In a recent analysis by Future Market Insights (FMI), it has been projected that the SOC-as-a-service market is anticipated to reach a value of US$1,340.3 million by the year 2022. Furthermore, the total revenue in this market segment is expected to ascend to an impressive US$11,844.1 million by the year 2032, displaying a substantial compounded annual growth rate CAGR of 24.3%.
The rising number of data breaches and cyber-attacks affecting businesses of all sizes worldwide has led to a growing need for efficient SOC-as-a-Service solutions. With lockdowns imposed globally, remote work has become more common, posing a significant cybercrime and phishing threat. To address this, the utilization of SOC-as-a-Service has surged, especially in countries like the United States, the United Kingdom, Germany, China, and India.
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Cyber security threats such as phishing attacks, ransomware, browser gateway frauds, Distributed Denial of Service (DDoS), whaling, malware, and spear phishing are growing in frequency of occurrence and becoming a serious concern for various organizations. Consequently, as a counterattack, SOC-as-a-service solutions are registering heightened demand.
Cyber threats not only diminish business productivity but also threaten critical IT infrastructure and present a risk to sensitive information. The swift growth of digital transactions across industries is further increasing the frequency of cybercrime. All of these considerations underpin the demand for the SOC-as-a-Service market as it can enhance the security and consumer trust of an organization.
“Rise in security breaches along with increasing cyber-attack complexity is expected to spearhead the global growth of the SOC-as-a-service market over the forecast period,” says an FMI analyst.
Key Takeaways from the SOC-as-a-Service Market Report:
- The use of third-party service providers may leave enterprises vulnerable, resulting in an obstacle to market growth.
- Integration of IoT will strengthen market prospects for SOC-as-a-Service.
- By application, the cloud security segment will register a CAGR of 30.7%.
- The network security segment accounts for the highest share of 34.7%.
- By service type, the detection segment will expand at 28.5% CAGR.
- Based on enterprise size, the SMEs segment will grow at a CAGR of 27.4%.
- The SOC-as-a-service market in the United States will acquire 36% of the market share while growing at 21.3% CAGR.
- The United Kingdom will account for 5.1% of the global SOC-as-a-service market share.
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How Competition Influences the SOC as a Service Market?
Companies in the SOC-as-a-Service market are focusing on product innovation and strategic partnerships with other manufacturers in order to expand their product portfolios and meet the demands of a growing customer base.
Acquisitions are the principal strategies adopted by market participants. According to the Cardinal matrix analysis, Verizon Communications, Inc. and AT&T, Inc. are the market leaders in SOC as a Service. IBM Corporation, Tata Consultancy Services Ltd., and NTT Data Corporation are some of the market’s key innovators.
Leading Key Players:
- Check Point Software Technologies Ltd
- AlienVault (AT & T Cybersecurity)
- BlackStratus
- Cygilant, Inc.
- Thales e-Security, Inc.
- Alert Logic, Inc.
- Proficio
- Netmagic Solutions (NTT DATA)
- Arctic Wolf Networks Inc.
- ESDS Software Solution Pvt. Ltd.
- Suma Soft Private Limited
- Expel, Inc
- RadarServices Smart IT-Security GmbH
- Fortinet, Inc.
- Binary Defense
- eSentire, Inc.
- CYREBRO
- Cybersafe Solutions Llc
- Digital Hands
- Cysiv, Inc.
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More Insights into SOC-as-a-Service Market Report:
In its latest report, FMI offers an unbiased analysis of the global SOC-as-a-service market, providing historical data and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of offering type (fully managed service, co-managed service), service type (prevention service, detection service, incident response service), enterprise size (small and mid-sized enterprises (SMEs), large enterprises), application area (network security, application security, endpoint security, cloud security, others), industry (BFSI, IT & telecom, healthcare, government & public sector, retail, manufacturing, energy & utilities, others), and region.
According to the latest FMI reports, based on segmentation, the cloud security application segment will continue to observe strong demand throughout 2031 and register a CAGR of 30.7%. The adoption of the detection service segment will record a spike due to the heightened implementation of digital technologies in the past few years. This segment will likely grow at a CAGR of 28.5% during 2022-2032.
Based on region, the SOC-as-a-Service market in the United States will display considerable growth during 2022-2032. The target market in this country will account for 36% of the global market share while registering a CAGR of 21.3%. This growth can be attributed to elevated usage of cloud security infrastructure, heightened awareness of virtual private networks, and increasing adoption and demand of cyber security among SMEs. Apart from the U.S., the U.K., and India too will demonstrate significant growth over the forecast period.
SOC-as-a-Service Market Segmentation:
By Service Type:
- Prevention Service
- Detection Service
- Incident Response Service
By Offering Type:
- Fully Managed Service
- Co-Managed Service
By Enterprise Size:
- Small and Mid-Sized Enterprises (SMEs)
- Large Enterprises
By Applications Area:
- Network Security
- Application Security
- Endpoint Security
- Cloud Security
- Others
By Industry:
- BFSI
- IT & Telecom
- Healthcare
- Government & Public Sector
- Retail
- Manufacturing
- Energy & Utilities
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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