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.
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
Exponential Rise in Security Breaches and Sophistication of Cyberattacks
Cumbersome Administration After Threat Detection
Surge in Trends Such as Byod, Cyod, and Wfh
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
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
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 Case 1: Soc Prime
Use Case 2: Proficio
Use Case 3: IBM
Key Stakeholders and Buying Criteria
Key Stakeholders in the Buying Process
Pricing Model Analysis
Soc Prices of Key Players, by Soc Type
Hyperautomation in Security Operation
Tariff and Regulatory Landscape
General Data Protection Regulation
Payment Card Industry-Data Security Standard
Health Insurance Portability and Accountability Act
Regulatory Bodies, Government Agencies, and Other Organizations
Esds Software Solution
Iarm Information Security
Eventus Tech Solution
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