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Global SOC as a Service Market Report 2024 Market Size Split by Service Type (Prevention Services, Detection Services, Incident Response Services), Application (Network Security, Endpoint Security, Application Security, Database Security, Others), Enterprise Size (Large Enterprises, SMEs), Industry Vertical (BFSI, Healthcare, Government and Public Sector, IT and Telecom, Retail, Manufacturing, Others)
As per Cognitive Market Research's latest published report, the Global SOC as a service market size was USD 6.5 billion in 2022. SOC as a service Industry's Compound Annual Growth Rate will be 10.80% from 2023 to 2030.
| Base Year | 2023 |
| Historical Data Time Period | 2019-2023 |
| Forecast Period | 2024-2031 |
| Global SOC as a Service Market Sales Revenue 2022 | $ 6.5 Billion |
| Global SOC as a Service Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 10.8% |
SOC as a Service Market is Segmented as below. Particular segment of your interest can be provided without any additional cost. Download the Sample Pages!
SOC as a Service Market Report Description
What is SOC as a service?
Security operations center (SOC) as a service is a subscription-based software offered by several IT businesses. This service is responsible for continuously monitoring and managing the logs of clouds, devices, and all other resources available to the customer business. Over the projection period, the security operations center (SOC) as a service market is anticipated to grow in response to the sharp rise in security breaches and sophisticated cyberattacks against businesses. The market for security operations centers (SOC) as a service is expected to develop due to the high costs associated with endpoint assaults and cumbersome administrations following threat discovery. Additionally, the advent of trends like BYOD, CYOD, and WFH will probably benefit the market's expansion.
In January 2021, to create the greatest cyber-surveillance technology, METCloud teamed up with Cygilant Inc. With the integration of LogPoint, SentinelOne, and Qualys, this new cooperation will enhance METCloud clients' entire security capabilities. These techniques are possible through quick threat detection, reaction, and mediation as well as a better awareness of a company's security risk and priorities for addressing vulnerabilities. A Security Operations Centre (SOC) in the UK will offer a strong set of services, which offers users specialized help around the clock.
(Source:www.metcloud.com/metcloud-x-cygilant-significant-advances-in-war-against-cybercrime-underway/)
What Key Trends are Influencing the Market for SOC as a Service?
- Rising Construction Sector is Boosting the Market Expansion
The market for SOC as a service is anticipated to expand due to the sharp increase in the sophistication of cyberattacks and security breaches. Cyber-attacks are efforts to log into a computer or other system without authorization. The SOC-as-a-service employs automation and data science to accelerate detection and send high-confidence alerts, which helps prevent cyberattacks by allowing for quicker detection and response.
For instance, the Microsoft Digital Defense Report from Microsoft, a US-based technology corporation, predicts that in 2020, cyberattacks will be more sophisticated and use new approaches. Comparing the first and second halves of 2020 and 2019, loT threats grew by 35%.
The sharp increase in the sophistication of cyberattacks and security breaches drives the market for SOC as a service.
The Aspects of the SOC as a Service Industry Hinder Growth
Businesses Demonstrating a Lack of Confidence in SOCaaS Providers' Complete Control of System Design will Restrain Market Growth
Businesses employ SOCaaS and third-party service providers when they lack the necessary internal security expertise or are constrained by a limited budget. Many factors must be considered when outsourcing security operations to third-party service providers, such as the security of the third infrastructure, current cyber-security technology, the party's expertise, round-the-clock support, and the decision to move to security as a service in general. Service providers must ensure the infrastructure is safe and up to date to combat the most recent attacks.
Impact Of COVID-19 on the SOC as a Service Market
The COVID-19 pandemic in 2020 is increasing the need for security services within enterprises to combat numerous cyber dangers and attacks. The COVID-19 pandemic has expedited the digital transformation of the banking, financial services, insurance, healthcare, government, and IT and ITeS sectors. The popularity of remote work has boosted web traffic and cloud traffic, which is why managed security services are booming across all sectors of the economy. The COVID-19 pandemic has significantly negatively influenced almost every industry in the world.
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SOC as a Service Market Insights Video
Competitive Landscape of Soc As A Service Market
The market for SOC as a service is fragmented as manufacturers expand their partner ecosystems with integration capabilities to improve their service offerings. The market is seeing a variety of mergers and acquisitions, and businesses are collaborating with other businesses to boost their security operations through ongoing monitoring and early threat identification.
Soc As A Service Market News
January 2022: A US-based firm called SilverSky which offers managed services for network security and business email, has bought Cygilant for an unknown sum. With this acquisition, SilverSky is anticipated to increase its security posture and improve its cyber defenses.
(Source:www.helpnetsecurity.com/2022/01/11/silversky-cygilant/
June 2021: To speed up threat detection for all Taegis clients, Secureworks Inc. has created a new partner program for its global partner network called the SecureWorks Technology Alliance Partner program. Secureworks Technology Alliance Partners can now add their Taegis integrations to build potent, integrated security solutions.
April 2021: Due to its partnership with SentinelOne, AT&T Cybersecurity Inc. has introduced a managed endpoint security solution. With AT&T Managed Endpoint Security with SentinelOne, endpoint threats are corroborated by using a single software agent that combines antivirus, endpoint detection and response, endpoint protection, and IoT security functions.
Top Companies Market Share in SOC as a Service Industry: (In no particular order of Rank)
- Arctic Wolf Networks
- Check Point Software Technologies
- Thales
- Fortinet Inc.
- IBM CORPORATION
- Verizon
- Atos SE
- NTT
- AT&T
- Cloudflare
- Inc.
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SOC as a Service Market Analysis
Global SOC as a Service Market Report 2024 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing SOC as a Service Industry growth. SOC as a Service market has been segmented with the help of its Service Type, Application Enterprise Size, and others. SOC as a Service market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
By Service Type, the Prevention Services segment held a significant share of the SOC as a Services Market
According to Cognitive Market Research, due to the numerous government and industry requirements that are put in place to maintain the safety of customer and user data, the preventative services segment led the SOC as a service market share in 2022 and is predicted to continue this trend over the forecast period.
However, due to the surge in cyberattacks on commercial firms and public sector organizations, the detection services category is anticipated to be the highest growing in the coming years.
- Prevention Services
- Detection Services
- Incident Response Services
SOC as a Service Market Share (%) by Service Type in 2019-2031
The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of SOC as a Service Industry. Request a Free Sample PDF!
By Application, the Endpoint Security Category held a significant share of the SOC as a Services Market
Endpoint security is the protection offered for endpoints on enterprise networks, such as desktops, laptops, mobile devices, tablets, barcode readers, and point-of-sale (POS) systems. Viruses, hackers, program manipulation, and memory overflow are popular attack methods on the endpoint layer. Financial, organizational, and employee information is on linked devices and must be safeguarded against data loss and breaches.
Furthermore, the monitoring of an organization's entire IT infrastructure, including the network using tools like access control, network analytics, antivirus software, application security, various types of VPN encryption, network-security firewalls, and others, forms the basis for creating proactive protection, detection, and response measures. As a result, there is a greater need for privacy and security operation services in contemporary organizational environments.
- Network Security
- Endpoint Security
- Application Security
- Database Security
- Others
SOC as a Service Market Share (%) by Application in 2019-2031
2019
2023
2031
The above Graph is for representation purposes only. This chart does not depict actual Market share. Please purchase the SOC as a Service market report 2024 Edition by contacting our team.
SOC as a Service Enterprise Size Segment Analysis
By Enterprise Size, the Large Enterprises Segment Dominate the SOC as a Services Market
Using SOCaaS, large enterprises may gather information and security alerts from numerous sources. The organization can perform vulnerability assessment and remediation activities utilizing automated tools and human labor, defining, prioritizing, and guiding standardized Incident Response (IR) operations in line with a standard workflow.
According to Cognitive Market Research, SMEs have a small team and limited financial resources due to the numerous IT difficulties they face in the present climate. SMEs don't adhere to established security protocols, so managed services are becoming increasingly necessary. Cybersecurity is only considered in the case of SMEs after a cyberattack has occurred. It is anticipated that small enterprises will increasingly use SOCaaS.
- Large Enterprises
- SMEs
SOC as a Service Industry Vertical Segment Analysis
ByIndustry Vertical, theBFSISegment Dominate the SOC as a Services Market
Rise in Third-party Transaction Frauds to Support Growth of the BFSI Category
The BFSI held the highest share in the market in 2022. BFSI is one of the most enticing businesses for hacktivists or cybercriminals due to several causes, including a rise in third-party transaction frauds, operational and deployment challenges, and state-sponsored attacks. SOC tools aid in lowering fraud and risks in the BFSI sector.
According to Cognitive Market Research, the government and public sector category is anticipated to increase at the fastest rate in the market during the anticipated period. Government and public sector organizations are in charge of handling vital data and information. The adoption of new technology has significantly increased for these companies.
- BFSI
- Healthcare
- Government and Public Sector
- IT and Telecom
- Retail
- Manufacturing
- Others
The North America SOC as a Service Market Dominate the Largest Share of Global Market
According to Cognitive Market Research, North America has the most SOCaaS providers because it is the area of the world most frequently hit by cybersecurity breaches. Protecting sensitive data and enterprise-critical infrastructure has become one of the biggest problems as the world moves toward interconnection and digitization. The demand for better security solutions for these platforms is rising as cloud-based applications, technologies, and platforms are increasingly adopted.
Increased Need for Data Security Resulted in the Growth of the SOC as a Service Market in United States
According to Cognitive Market Research, the United States SOCaaS market is expanding due to technological developments, early acceptance of new technologies, and companies' growing requirements for data security. The administration is therefore making the required efforts to address the issue. As the number of cyberattacks in the country rises, U.S. President Donald Trump has set aside more than USD 19 billion for projects in this area. Additionally, by offering stakeholders training programs, the National Institute of Cybersecurity Careers and Studies (NICCS) is proactively raising awareness.
The key Reasons are Driving the SOC as a Services Market in Europe
The widespread use of SOC in Europe is being fueled by several market participants who are active there, as well as current security risks. Due to a higher percentage of people in the area having access to the internet, the region has seen an increase in cyber events, cyberattacks, and fresh ransomware detections. As a result, SOC-as-a-service solutions are being included across infrastructures by governments and security companies.
The current report Scope analyzes SOC as a Service Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on [email protected]
- North America (United States, Canada, Mexico)
- Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
- Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
- South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
- Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)
SOC as a Service Market Share (%) by Region (2019-2031)
The above graph is for illustrative purposes only. To learn more about geographical trends request the free sample pages. Contact US!
