Security Orchestration Market Growth Trend Forecast 2028 – The Insight Partners.
Posted by niket gore on July 21st, 2022
The security orchestration market was valued at US$ 0.84 Bn in 2020 and is expected to reach US$ 7.7 Bn by 2028 with an attractive CAGR growth rate of 28.8% in the forecast period. Factors such as high year-on-year spending towards security orchestration and growing company’s annual revenue are expected to fuel the security orchestration market growth in the coming years.
The global market for cyber security has witnessed some profound changes in the past few years owing to growing awareness towards data security, coupled with an increase in the number of threats related to cyber security. Moreover, the rise in adoption of various IT enabled services & solutions growing the popularity of connected devices has further boosted the amount of data generated daily subsequently resulting in vast scope for potential vulnerabilities that need effective management as well as containment. Thus, the surge in demand for effective and efficient cyber security solutions that offers seamless monitoring of various alerts, events notification and reporting of unauthorized access is anticipated to be the significant market driving force for the global security orchestration market in the coming years.
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The growing popularity of connected devices coupled with increasing scope of application of IoT enabled products and services has boosted the volume of data being generated globally. Moreover, simultaneously the number of potential vulnerabilities and large scale cyber-attacks has also risen in the past few years. As a result, the cyber security continues to gain significance among leading enterprise and subsequently driving the demand for efficient and robust cyber security solutions for their organization. Thus, over the years various market players have positioned themselves for catering to different cyber security requirement. Among these, the security orchestration software and solutions facilitates the organization especially their SOCs (Security Operations Center) and related corresponding teams in improving the cohesion of various technology and process security posture. The security orchestration solutions promotes a fine balance between security automation and human supervised security monitoring and response.
Factors such as increasing number of large cyber security threats coupled with stringent cyber security legislation and regulations are the major factors driving the growth of cyber security based solutions. Moreover, the growing popularity of automation and adoption of AI enabled solutions especially among large enterprise owners is also expected to have profound and positive influence over the growth of the security orchestration market in the coming years. The increasing demand for automated incident response and use of AI enabled solutions is also expected to drive the market growth in the coming years. Thus, the market is poised to provide numerous profitable opportunities for the market players in the coming years.
Currently, the companies offer a good mix of set of software and services to their clients such as consulting, training & education, professional services, managed services, and software tools among other services or products for offering security orchestration solutions. Thus, based on component the security orchestration market is bifurcated into software and services. Further, based on deployment type the market is broadly segmented into on-premise and cloud. Also, based on function, the market is divided into network security, threat intelligence, compliance management, ticketing solutions, end-point security and others. Moreover, by type of enterprise the market is broken-down by small & medium scaled and large scaled enterprise. Finally, based on end-user the market is classified into BFSI, government, IT & telecom, manufacturing, healthcare & pharmaceuticals, and others.
The security orchestration market has been derived from market trends and revenue generation factors from five different regions across the globe namely; North America, Europe, Asia Pacific, Middle East & Africa, and South America. Europe is expected to be the fastest growing region in the adoption of security orchestrations. Cyber-enabled attacks in European provinces have become more frequent and sophisticated over the years. As a result, the EU (European Union) is aiming to develop its resilience and capabilities in cyber security as well as cyber defense segments. Owing to this the cyber-security spending in Europe, particularly in Western Europe has increased exponentially. In the year 2016, the region was estimated to spend more than US$ 20 Bn and is forecasted to increase further in the coming years.
Security Orchestration Market — Geographic Breakdown, 2018
Source; The Insight Partners Analysis
The report segments the global security orchestration market as follows:
o Professional Service
o Managed Service
18.104.22.168 Global Security Orchestration Market – By Enterprise Type
22.214.171.124 Global Security Orchestration Market – By End-user
o Rest of Europe
o Rest of APAC
o Saudi Arabia
o South Africa
o Rest of MEA
o Rest of SAM
The List of Companies
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About the Authorniket gore
Joined: July 6th, 2022
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