Increasing number of cyber-attacks coupled with growing trend of internet and mobile banking has resulted in adoption of better security solutions by the BFSI sector including security orchestration
Latest market study on “Security Orchestration Market to 2027 by Component (Software and Services); Deployment Type ( On-Premise and Cloud); Function (Network Security, Threat Intelligence, Compliance Management, Ticketing Solutions, End-Point Security and Others); Type of Enterprise (Small & Medium Scale and Large Scale); and End User (BFSI, Government, IT & Telecom, Manufacturing, Healthcare & Pharmaceuticals, and Others)- Global Analysis and Forecast”, the security orchestration market is estimated to reach US$ 7,750.2 Mn by 2027 from US$ 843.3 Mn in 2018. The report includes key understanding on the driving factors of this growth and also highlights the prominent players in the market and their developments.
Security orchestration are the tools for integrating security and non-security devices and automated the handling of the task in a machine-based security application. Vendors offer a wide range of security orchestration solution for organizations to detect suspicious activity and facilitate administrator with a quick and appropriate response. The nature of cyber security has changed rapidly with the rise in the cloud and mobile computing. The company's devices and data are scattered to the different endpoints as their employees work in an office as well as from different locations, on mobile devices, on personal laptops and computers. On the basis of verticals, the global security orchestration market is categorized into government, BFSI, IT & Telecom, manufacturing, healthcare & pharmaceuticals, and others.
On the basis of end-user, the security orchestration market is dominated by the BFSI sector. Banking, financial services, and insurance (BFSI) industries are more exposed to cyber-attacks due to the presence of huge financial and personal data of customers. In this sector, a high amount of sensitive data is generated and exchanged every day. There is growing volume and creation of endpoints and mobile devices in banks, credit card companies, and credit reporting institutions, thus, it becomes important for these industry verticals to secure their customer data. Currently, mobile service is the fundamental of banking for their employees, agents, and customers. Many of the cyber attackers are motivated by financial gain and attracted to mobile devices in the finance industry. Hence, BFSI industries are more inclined towards adoption security solution for the protection from malware and integrated app protection.
Also, the government end-user segment holds a significant share of the total security orchestration market. Government agencies require security capabilities, which can assist them to understand, recognize, and respond to threats in order to keep away sophisticated real-time attackers. Moreover, in recent years, cybercrimes are becoming innovative, thus, government agencies and federal institutions have to adopt advanced security solutions over traditional methods to protect sensitive data and critical infrastructure. However, despite the increase in cyber-attacks, the government is getting much better and capable of responding to cyber risks. Moreover, in recent years, the government sector is significantly investing and enhancing its cyber security efforts.
The global security orchestration has witnessed a significant number of new companies entering the market owing to the presence of high demand and supply gap. Further, the presence of various companies with limited customer base focusing on niche market has resulted in a highly fragmented nature of the market. Currently, some of the companies operating in the market are CyberSponse, Inc., DFLabs S.p.A., FireEye, Inc., Microsoft Corporation (Hexadite), Tufin, Demisto, Inc., Siemplify Ltd., Phantom Cyber Corporation (Splunk Inc.), Cyberbit Ltd. and Swimlane LLC among others.
Security Orchestration Market - Region Breakdown, 2018 Security Orchestration Market to 2027 - Global Analysis and Forecasts by Component (Software and Services); Deployment Type ( On-Premise and Cloud); Function (Network Security, Threat Intelligence, Compliance Management, Ticketing Solutions, End-Point Security and Others); Type of Enterprise (Small & Medium Scale and Large Scale); and End User (BFSI, Government, IT & Telecom, Manufacturing, Healthcare & Pharmaceuticals, and Others)
Security Orchestration Market Size, Share & Forecasts to 2027
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The report segments the global security orchestration material market as follows:
Global Security Orchestration Market - By Component
- Software
- Services
- Professional Service
- Managed Service
Global Security orchestration Market - By Deployment Type
- On-Premise
- Cloud
Global Security Orchestration Market - By Function
- Network Security
- Threat Intelligence
- Compliance Management
- Ticketing Solution
- End-point Security
- Others
Global Security Orchestration Market - By Enterprise Type
- Small & Medium Scaled
- Large Scaled
Global Security Orchestration Market - By End-user
- BFSI
- Government
- IT & Telecom
- Manufacturing
- Healthcare & Pharmaceuticals
- Others
Global Security Orchestration Market - By Geography
- North America
- U.S.
- Canada
- Mexico
- Europe
- France
- Germany
- UK
- Italy
- Spain
- Rest of Europe
- Asia Pacific (APAC)
- India
- Australia
- China
- Japan
- Rest of APAC
- Middle East & Africa (MEA)
- Saudi Arabia
- UAE
- South Africa
- Rest of MEA
- South America (SAM)
- Brazil
- Rest of SAM
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