The SOC-as-a-Service market is estimated to reach US$ 1,340.3 million by 2022. Total revenue is expected to reach US$ 11,844.1 million by 2032, with a 24.3% CAGR.
The growing number of data breaches and cyber-attacks in small, medium, and large-scale businesses around the world is increasing demand for effective SOC-as-a-Service solutions. The prevalence of remote work culture creates a high risk for cybercrime and phishing due to global lockdown restrictions.
In recent years, organizations have relied on cyber security to protect their digital assets from escalating cyber threats. Phishing, ransom ware, phishing, malware, browser gateway frauds, Distributed Denial of Service (DDoS), whaling, and spear phishing are some of the most well-known cyber risks.
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Endpoints, networks, data, and other IT infrastructure are targeted by cyber terrorists, resulting in massive financial losses for individuals, businesses, and governments. Cyber threats lower business productivity by jeopardizing critical IT infrastructure and sensitive data. The prevalence of cybercrime is rising as a result of the rapid growth of digital transactions across industrial verticals.
North America emerged as the leading region in the SOC as a Service market with the highest revenue share. As the region most affected by cyber security breaches, North America has the most SOCaaS providers. As more cloud-based apps, technologies, and platforms are adopted, there is a growing demand for more robust security solutions for such platforms.
Governments throughout the region have identified information security as the most serious economic and national security threat. Governments set aside funds and dictate PCI DSS and HIPAA standards to make North America the most appealing SOC-as-a-Service market for various types of businesses.
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Key Takeaways:
- The United States is expected to have a SOC-as-a-Service market share of 36.0% and a CAGR of 21.3%.
- The United Kingdom is expected to have a CAGR of 28.4% and a SOC-as-a-Service market share of 5.1%.
- During the forecast period, India is expected to have the highest CAGR of 33.6% and a 4.4% market share.
- China is expected to have a SOC-as-a-Service market share of 8.8% and a CAGR of 23.8%.
- Japan is expected to have a 20% CAGR and a 5.5% SOC-as-a-Service market share.
- During the forecast period, the cloud security application segment is expected to grow at a CAGR of 30.7%.
- Network Security has the largest SOC-as-a-Service market share of 34.7% and the highest CAGR of 21.2%.
- The detection service market is expected to lead at a CAGR of 28.5% and hold 38.99% of the market.
- The prevention service segment has the largest market share (49.2% of total market share) and is expected to grow at a CAGR of 20.3%.
- The Small and Mid-Sized Enterprises (SMEs) industry is estimated to exhibit at a CAGR of 27.4% and account for 40.5% of the market.
- The Large Enterprises segment accounts for 59.5% of the SOC-as-a-Service market and is expanding at a CAGR of 21.9%.
- Fully Managed Service segment by offering type has the largest SOC-as-a-Service market share of 66.1% and a CAGR of 22.3%.
- Co-Managed Service segment by offering type has the market share of 33.9% and highest CAGR of 27.7%.
- Retail segment by industry has the largest market share of 29.3% and a CAGR of 22.3%.
- BFSI segment by industry has the market share of 27.9% and a CAGR of 23.2%.
Competitive Landscape:
To expand their product portfolios and meet the demands of a growing customer base, companies in the SOC-as-a-Service market are focusing on product innovation and strategic partnerships with other manufacturers.
Acquisitions are the primary strategies employed by market participants. According to the Cardinal matrix analysis, Verizon Communications, Inc. and AT&T, Inc. are the market leaders in the SOC as a Service market. IBM Corporation, Tata Consultancy Services Ltd., and NTT Data Corporation are among the SOC-as-a-Service market’s key innovators.
Recent Development:
- Launch:
Alert Logic, Inc. launched an automated response solution for Amazon Web Services (AWS) environments in December 2020. Alert Logic MDR SOAR provides pre-built and customised playbooks to security teams, ensuring that organisations are protected from threats.
- Acquisition:
CyberSponse was acquired by Fortinet, Inc. in December 2019. With this acquisition, the company will be able to improve security orchestration, automation, and response addition to Fortier. It also enables security operations teams to improve efficiency and respond to incidents more quickly.
- Expansion:
- Thales:
It opened a new Cyber Security Operations Center (SOC) in Morocco in April 2022 to provide real-time protection against cyber-attacks across the African continent as a whole. This new SOC is the sixth in its international network.
- Atos:
It expanded its geographical footprint in Sofia, Bulgaria, by opening a new security operations centre in March 2022. This geographic expansion was intended to continue in light of recent reports that potential suitors may be interested in acquiring the Atos cyber security and MSSP business.
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