UK Markets closed

Global $10+ Billion Security Operations Center as a Service (SOCaaS) Markets to 2027: Exponential Rise in Security Breaches & Surge in Trends Such as BYOD, CYOD, and WFH

·5-min read
Company Logo
Company Logo

Global SOC as a Service Market

Global SOC as a Service Market
Global SOC as a Service Market

Dublin, June 22, 2022 (GLOBE NEWSWIRE) -- The "Global SOC as a Service (SOCaaS) Market by Component, Service Type (Vulnerability Assessment & Threat Detection, and Incident Response), Offering Type (Fully Managed & Co-managed), Application Area, Industry Vertical and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

The global SOC as a Service market size is expected to grow from an estimated value of USD 6.1 billion in 2022 to USD 10.1 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 10.5% from 2022 to 2027.

Some of the factors that are driving the market growth includes exponential rise in security breaches and sophistication of cyberattacks, cumbersome administration after threat detection and surge in trends such as BYOD, CYOD, and WFH. However, scarcity of skilled cybersecurity professionals among enterprises is expected to hinder the market growth.

Professional services segment to grow at a higher CAGR during the forecast period

Based on components, the SOCaaS market is segmented into solutions and professional services. These components assist organizations in improving their security capabilities for mitigating cyber threats proactively. Security threats are rapidly increasing and damaging the critical assets of organizations.

Consulting & training services and integration and on-demand analyst & incident response services are considered in the SOCaaS professional services segment. Services include the support offered by security vendors to assist their customers in using and maintaining SOCaaS efficiently. The services segment has witnessed tremendous growth in the recent years. Both SMEs and large enterprises are increasingly relying on SOCaaS providers to better respond to cybersecurity incidents.

By service type, vulnerability assessment & threat detection to account for a higher market share during the forecast period

Based on service types, the SOCaaS market is segmented into two categories such as vulnerability assessment & threat detection and incident response.

These services assist organizations in protecting systems from exploitation and data losses. A major trend influencing the SOCaaS market is the complexity of the advanced technologies, such as IoT infrastructure and operating systems. Vulnerability assessment services help organizations respond by identifying, classifying, and addressing security risks and providing the ongoing support and guidance to best mitigate them.

The threat detection service provides the ability to detect fraudulent activities across enterprise networks rapidly and respond to cyber incidents quickly and effectively. The service reduces incident response time; improves the overall effectiveness of security infrastructure; and minimizes the cyber breach impact on networks, endpoints, and applications.

Asia Pacific to grow at the highest CAGR during the forecast period

Tremendous growth opportunities in Asia Pacific region has been witnessed by SOCaaS market. Due to the adoption of technologies, such as BI tools, cloud, analytics, and rapid infrastructure development various developments are taking place. Asia Pacific is the fastest-growing region in terms of the adoption of SOCaaS.

According to a survey by Palo Alto Networks, enterprises across Australia, China, India, and Singapore, revealed that insecure interfaces and APIs, data breaches, data losses, and misconfigurations are the top cybersecurity risks in the region. That's why adoption of SOC services is growing across the region. Also the SMEs in the region are widely adopting SOCaaS driving the overall market and opening up new opportunities for SOCaaS vendors.

Premium Insights

  • Exponential Rise in Security Breaches and Sophistication of Cyberattacks Across Verticals to Drive the Market Growth

  • Professional Services Segment to Hold a Larger Market Size During the Forecast Period

  • Endpoint Security Segment to Hold a Larger Market Size During the Forecast Period

  • BFSI Vertical and North America to Hold the Largest Market Shares in 2022

  • Large Enterprises Segment to Hold a Larger Market Size During the Forecast Period

  • Bfsi Vertical to Hold the Largest Market Size During the Forecast Period

  • Asia-Pacific to Emerge as the Best Market for Investments in the Next Five Years

Market Dynamics

Drivers

  • Exponential Rise in Security Breaches and Sophistication of Cyberattacks

  • Cumbersome Administration After Threat Detection

  • Surge in Trends Such as Byod, Cyod, and Wfh

Restraints

  • Lack of Trust Among Enterprises to Allow Full Control of System Architecture to Socaas Providers

  • Higher Costs Accrued due to Endpoint Attacks and Use of Free or Pirated Endpoint Protection Solution

Opportunities

  • Mandate to Follow Regulatory and Data Protection Directives for Cyber Defense

  • Increase in the Adoption of Cloud-Based Solution Across Smes

  • Use of Ai, Ml, and Blockchain Technologies to Leverage Benefits for Cyber Defense

Challenges

  • Scarcity of Skilled Cybersecurity Professionals Among Enterprises

  • High Cost of Innovation and Budget Constraints

  • Lack of Standardized Log Format

Market Dynamics During the COVID-19 Pandemic

Use Cases

  • Use Case 1: Soc Prime

  • Use Case 2: Proficio

  • Use Case 3: IBM

Value Chain

  • Ecosystem

  • Key Stakeholders and Buying Criteria

  • Key Stakeholders in the Buying Process

Pricing Model Analysis

  • Soc Prices of Key Players, by Soc Type

Technology Analysis

  • Hyperautomation in Security Operation

  • Cloud Computing

Tariff and Regulatory Landscape

  • General Data Protection Regulation

  • Payment Card Industry-Data Security Standard

  • Health Insurance Portability and Accountability Act

  • Gramm-Leach-Bliley Act

  • Sarbanes-Oxley Act

  • Soc2

  • Regulatory Bodies, Government Agencies, and Other Organizations

Company Profiles

  • Key Vendors

  • AT&T

  • Thales

  • Ibm

  • Ntt

  • Verizon

  • Proficio

  • Connectwise

  • Fortinet

  • Atos

  • Tcs

  • Check Point

  • Cloudflare

  • Kaseya

  • Arctic Wolf

  • Esds Software Solution

  • Suma Soft

  • Clearnetwork

  • Stratospere Network

  • Silversky

  • Expel

  • Binary Defense

  • Esentire

  • Cyrebro

  • Segra

  • Securekloud

  • Nettitude Ldt

  • Radar Cybersecurity

  • Iarm Information Security

  • Cybersecop

  • Esec Forte

  • Cysiv

  • Airbus Cybersecurity

  • Novacoast

Other Vendors

  • Cyflare

  • Tracelay

  • Bitlyft

  • Safeaeon

  • Socwise

  • Eventus Tech Solution

For more information about this report visit https://www.researchandmarkets.com/r/ted8kn

Attachment

CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900


Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting