Market Trends of Security Orchestration Industry
IT and Telecommunication Sector is Projected to Record Significant Growth
- The IT and telecommunication industry offers a wide range of global and domestic services for connecting millions of customers. This diverse ecosystem is more prone to frequent cyber attacks, as they are highly dependent on their infrastructure, network, and databases to perform any operation.
- Telecom organizations typically store customers' personal information, such as names, addresses, and financial data. Information-sensitive data is a compelling target for insiders or cyber-criminals to steal money, blackmail customers, or launch further attacks. Therefore, the industry demands a greater focus on updated solutions, the right tools, highly trained personnel, and the ability to respond to threats immediately.
- SOAR tools aid IT teams in defining, standardizing, and automating organizations' incident response activities. Most IT organizations use these tools to automate security operations and processes, respond to incidents, and manage vulnerabilities and threats. Moreover, security orchestration reduces the threat response and resolution time for IT professionals working in enterprise security.
- With the increased data connectivity with the cloud as well as IoT taking center stage in the IT sector, security has been a top priority for the all the organizations in the industry to protect themselves from the data breaches. Further, COVID-19 pandemic has led Information and communication technology organizations to rethink their business processes and improve their network performance to provide their customers with reliable services throughout the pandemic, specially when the demand for telecom networks has doubled. Thus, companies are adopting these security orchestration solutions thereby driving the market growth rate.
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North America Accounts for the Largest Market Share
- North America dominates the security orchestration market, owing to many prominent security orchestration vendors across the region, such as IBM Corporation, DXC Technology Company, Cisco System Inc., FireEye Inc., etc. Factors such as the growing end-user industries, government expenditure toward critical infrastructure, well-established R&D centers, and the demand for advanced security technology across the region are expected to drive market growth.
- The growing number of cyber attacks in the region further contributes to the market growth. In 2021, The National Security Agency (NSA), the Cybersecurity and Infrastructure Security Agency (CISA), and the Federal Bureau of Investigation (FBI) reportedly witnessed occurrences involving ransomware against 14 of the 16 critical infrastructure sectors in the United States, including the Defense Industrial Base, Emergency Services, Food and Agriculture, Government Facilities, and Information Technology Sectors.
- Also, various organizations have admitted that network complexity has increased over the past few years and will continue to increase over the next five years. Therefore, there is a high need for network security to stop hacking and cyber-attacks from securing industrial processes, and that is where security orchestration plays its part.
- Further, the region is witnessing an explosion of new cloud tools adopted for hybrid and multicloud environments, while at the same time, established cloud platforms are pivoting to fit into the new hybrid reality.
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