Security Orchestration Automation and Response (SOAR) Market Worth $1,791 Million by 2024 - Exclusive Report by MarketsandMarkets
CHICAGO, Sept. 6, 2019 /PRNewswire/ -- According to a new market 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.
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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.
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.