Home Technology SOC-as-a-Service Market Growth, Future Scope, Trends to 2031

SOC-as-a-Service Market

SOC-as-a-Service Market Size, Share & Trends Analysis Report By Service Type (SaaS, PaaS), By End-User Industry (IT and Telecom, BFSI, Pharmaceutical, Manufacturing) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2024-2032

Report Code: SRTE1172DR
Study Period 2020-2032 CAGR 7.5%
Historical Period 2020-2022 Forecast Period 2024-2032
Base Year 2023 Base Year Market Size USD XX Billion
Forecast Year 2032 Forecast Year Market Size USD XX Billion
Largest Market North America Fastest Growing Market Europe
The sample report only takes 30 secs to download, no need to wait longer.

Market Overview

The security operations center (SOC) works in close cooperation with organizations to protect them against cyber threats. SOC teams help the military, business, and educational sectors to prevent the spread of emerging viruses by removing bugs from their systems. It comprises of a team ofcybersecurity experts, security analysts, and engineers who detect, analyze, and respond to cyber-attacks. Analytical tools and programs are designed to detect and prevent the latest online cyber-attacks. It mandates a range of technical procedures to spot system vulnerabilities and circumventfuture occurrences.

SOC-as-a-service offers numerous companiessecurity benefits over any other method as it consists of a whole third-party SOC team to monitor security networks for security events. It saves a lot of time and resources. In light of the increasing data theft and cybercrimes online, many companies have started taking steps to identify malware and combat them. Digitalization has further added to the increasing incidents of cyberattacks. With SOC-as-a-service, companies can cut down additional expenses. With the advent of cloud infrastructure and SaaS applications, the demand forcybersecurity skillshas been increasing.

Large and small business enterprises areprimarily focusing on promoting their products and services and allowing trained professionals to handle security issues. Many are hiring SOC-as-a-service experts and engineers to run third-party servicesand advanced computerized machinery to scan millions of events in real-time. Once a threat is identified, these teams alert all the companies to take preventive measures.

The global soc as a service market is expected to grow at a CAGR 7.5% during the forecast period, 2023–2031.

Market Dynamics

Bring-Your-Own Device and Work from Home — Rise of the New Normal

The present working scenario, much influenced by the novel coronavirus, is different from the conventional method where organizations held full control over the use of technology among employees. Customized laptops and cell phones given to employees to connect to the company’s network were provisioned with default configurations to meet corporate policies. Policy implementation by businesses to maintain data is significantly driving the growth of the SOC-as-a-service market. Furthermore, Digitisation and technological advancements have brought new trendssuch as Choose-Your-Own Device (CYOD) and remote working where employees are allowed to work from their own devices. This includes private networks such as mobile hotspots or broadband,which is outside the company’s security strengths. In such cases,there is a high risk of data hacks and cyber theft. Though they happen without the knowledge of the company, it can still cause potential harmto them. Thus, enterprises are adopting SOC-as-a-service for reducing the threat caused by these trends, thereby fuelling the security operations center market growth.

Limited Trust inSOC-as-a-service Providers

Enterprises refrain from relying on third-party service providers to take over the complete network architecture of a business. If things go wrong, it can prove fatal to organizations and their workforce. This scenario is significantly hampering the estimated market growth. Other expenses related to the quality of service provided, upper-level management, and data protection further add to the insecurities of business owners, which can slow the market growth during the forecast period.

Complex Nature of Cybercrimes

Hackers and their hacking techniques are uncertain and diverse in nature. As a result, security agents need to be mindful of these threats. Cybercriminals use advanced techniques to infiltrate into organizations’ networks, steal sensitive data, which can make them vulnerable. Addressing the complexity of advanced threats within time constraints is posing a significant challenge for the SOC-as-a-service market.

Emergence of DataProtection Regulations and Directives for Cyber Defense

Organizations around the globe are realizing the disastrous effects of cyber theft more after the COVID-19 outbreak, as all operations have to either halted or managed remotely with limited security infrastructures. Therefore, they are making deployment of SOC-as-a-service mandatory to comply with the existing governments’ data protection laws. Data protection is expected to play a pivotal role in manage risks and address the rising concerns over the privacy of an individual’s data. Global governments, especially from growing economies such as India and China, are significantly allocating budgets to improve their IT landscapes. If the enterprises fail to meet these standards, they have to pay hefty fines to the authorities. Such initiatives and practices are anticipated to open new doors for the growth of the SOC-as-a-service market in the near future.

Regional Analysis

North America to Hold the Largest Market ShareDuring the Forecast Period

Strong economic conditions, presence of key vendors in the region, and increased focus to enhance enterprise protection system are the factors driving the North AmericaSOC-as-a-service market growth. On the other hand, technical advancements, early adoption of new technology,and increasing need for data security in organizations are boosting the regional market growth.Therefore the government is taking the necessary initiatives to deal with the problem. The U.S. president Donald Trump earmarked more than USD 19 billion for cybersecurity-related initiatives due to the increasing number of cyberattacks in the nation.Also, the National Institute of Cybersecurity Careers and Studies (NICCS) is playing a proactive role in increasing awareness by providing training programs to the stakeholders

Europe to Witness the Fastest Market Growth During theForcastPeriod

The strong presence of several market players, coupled with recent security threats in the region, is driving SOC adoption in Europe. The region has been witnessing increasing cyber incidents, cyberattacks, and new ransomware detections have been more dominant owing to higher numbers of internet-connected populations. This is compelling governments and security providers to incorporate SOC-as-a-service solutions across infrastructures.

Report Scope

Report Metric Details
Segmentations
By Service Type
  1. SaaS
  2. PaaS
By End-User Industry
  1. IT and Telecom
  2. BFSI
  3. Pharmaceutical
  4. Manufacturing
Company Profiles AlienVault BlackStratus Cygilant Thales E-security Proficio Netmagic AqmTechnologies ESDS Software Solution Suma Soft GA Systems Alert Logic Expel Radar Cyber Security Stratozen Fortinet Arctic Wolf Networks Binary Defense
Geographies Covered
North America U.S. Canada
Europe U.K. Germany France Spain Italy Russia Nordic Benelux Rest of Europe
APAC China Korea Japan India Australia Taiwan South East Asia Rest of Asia-Pacific
Middle East and Africa UAE Turkey Saudi Arabia South Africa Egypt Nigeria Rest of MEA
LATAM Brazil Mexico Argentina Chile Colombia Rest of LATAM
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
Need a Custom Report?

We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports

Segmental Analysis

BFSI Sectors are Susceptible to Cyberattacks

The BFSI sector is expected to have significant growth in the SOC-as-a-service marketon account of the large volumes of sensitive data they deal with. Banks are more vulnerable to cyber-attacks and data theft than other sectors.There have been various incidents of information hacking and manipulations around the world, which has made the sector one of the prime seekers of SOC-as-a-service. According to a 2017 study report by Accenture, the financial services industry accounts for the highest cost from cybercrime at an average of USD 18.3 million per company surveyed.

The BFSI sector is demanding a SOC-as-a-service solution to ensure irreversible security on the premises. The BFSI industry complies with many security requirements and is highly regulated. Therefore, many companies have come up with affordable SOC solutions tohelp various financial services organizations. For instance, Cygilant'sSOCVue services offer a suite of subscription-based services to deliver increased security visibility and guidance to detect and prevent cyber risks.They allow organizations to meet compliance requirements and regulatory laws. Despite this, many small financial organizations are still struggling to provide advanced security technologies, leaving more entry points exposedto malware

Market Size By Service Type

Impact of covid-19

The 2019 SARS coronavirus outbreak has hampered businesses forcing them to think of working environments, operations, and the nature of internal control systems. There has been a sudden shift to the new normal with immediate concerns of how to keep employees safe and shift operations remotely.The pandemic is also severely impacting SOC reporting as the workforce has been scaled down and employees sent home. The demand for Security Operations Centers (SOC) staff is witnessing an exponential increase due to the COVID-19 outbreak as the number of cyber threats has risen. The U.S. Department of Homeland Security’s Cybersecurity& Infrastructure Security Agency (CISA) is advising businesses to enhance their system security protocols, therebymanaging risks. However, companies and organizations need to formulate new security guidelines and measures to keep operations safe and running during this unprecedented period.

Recent Developments

  • In May 2020, Expel, Inc., a SOC-as-a-service platform that provides security monitoring,partnered with Endgame Inc., a provider of cyber operations platform to deliver advanced Managed Detection And Response (MDR) services
  • In January 2019, Europe-based Radar Cyber Security entered into a partnership with Computacenter, a U.K.-based computer service provider, to offer its customers enhanced cyber defense services by leveraging unique RadarServices, in-house risk detection, and assessment technology
  • In October 2018, Alert Logic, a software company based out of the U.S., launched its new SIEMless Threat Management to address cybersecurity threats, compliance risks, and other typical resource constraints. It features 24/7 threat detection, comprehensive Web Application Firewalls (WAFs), and assigned SOC analyst support

Top Key Players

AlienVault BlackStratus Cygilant Thales E-security Proficio Netmagic AqmTechnologies ESDS Software Solution Suma Soft GA Systems Alert Logic Expel Radar Cyber Security Stratozen Fortinet Arctic Wolf Networks Binary Defense Others

Frequently Asked Questions (FAQs)

What is the estimated growth rate (CAGR) of the SOC-as-a-Service Market?
SOC-as-a-Service Market size will grow at approx. CAGR of 7.5% during the forecast period.
Some of the top prominent players in SOC-as-a-Service Market are, AlienVault, BlackStratus, Cygilant, Thales E-security, Proficio, Netmagic, AqmTechnologies, ESDS Software Solution, Suma Soft, GA Systems, Alert Logic, Expel, Radar Cyber Security, Stratozen, Fortinet, Arctic Wolf Networks, Binary Defense, etc.
North America has been dominating the SOC-as-a-Service Market, accounting for the largest share of the market.
The Europe region is projected to exhibit the highest rate of growth in the SOC-as-a-Service Market.
The global SOC-as-a-Service Market report is segmented as follows: By Service Type, By End-User Industry


We are featured on :

This website uses cookies to ensure you get the best experience on our website. Privacy Policy