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3. IBM Corporation (US) and Rapid7 (US) are leading players in Security Orchestration Automation and Response (SOAR) Market

The Security Orchestration Automation and Response (SOAR) market is projected to grow from USD 868 million in 2019 to USD 1,791 million by 2024, at a CAGR of 15.6% during the forecast period. The major factors driving the market include the need to comply with increasing security regulations and government policies for large companies.

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The vendors covered in the market report include IBM Corporation (US), FireEye (US), Cisco Systems Inc. (US), Rapid7 (US), Splunk Inc. (US), Swimlane LLC (US), Tufin (US), ThreatConnect (US), Demisto (Palo Alto Networks) (US), DFLabs (Italy), LogRhythm (US), Siemplify (US), Resolve Systems (US), CyberSponse (US), and Exabeam (US). These players have adopted various growth strategies, such as partnerships, agreements & collaborations, new product launches & product enhancements, and acquisitions to expand their presence in the SOAR market. Partnerships, agreements & collaborations and new product launches have been the most adopted strategies by the major players from 2017 to 2019 to innovate their offerings and broaden their customer base.

IBM (US) has been acknowledged as one of the leading vendors of SOAR solutions. The company offers a diverse set of products and services, which includes Application Services, Business Process and Operations, Business Resiliency Services, Business Strategy and Design, Cloud Services, Digital Workplace Services, Network Services

Talent and Transformation, Technology Consulting Services, and Technology Support Services in the market. The company majorly focuses on inorganic growth strategies, such as new partnerships and acquisitions to strengthen its innovative product portfolio. For instance, in March 2019, it partnered with Everbridge. IBM’s QRadar is expected to integrate with Everbridge’s IT Alerting, enabling organizations to automate communications, collaborations, and orchestration to streamline the overall information security incident response process. IBM also partnered with Bay Dynamics in February 2019 to integrate IBM Resilient’s Incident Response Platform (IRP) with Bay Dynamics Risk Fabric cyber risk and UEBA platform. This integrated solution increased cross-enterprise security collaboration by creating centralized threat analysis, visualization and mitigation. Thus, the company is expected to have significant opportunities in the security space in the future.

Rapid7 (US) is another top player in the SOAR market. The company offers its software, Insight Connect and Komand in the market. It invested heavily on acquisition. For instance, in 2019, it acquired NetFort to provide customers with network traffic visibility and analytics across cloud, virtual, and physical networks. The company focuses primarily on inorganic growth through acquisitions and partnerships in the market. The company concentrates on providing innovative products in order to enable its end clients to spread their business models and revenue streams. In the coming years, the company plans to further accelerate its pace of innovation, increase the value of the network, and deliver the required solutions to its customers.

Related Reports:

Security Orchestration Automation and Response (SOAR) Market by Solutions, Services (Professional Services, Managed Services), Application, Deployment Mode (On-premises, Cloud), Organization Size, Vertical, and Region - Global Forecast to 2024

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