like the Department of Defense, aims to strengthen data security and automate routine security tasks to address personnel shortages and focus on complex threats, as highlighted by FBI reports of over 800,000 cyber complaints in 2022.

Major players in the SOAR market include Splunk, IBM, Palo Alto Networks, and ServiceNow, with AI and ML technologies enhancing capabilities for efficient threat detection and response, reducing response times and improving security posture against cyberattacks.

Large enterprises hold a significant share in the SOAR market due to their extensive digital infrastructures, while small and medium-sized enterprises are also adopting SOAR systems for affordable and efficient ways to enhance their defenses against cybersecurity threats.

Incident response dominates the SOAR market application segment, with SOAR solutions streamlining the incident response process to minimize damage and resume operations swiftly, while other applications like threat intelligence and compliance also experience growth as organizations seek to gain deeper insights into their security posture.

The IT and telecommunications sector leads the SOAR market by vertical, with the BFSI sector also heavily investing in SOAR technologies to meet regulatory requirements and protect customer data from cyber threats, with North America at the forefront of market growth due to its advanced technology infrastructure and high concentration of SOAR solution providers. In 2023, North America held 36% of the SOAR market share due to increased adoption by enterprises to combat rising data breach costs. The Asia-Pacific region is expected to grow rapidly from 2024-2032, driven by cybersecurity investments in India, China, and Japan amid escalating cyber threats and digitalization efforts.

Palo Alto Networks expanded its SOAR capabilities in 2023 with machine learning features on the Cortex XSOAR platform. Splunk Inc. partnered with Amazon Web Services to offer a scalable SOAR solution for cloud-native environments. These developments aim to enhance threat intelligence and incident response for organizations.

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