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.
Breakdown of primaries:
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the SOC as a Service market.
- By company type: Tier 1: 35%, Tier 2: 45%, and Tier 3: 20%
- By designation: C-level: 40%, Manager and Other: 60%
- By region: APAC: 45%, Europe: 35%, North America: 20%
Major vendors in the global SOC as a Service market include AT&T (US), IBM (US), NTT (Japan), Verizon (US), Proficio (US), ConnectWise (US), Fortinet (US), Atos (France), TCS (India), Check Point (Israel), Cloudflare (US), Kaseya (US), Arctic Wolf (US), ESDS Software Solutions (India), Suma Soft (India), Clear Network (US), Stratosphere Network (US), Silversky (US), Expel (US), Binary Defense (US), eSentite (Canada), Cyrebro (Israel), Segra (US), SecureKloud (India), Nettitude Ltd (UK), Radar Cybersecurity (Austria), IARM Information Security (India), CyberSecOp (US), eSec Forte(India), Cysiv (US), Airbus Cybersecurity (France), Novacoast (US), Cyflare (US), Tracelay (India), Bitlyft (US), SafeAeon (US), SOCwise (Hungary), Eventus Tech Solutions (India).
The study includes an in-depth competitive analysis of the key players in the SOC as a Service market, with their company profiles, recent developments, and key market strategies.
The report segment the SOC as a Service market and forecast its size, by component (solution, professional services), services type (vulnerability assessment and threat detection, incident response service), organization size (SMEs, large enterprises), offering type (fully managed and co-managed), application (network security, endpoint security, cloud security other application) vertical (BFSI, healthcare, government, IT and ITeS, telecommunication, manufacturing, transportation and logistics, energy and utilities, other verticals) and by region (North America, Europe, Asia Pacific, MEA, and Latin America).
The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key benefits of buying the report
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall SOC as a Service market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.