The global East Africa SOC as a service market was valued at $67.8 million in 2022, and this number is expected to reach $131.5 million by 2030, advancing at a CAGR of 8.3% during 2022–2030, as per P&S Intelligence.
This can be ascribed to the need for digital transaction management, growing government support, snowballing safety concerns throughout organizations, and mounting acceptance of enhanced technologies in emerging economies, including Uganda, Kenya, Rwanda, Burundi, and Tanzania.
The large enterprises category is projected to generate the higher revenue, of $114.8 million, by 2030. Furthermore, large enterprises have numerous processes; therefore, they are always applying new and advanced technologies to prevent, detect, and safety from any kind of cyberattack.
In 2022, the BFSI industry is the biggest end user in the east African SOC as a service market, since it can be considered the most fascinating market for cybercriminals due to its nature of business. Normally, a worker of a financial service association gets access to approximately 11 million documents on the day of joining. This count increases to 20 million documents for employees working in large companies.
Moreover, over 70% of the cyberattacks are aimed at the financial sector. For instance, more than 30 billion accounts are estimated to be ruptured by 2030. The administrations functioning in the sector are largely prone to cyberattacks, which suffer the price of approximately $6 million per data breach.
In 2022, the Kenyan market generated $29.4 million, which is expected to rise to $59.1 million by 2030 growing at a CAGR of 8.8%. this can be credited to the increasing acceptance of SOC as a service in the healthcare, telecom, BFSI, IT, and retail industries, and helpful data protection rules and guidelines, including The Data Protection Act 2019, in the nation.
In corporate processes, log management is commonly utilized to handle information from a source. Characteristically, it deals with log messages produced by systems, like audit records, audit trails, and event logs, among others, to offer more appropriate results, it commonly gets and classifies the data.
Hence, the need for digital transaction management, growing government support, snowballing safety concerns throughout organizations, and mounting acceptance of enhanced technologies in emerging economies, are the major factors driving market growth.
In the past few years, cybersecurity has become vital for industries to protect their digital possessions from increasing cyber-attacks. Some of the most popular cyber hazards are phishing assaults, spear phishing, malware, ransomware, browser gateway frauds, vishing, whaling, DDoS, and ransomware.
Moreover, cyber attackers aim, at networks, data, endpoints, and other IT infrastructure which costs businesses, governments, and individuals a considerable amount of money.
Furthermore, cyber jeopardizes damage to companies’ important information and crucial IT infrastructure. which reduces their efficiency. Because of the rapid expansion of digital transactions throughout industries, cyber crimes are happening more commonly.
The global SOC-as-a-Service Market research report, published by Value Market Research, is designed to offer various market framework such as market size, portion, trends, growth path, value and factors that impact the current market dynamics over the forecast period 2020-2027.
Most importantly, this report also provides the latest significant strategies adopted by major players along with their market share.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the soc-as-a-service market include Capgemini, Cisco Systems Inc., Secureworks Inc., Raytheon, Netmagic Solutions, Dark Matters Inc., Digital Guardian, Fortinet, Alertlogic, Rapid7 and others.
This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global SOC-as-a-Service Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/soc-as-a-service-market/download-sampleMarket DynamicsThe market is mainly driven by the rising adoption of cloud-based solutions across SMEs across the globe.
In addition, the increasing demand for network security, cryptanalysis, and malware reverse engineering to inspect network incidence are some of the prominent factors driving the growth of the market.
However, lack of knowledge of many security operations is the primary factor restraining the growth of the market.
Global SOC as a Service Market was valued at US$ 400.79 Mn in 2019 and is expected to reach US$ 1878.7 Mn by 2027, at a CAGR of 24.7% during a forecast period.The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters.
Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments.
The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.SOC as a service (security operations center as a service) provider comprises a dedicated team of information security experts that are responsible for exploring and monitoring the organization security posture 24/7.
In addition, demand for a network strategy implementing protective measures as well adds to the market growth of SOC Industry.
The major forces driving the Asia Pacific market growth are rising technology adoption, huge opportunities across government and public sector, and rise in the number of startups in the Asia Pacific economies, especially India.
In recent years, the Asia Pacific region has witnessed tremendous economic growth, political transformations, and social changes.Key development in SOC as a service market, In January 2018, SecureWorks Inc. a cyber-security company formed an alliance with Carahsoft, an IT solution supplier to deliver and protect critical data with the help of managed cyber security solutions focusing on the public sector.
