Security Orchestration Market Report Scope

Global Security Orchestration Market Size, Forecast, and Trend Highlights Over 2022 - 2031

The global security orchestration market is estimated to garner a revenue of ~USD 10 billion by the end of 2031 by growing at a CAGR of ~18% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of ~USD 2 billion in the year 2021. Security orchestration is relevant as it facilitates incorporating dissimilar security systems, thereby linking different security tools to create an advanced approach with more features. The most significant factor contributing to the growth of the global security orchestration market is the worrying threat of data breaches. It has been estimated that by 2018 the online population with stolen or compromised records constituted more than 65%.

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The average size of data breaches has been estimated to be more than 25000 records, while the average days to identify a data breach is ~280 days, and the average time to contain a breach is more than 70 days. With such an extent of data breaches, manual handling of security alerts can often lead to human errors. Security orchestration, automation, and response (SOAR) solutions, on the other hand, add insights into the security alerts with relevant data from different sources. This can help security teams to contextualize a security threat and initiate remedial measures. This improved convenience is the chief factor driving the growth of the global security orchestration market.

Global Security Orchestration Market: Growth Drivers and Challenges

Growth Drivers

• Growing Trend of Bring Your Own Device (BYOD) in Organizations - The onset of COVID-19 has led to many organizations introducing remote working facilities for employees with BYOD policies helping to implement it successfully. As of 2022, more than 80% of organizations have implemented BYOD policies. It has been estimated that ~76% of employees use personal mobile phones for work. But even with a wide implementation of BYOD policies, only close to 33% of organizations have required their employee's devices to be registered with IT for installing security software. Such a scenario increases the chances for imminent threat to corporate data and hence more demand in the global security orchestration market.

• Infinite Complexities Caused by Overcrowded Networks - It has been observed that the number of devices connected to the internet doubled from 2015 to 2020 to reach ~7 per person. With the growth of the connecting points to an enterprise, the web becomes more complex, bringing several security concerns.

• Unprecedented Growth of Cloud Computing - By the end of 2020, ~51% of organizations had workloads in the public cloud. Later by March 2022, it was estimated that the enterprises that had deployed hybrid cloud for business constituted ~81%. With more data in the cloud, the security concerns over the same increase creating demand in the global security orchestration market.

• Increasing Information Technology (IT) Security Automation – As of 2021, ~36% of global organizations have reported a high level of automation for event/alert processing and security operations. Security automation is believed to reduce the cost of manual security by ~81%. Further, ~77% of IT executives opined that AI and automation had maximized the security staff efficiency. Widespread automation creates opportunities for the global security orchestration market.

• Rapid Increase in Work from Homes During COVID-19 - The pandemic has resulted in ~71% of full-time workers starting working from home. Additionally, there is a growing preference for work-from-home jobs among employees. ~82% of employees believe that they will get continued support for remote work from their employers even after COVID-19. However, only up to 25% of companies are investing in home office equipment giving more responsibility to the employees and causing more vulnerability to data.

Challenges

• Inadequate Knowledge About New Developments in Cyber Security

• Evolving Network Infrastructure and Complexity of Networks

• Total Unawareness Of Cyber Attacks

The global security orchestration market is segmented and analyzed for demand and supply by vertical into BFSI, energy & utilities, government & defense, healthcare, retail, e-commerce, IT & Telecom, and others. Of these, the BFSI segment is anticipated to hold the largest market size by the end of 2031. The continuous innovation in transaction and processing technologies causes this sector greater need for SOAR solutions to keep itself immune to threats from within and outside. The financial sector damages are mostly from phishing which is causative of ~91% of all successful cyber-attacks. Another form of cyber-attack that this sector suffers from is ransomware attacks. It is estimated that there was an ~10x increase in ransomware attacks against financial sectors in just three months in the first half of 2020. A chief reason for the cyber-attacks against the financial sector is the growth of online and mobile banking.

Global Security Orchestration Market Regional Synopsis

Regionally, the global security orchestration market is studied into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Amongst these markets, the market in the North American region is projected to hold the largest market share by the end of 2031. Several factors like the increase in work-from-home jobs, more organizations introducing BYOD policies, increased use of mobile banking, and more make the region particularly vulnerable to cyberattacks, thus creating opportunities for the security orchestration market there. For instance, it was observed that ~76% of U.S. workers were using personal cell phones for working even before the pandemic. Further, it is predicted that there should be more than 216 million digital banking users in the U.S. alone by 2025.

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Market Segmentation

Our in-depth analysis of the global security orchestration market includes the following segments:

Key Companies Dominating the Global Security Orchestration Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global security orchestration market that are included in our report are FireEye, Inc., IMB, Tufin Software Technologies Ltd., Swimlane Inc.,  Cisco Systems, Inc., SIRP Labs Limited., Forescout Technologies, Inc., Siemplify, Rapid7, Accenture PLC, and others.

Global Security Orchestration Market: Latest Developments

• February, 2022: Swimlane Inc.- announced the adoption of its extensive partner ecosystem and low-code SOAR platform by U.S. government agencies for security orchestration which was made mandatory by executive orders from the Biden administration.

• May, 2021: Siemplify - announced a 75% growth in its customer base in the United Kingdom (U.K.). The independent provider for SOAR solutions also doubled its number of managed security service provider (MSSP) and reseller partners from May 2020 to May 2021.

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• The report covers a detailed analysis comprising market share attained by each market segment and its sub-segments.

• It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis, and challenges that impact market growth.

• The report includes detailed company profiles of the major players dominating the market.

• We use effective research methodologies to calculate the market numbers and provide value-added assessments for overall growth.

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Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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