Security Orchestration Market Projected to Hit USD 4.04 Billion at a 15.70% CAGR by 2030 – Report by Market Research Future (MRFR)
Security Orchestration Market Poised for Growth as Companies Prioritize Cybersecurity
New York, US, April 27, 2023 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), ” Security Orchestration Market: By Component (Solution, Service), Application (Threat Intelligence, Network Forensic), Deployment (Cloud, on-premise), Organization Size (Large Enterprise), Vertical (BFSI, Retail) – Global Forecast till 2030”, the market is predicted to thrive substantially during the assessment era from 2022 to 2030 at a healthy CAGR of approximately 15.70% to attain a valuation of around USD 4.04 billion by the end of 2030.
The increasing number of cyber-attacks and the growing demand for automated security solutions are driving the growth of the Security Orchestration Market. Companies across various industries are realizing the importance of cybersecurity and are investing in advanced security solutions to protect their digital assets.
Some of the key players in the Security Orchestration Market are.
- IBM Corporation
- Cisco Systems Inc.
- CyberSponse Inc.
- FireEye Inc.
- Rapid7 Inc.
- Splunk Inc.
- Swimlane LLC
- McAfee LLC
- Tufin Software Technologies Ltd.
- DFLabs S.p.A.
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|Security Orchestration Market Size by 2030||USD 4.04 billion|
|Security Orchestration Market CAGR during 2022-2030||15.70%|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Key Market Drivers||To overcome these issues, the global organizations that are a part of the security orchestration market need a single security solution|
One of the major drivers of the Security Orchestration Market is the increasing number of cyber-attacks. With the rise of digital transformation, the number of cyber threats has increased, and companies are looking for advanced security solutions to protect their systems and data.
Another driver of the market is the growing demand for automation in security operations. As the volume of security alerts increases, security teams are struggling to keep up with the workload. Security orchestration solutions help automate and streamline security operations, allowing security teams to focus on more critical tasks.
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One of the major challenges facing the Security Orchestration Market is the lack of skilled cybersecurity professionals. With the increasing demand for cybersecurity solutions, there is a shortage of qualified professionals who can design, implement, and manage these solutions.
Another challenge is the complexity of security orchestration solutions. These solutions require integration with multiple security tools and systems, which can be challenging and time-consuming.
The Security Orchestration Market is segmented based on component, application, deployment mode, organization size, and vertical.
By component, the market is segmented into solutions and services. The solutions segment is further segmented into automation, orchestration, and incident response. The services segment is further segmented into professional services and managed services.
By application, the market is segmented into threat intelligence, network forensics, and others.
By deployment mode, the market is segmented into cloud-based and on-premises.
By organization size, the market is segmented into small and medium-sized enterprises (SMEs) and large enterprises.
By vertical, the market is segmented into banking, financial services, and insurance (BFSI), government and defense, healthcare, retail, and others.
The Security Orchestration Market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and South America.
North America dominates the Security Orchestration Market, with the US being the major contributor to the market growth. The region has a high adoption rate of advanced security solutions and a large number of cybersecurity vendors.
Asia-Pacific is expected to grow at the highest CAGR during the forecast period. The region has a large number of SMEs that are increasingly adopting security orchestration solutions to protect their digital assets.
One of the major trends in the Security Orchestration Market is the increasing adoption of cloud-based security orchestration solutions. Cloud-based solutions offer several benefits, including scalability, flexibility, and cost-effectiveness.
Another trend is the integration of artificial intelligence (AI) and machine learning (ML) into security orchestration solutions. AI and ML can help automate and streamline security operations, allowing security teams to respond quickly to threats.
Several recent developments have taken place in the Security Orchestration Market, as key players continue to innovate and improve their solutions to meet the evolving needs of customers.
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Here are some of the notable developments:
- In November 2020, IBM Corporation announced the launch of Cloud Pak for Security, an open-source platform that allows organizations to connect their existing security tools to generate insights and orchestrate responses to threats.
- In February 2021, Splunk Inc. announced the acquisition of TruSTAR, a platform that allows organizations to manage and exchange threat intelligence data. The acquisition is expected to enhance Splunk’s security analytics capabilities and improve its ability to detect and respond to threats.
- In March 2021, Rapid7 Inc. announced the acquisition of IntSights Cyber Intelligence Ltd., a threat intelligence company that provides real-time insights into cyber threats. The acquisition is expected to enhance Rapid7’s detection and response capabilities and enable it to provide a more comprehensive security solution to its customers.
- In March 2021, Swimlane LLC announced the launch of Swimlane Free Edition, a free security orchestration solution for small security teams. The solution is designed to help organizations automate and streamline their security operations and improve their overall security posture.
The Security Orchestration Market presents several opportunities for growth, driven by various factors such as the increasing adoption of cloud-based security orchestration solutions and the integration of artificial intelligence (AI) and machine learning (ML) into security orchestration solutions.
Here are some of the promising opportunities in the market:
Cloud-based security orchestration solutions: The adoption of cloud-based security orchestration solutions is expected to increase as organizations seek scalable, flexible, and cost-effective security solutions. Cloud-based solutions allow organizations to automate and streamline their security operations without the need for additional hardware or infrastructure.
AI and ML: The integration of AI and ML into security orchestration solutions is expected to increase as organizations seek to automate and streamline their security operations. AI and ML can help organizations detect and respond to threats quickly and efficiently, allowing security teams to focus on more critical tasks.
Small and medium-sized enterprises (SMEs): The adoption of security orchestration solutions by SMEs is expected to increase as these organizations become more aware of the importance of cybersecurity. SMEs are increasingly becoming targets of cyber attacks, and they need advanced security solutions to protect their digital assets.
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The Security Orchestration Market is experiencing significant growth, driven by the increasing number of cyber attacks and the growing demand for automated security solutions. Recent developments in the market, such as the launch of Cloud Pak for Security by IBM and the acquisition of IntSights Cyber Intelligence Ltd. by Rapid7 Inc., demonstrate the continued innovation and investment in the market. The market presents several promising opportunities for growth, driven by the increasing adoption of cloud-based security orchestration solutions and the integration of AI and ML into security orchestration solutions.
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