Overview and Scope
A security operations center (SOC) refers to a team within a company tasked with researching, identifying, preventing, and responding to cyber threats. SOC as a service monitors security 24/7 and uses automation and data science to speed up detection and deliver high-confidence alerts. The SOC as a service is used to reduce the burden on in-house security teams.
Sizing and Forecast
The soc as a service market size has grown strongly in recent years. It will grow from $4.05 billion in 2023 to $4.43 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The growth in the historic period can be attributed to increased cybersecurity threats, lack of in-house security expertise, compliance and regulatory requirements, proliferation of advanced persistent threats (apts), rising volume of security alerts.
The soc as a service market size is expected to see rapid growth in the next few years. It will grow to $6.83 billion in 2028 at a compound annual growth rate (CAGR) of 11.4%. The growth in the forecast period can be attributed to growing sophistication of cyber attacks, integration of artificial intelligence in soc services, expansion of cloud-based security solutions, increased adoption by small and medium enterprises (smes), emphasis on threat intelligence and information sharing. Major trends in the forecast period include automation and orchestration in soc operations, continuous monitoring and incident response, zero trust security models, managed detection and response (mdr) services, focus on user and entity behavior analytics (ueba) in soc
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Segmentation & Regional Insights
The soc as a service market covered in this report is segmented –
1) By Service Type: Vulnerability Assessment And Threat Detection, Incident Response
2) By Component: Professional Services, Solution
3) By Offering Type: Fully Managed, Co-Managed
4) By Application: Endpoint Security, Network Security, Cloud Security, Other Applications
5) By Verticals: Banking, Financial Services And Insurance (BFSI), Information Technology (IT) And Information Technology Enabled Services (ITeS), Manufacturing, Telecommunications, Government And Public Sector, Healthcare And Life Sciences, Transportation And Logistics, Energy And Utilities, Other Verticals
North America was the largest region in the SOC as a service market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the soc as a service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The drastic growth in the sophistication of cyber-attacks and security breaches is expected to propel the growth of the SOC as a service market going forward. Cyber-attacks refer to attempts to gain unauthorized access to a computer or a system. The SOC-as-a-service helps prevent cyberattacks through faster detection and remediation and uses automation and data science to speed up detection and deliver high-confidence alerts. For instance, in January 2023, according to the new data provided by Checkpoint, an Israel-based provider of software and hardware products for IT security global cyberattacks increased by 38% in 2022, compared to 2021. Also, according to ESET Threat Report T2 2021, researchers found a 7.3% increase in email-based attacks between May and August 2021, the majority of which were part of phishing campaigns, a scam created by cybercriminals to steal financial resources. Therefore, the drastic growth in the sophistication of cyber-attacks and security breaches is driving the SOC-as-a-service market growth.
Key Industry Players
Major companies operating in the soc as a service market report are AT&T Inc., International Business Machines Corporation., Nippon Telegraph and Telephone Corporation., Verizon Communications Inc., ConnectWise LLC, Alert Logic Inc., Arctic Wolf Networks Inc., CrowdStrike Holdings Inc., Cybereason Inc., Darktrace Limited, Exabeam Inc., Fortinet Inc., F-Secure Corporation, McAfee Corp., Palo Alto Networks Inc., Rapid7 Inc., RSA Security LLC., Dell Technologies Company, SentinelOne Inc., Sumo Logic Inc., Trustwave Holdings Inc., Varonis Systems Inc., Zscaler Inc., Cynet Ltd., Netsurion LLC, Proficio Inc., Expel Inc., CYDERES Inc., Securonix Inc., Vectra AI Inc.
The soc as a service market report table of contents includes:
1. Executive Summary
2.SOC as a Service Market Characteristics
3.SOC as a Service Market Trends And Strategies
4.SOC as a Service Impact Of COVID-19
5.SOC as a Service Market Size And Growth
6. SOC as a Service Segmentation
7.SOC as a Service Regional And Country Analysis
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27. SOC as a Service Competitive Landscape And Company Profiles
28.SOC as a Service Key Mergers And Acquisitions
29.SOC as a Service Future Outlook and Potential Analysis
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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.
