Security Orchestration Automation and Response (SOAR) Market Size

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.

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.