The global security orchestration market, which reached a size of US$ 2.8 billion in 2022, is set to experience substantial growth in the coming years. Analysts project the market to reach US$ 7.0 billion by 2028, with a robust compound annual growth rate (CAGR) of 16.1% during the period from 2023 to 2028, according to Research And Markets.
Security orchestration involves the integration of various cybersecurity tools and processes within a security operation center (SOC) to automate tasks, enhancing the efficiency of security operations. It encompasses a range of cybersecurity tools aimed at preventing, detecting, and remediating threats.
Security orchestration enables security teams to quickly contextualize data by gathering information from multiple sources, enriching alerts, and facilitating incident response activities such as alert triage, analytics, security incident investigation, and threat intelligence.
This strategic approach finds extensive applications across various sectors, including energy and utilities, government, healthcare, retail, information and technology (IT), telecommunications, and banking, financial services, and insurance (BFSI).
Key Market Trends Driving Growth
- Rise in Security Breaches: The proliferation of bring your own device (BYOD) policies in medium and small businesses has led to an increase in security breaches across various industry verticals. This, coupled with frequent changes in network infrastructures, is a significant driver of market growth.
- Cloud-Based Solutions: The availability of cost-effective cloud-based security orchestration solutions globally is contributing to market expansion.
- Telecommunication Sector: Security orchestration is increasingly utilized in the telecommunications sector to provide advanced security for critical business applications.
- Government Investments: Governments worldwide are investing extensively in network infrastructures and research and development (R&D) activities, positively impacting market growth.
- Demand for Cutting-Edge Security Technology: The growing demand for state-of-the-art security technology is providing lucrative growth opportunities for key market players.
- Enhancing Security Operations: The adoption of security orchestration to elevate the security operations capabilities of enterprises is driving market growth.
However, the market faced challenges during the COVID-19 pandemic due to a decline in travel and tourism activities and the suspension of airline services. It is expected to recover as lockdown restrictions ease. Research And Markets