The global SOC-as-a-Service market is expected to reach a valuation of US$ 11844.1 Mn by 2032, with the market growing at an astonishing CAGR of 24.3% from 2022 to 2032. Predicted to reach an estimated US$ 1340.3 Mn in 2022, the target market is likely fueled by rising cyber security threats. With the prevalence of remote work culture, the risk of cybercrime and phishing also increases. The SOC-as-a-service market is witnessing heightened demand to counteract this threat.
With the surge in the prevalence of data breaches and cyber-attacks in small, medium, and large-scale businesses all across the globe, the demand for efficient and reliable SOC-as-a-Service solutions is also on the rise. Cyber security has become a crucial aspect for organizations around the world to protect and conserve their digital assets from rising cyber threats.
Cyber security threats such as phishing attacks, ransomware, browser gateway frauds, Distributed Denial of Service (DDoS), whaling, malware, and spear phishing are growing in the 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 of SOC-as-a-Service Market
· 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 SME 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.
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.
Check Point Software Technologies Ltd., IBM Corporation, AlienVault (AT & T Cybersecurity), Tata Consultancy Services, 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., Cybersafe Solution LLC., Digital Hands, Cysiv Inc., and CYREBRO among others are some of the major players in the SOC-as-a-service market profiled in the full version of the report.
Leading market players are concentrating on product innovation and development to cater to consumer demands. These enterprises also employ strategic partnerships and collaboration tactics to expand their product portfolio.
These insights are based on a report on SOC-as-a-Service Market by Future Market Insights