The global Security Operations Center As A Service (Socaas) Market size was estimated at USD 6.4 billion in 2023 and is projected to reach USD 13.4 billion in 2030 at a CAGR of 11.2% during the forecast period 2024-2030.
The Security Operation Center (SOC) as a service market is witnessing significant growth, driven by the escalating frequency and sophistication of cyberattacks. Businesses worldwide are increasingly turning to SOC solutions to bolster their cybersecurity defenses, particularly in light of the rising number of data breaches and cyber threats. According to a survey by the UK Government, 40% of micro and small businesses in the UK experienced cyberattacks in 2023, with phishing being the most common, followed by more advanced threats such as malware and ransomware.
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The market's growth is further supported by the expansion of SOC solutions, with vendors continuously enhancing their offerings to meet the evolving security landscape. The increasing emphasis on audit compliance, proactive policy enforcement, and comprehensive security monitoring continues to drive innovation and adoption in the SOC as a service market.
Key Findings:
On the basis of Service Type, the threat detection and incident response segment has emerged as the fastest-growing service type within the SOC as a Service (SOCaaS) market, driven by its critical role in combating increasingly sophisticated cyber threats. This segment focuses on rapid threat detection, expert incident response, and proactive measures to prevent breaches.
On the basis of Organization size, in 2022, the large enterprises segment led the SOC as a service market with significant revenue, totalling around USD 1.5 million. These enterprises are leveraging collaborations with innovative technology providers and cybersecurity experts to expand their capabilities.
On the basis of Industry vertical, in 2023, the BFSI segment held a significant 27% share of the security operations center as a service (SOCaaS) market. Within this sector, SOCaaS plays a crucial role in monitoring financial transactions in real-time.
Recent Developments
· In June 2023, AT&T France partnered with Vertek from the US to launch Unified Security Management (USM) Anywhere services aimed at enterprises. This collaboration integrates Vertek's advanced Security Operations Center (SOC), offering proactive and predictive threat detection and mitigation services.
· In April 2022, NTT Communications (Japan) launched "OsecT," a cloud-based security service aimed at SMEs that focuses on visualizing and identifying security risks within factory production line control systems.
Competitive Landscape
· Ntt
· Verizon
· Lumen Technology
· Atos
· Fortinet
· Thales
· Kaseya
· Cloudflare and more.
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North America to Dominate the Market
North America maintains its leadership in the SOC as a Service (SOCaaS) market due to several key factors. It benefits from a robust presence of major industry players, frequent cyberattacks, rapid adoption of cloud technologies, and stringent regulatory requirements.
In Asia Pacific, rapid growth in the SOCaaS market is fueled by government initiatives aimed at enhancing cybersecurity across various countries. For instance, Singapore's Cyber Security Agency (CSA) is issuing licenses to cyber security service providers to elevate service standards and protect consumer interests.
The Security Operations Center as a Service (SOCaaS) Market Segmentation:
Based on Service type
· Prevention service
· Detection service
Based on organization size
· Large enterprises
· SMEs
Based on Industry Vertical
· BFSI
· Healthcare
· Government
Based on region:
· Asia Pacific
· North America
· Europe
· South America
· Middle East & Africa
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