Security Orchestration, Automation and Response Market: Growth, Demand, Key Drivers
The global Security Orchestration, Automation and Response (SOAR) Market size is expected to grow from an estimated value of USD 1.1 billion in 2022 to USD 2.3 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 15.8% from 2022 to 2027. As SOAR helps security team to fight against alert fatigue, growing incidents of phishing emails and ransomware is driving the market growth.
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Security Orchestration, Automation and Response Market Dynamics:
Drivers
• Growing incidents of phishing emails and ransomware
• SOAR helps security teams fight against alert fatigue
Restraint
• Lack of trust in third-party applications
Opportunities
• SOAR addresses dearth of skilled cybersecurity professionals
• Introduction of ML/AI-powered SOAR solutions