USD 6.03 Billion
Report ID:
SQMIG45I2205 |
Region:
Global |
Published Date: August, 2024
Pages:
179
|Tables:
0
|Figures:
0
Global SOC as a Service Market size was valued at USD 6.03 Billion in 2022 poised to grow from USD 6.70 Billion in 2023 to USD 15.66 Billion by 2031, growing at a CAGR of 11.2% in the forecast period (2024-2031).
The demand for work-from-home and remote working policies increased during COVID-19 pandemic. Consequently, this fueled an increase in security and endpoint management policies, leading to a boom in the SOC as a service market. Nonetheless, over the projected time, the SOC as a service market may be hampered by issues with data protection and customization on SOC as service platforms. On the other hand, it is expected that the period forecast will see new communication technologies such as cloud computing and 5G networks emerging which will bring possibilities for making money to SOC as a service market.
A group of IT security specialists known as a security operations centre (SOC) keeps a close eye on an organization's whole IT infrastructure in order to spot cybersecurity incidents early on and take relevant action. The role of Security Operations Centres is to offer their services to companies that lack advanced information technology security and response teams. The SOCaaS industry benefits from the opportunities created as SMEs incorporate cloud-based solutions at a growing pace while utilizing artificial intelligence, machine learning, and blockchain technologies for enhanced cybersecurity. These elements foster an environment that is conducive to the market's expansion, as businesses look for cutting-edge ways to protect their systems and sensitive data, which fuels the demand for SOCaaS solutions.
Global Market Size
USD 6.03 Billion
Largest Segment
Endpoint Security
Fastest Growth
Network Security
Growth Rate
11.2%
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The global SOC as a service market is segmented based on Vertical, Service Type and Application. Based on Vertical, the market is grouped into BFSI, Healthcare, Government, Manufacturing, Energy & Utilities and Telecommunications. Based on the Service Type, the market is segmented into Managed SIEM & Log, Management, Vulnerability Scanning& Assessment, Threat Detection and GRC. Based on Application, the market is grouped into Network Security, Cloud Security, Endpoint Security and Application Security. Based on Region, the market is segmented into North America, Europe, Asia-Pacific, Central & South America and Middle East & Africa.
Analysis by Application
As per categorization by application, the market is classified as network security, cloud security, endpoint security and application security. Among these, endpoint security earned the largest share and continues to dominate the market. With the advent of sophisticated endpoint security solutions that offer real-time threat detection and response capabilities, the global SOC as a service market is becoming more and more innovative. Given that it plays an important part within the essential framework for protecting devices against cyber attacks, ensuring compliance, and improving overall security posture as remote work becomes more common place; endpoint security holds a significant market share.
Due to the increased complexity of cyber threats and the growing uptake of cloud technologies, network security is expected to develop at the quickest rate in the global SOC as a service market. To safeguard private information and ensure seamless functioning within an ever-evolving online arena, enterprises are emphasizing robust network protection systems.
Analysis by Service Type
Within the global SOC as a service market, innovation in threat detection and incident response is concentrated on utilizing AI and machine learning for quick threat identification and automated responses. Out of all sectors in the market, this one commands in the largest part as it plays a vital role in reducing risks, enhancing security functionality as well as tackling the ever-changing nature of cyber threats.
The managed SIEM and log solutions sector is expected to develop at the quickest rate in the global SOC as a service market due to rising data complexity and regulatory requirements. Significant investment in centralized logging and sophisticated analytics is driven by the organization's need to improve overall security posture, expedite compliance activities, and increase threat visibility.
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Due to its robust technological infrastructure, high adoption rate of cutting-edge cybersecurity solutions, and substantial concentration of top security service providers, North America leads the global SOC as a service market. Laws and frameworks put in place by the government, which require companies always to consider cybersecurity spending are vital for this region. It is because of the prevalence of advanced cyberattacks and data compromises that managed security services have become more essential. Additionally, high profile sectors such as technology, healthcare, finance require integrated SOC solutions to protect personal data. North America has also remained a leader in this region as it focuses more on innovation and research.
Due in large part to growing regulatory compliance requirements like the General Data Protection Regulation (GDPR), which forces businesses to strengthen their cybersecurity safeguards, Europe is the region in the global SOC as a service market that is expanding the fastest. While cyber-attacks increase, corporations within the region are looking for better security systems that can protect their confidential information. Additionally, digitalization in various organizations has resulted to a heightened consciousness of cybersecurity issues. The surge in innovative cyber defense enterprises is another factor that boosts the market as well as collaborations between public and private sectors. Besides, SOC as a service is being adopted more due to Europe’s focus on strong and sustainable security strategies.
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Drivers
Complicated administrative procedures are required after threat detection in a procedure known as Cumbersome Administration After Threat Detection. Focused on customizing duties by means of waiving-edge solutions and also specialized specialists in order to enhance administrative functions, SOCaaS accelerates this process. This enables on-site teams to focus on strategic decisions, improving response time and enhancing the effectiveness of handling threats. By enabling speedy threat detection through addressing an organization’s needs, SOCaaS better the whole cybersecurity architecture thus aiding transition from crime identification towards resolution in an orderly manner.
Modern technologies like blockchain, AI, and ML are being strategically incorporated into the SOCaaS industry, which is causing a revolutionary change. This merging has presented an unusual chance to advance cybersecurity proficiency. Now through artificial intelligence (AI) and machine learning (ML), SOCaaS service providers can analyze huge amounts of data quicker and more accurately than ever.
Restraints
Concerns about data privacy and compliance surface when businesses think about implementing SOCaaS to improve cybersecurity and entrust data to outside suppliers. For more rigorous rules such as GDPR for protecting data, SOCaaS procedures have to be scrutinized closely so as to guarantee safety of information. In the case of ignoring regulations and keeping confidential information private may result in monetary losses and damage to an individual’s name.
There is a chance of vendor lock-in in the global SOC as a service market. Businesses can be worried about becoming unduly reliant on one service provider to meet their security requirements, since this could reduce flexibility and make it more difficult to move suppliers if needed. Businesses may be reluctant to implement SOC as a service solution due to this anxiety since they would rather have control of their security infrastructure.
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The global SOC as a service market is characterised by a wide range of competitors that provide cutting-edge solutions. Prominent global corporations such as IBM, Cisco, and Palo Alto Networks utilise cutting-edge technologies to augment security operations. Furthermore, in response to increasing demand, companies such as McAfee, Fortinet, and Secureworks are aggressively diversifying their service offerings. Additionally, suppliers are working together more frequently in the market to offer comprehensive, scalable solutions that address changing cybersecurity challenges.
Top Player’s Company Profiles
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the growing need for improved security measures in reaction to the development of remote work and sophisticated cyber threats is fuelling the considerable growth of the global SOC as a Service market. While obstacles like vendor lock-in and worries about data protection may obstruct development, the incorporation of cutting-edge technology like blockchain, AI, and machine learning opens up new avenues for creativity.
Leading the way are continents like North America and Europe, which are using technical improvements and regulatory requirements. All things considered, the changing landscape of cybersecurity is driving the growth of SOC as a Service and giving businesses the essential tools they need to protect their digital assets.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 6.03 Billion |
Market size value in 2031 | USD 15.66 Billion |
Growth Rate | 11.2% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the SOC as a Service Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the SOC as a Service Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the SOC as a Service Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the SOC as a Service Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG45I2205