Security orchestration, automation and response (SOAR) presents a lucrative opportunity. That’s because the global market should more than double, reaching $2.3 billion by 2027.

So says MarketsandMarkets in a new report, which expects a compound annual growth rate (CAGR) of nearly 16% from 2022-2027. The market is worth $1.1 billion today.

Major SOAR vendors include IBM, Cisco, Rapid7, Palo Alto Networks, Splunk, Fortinet, Trellix, Sumo Logic, Siemplify (acquired by Google Cloud), Exabeam, KnowBe4, Cyware and more, the report says.

Biggest Opportunities for SOAR Vendors

By offering, the services segment should grow at a higher CAGR through 2027. Services involve support offered by security vendors to assist customers in using and maintaining security products efficiently. With the increasing sophistication in cyberattacks, organizations are adopting security services to address risks related to cyber threats, as well as prevent them.

The security services market includes two major types: professional services and managed services. These services enhance the security portfolio of enterprises and safeguard their systems from unauthorized access, exploitation and data loss. With increasing digitalization and changing regulatory requirements, customers need continuous guidance from SOAR implementation experts. This expertise gathered from MSPs helps customers design customized solutions for their business processes. MSPs also ensure customers are aware of the return on investment (RoI) on their security platform.

By deployment mode, cloud should grow at a faster CAGR through 2027. Cloud-based deployment offers several benefits to organizations. Those include scalability and agility, reduced physical infrastructure, less maintenance cost, and 24/7 data accessibility from anytime, anywhere. Therefore, organizations are adopting cost-effective SOAR solutions to prevent and protect volumes of data from cyberattacks.

Asia Pacific Top Region for SOAR Demand

By region, Asia Pacific should grow at a higher CAGR through 2027. In 2021, this was the region most targeted  by malicious hackers. It accounted for one in four cyberattacks worldwide. The most incidents in the region were experienced by Japan, Australia and India, where server access and ransomware were among the most popular forms of attacks. To address these increasing vulnerabilities, many companies are expanding into Asia Pacific. For example, Swimlane, among major SOAR vendors, has extended its cloud-based security automation into Asia Pacific Japan (APJ) amid momentous growth in region.