SOC as a Service market is to reach USD 772.9 Million by 2028 at a CAGR of 14.2% | Valuates Reports
BANGALORE, India, July 7, 2022 /PRNewswire/ -- SOC as a Service market is segmented by Type (Prevention, Detection, Incident Response), By Application (BFSI, Healthcare, Education, Retail, IT and Telecom, Logistics and Transportation, Manufacturing, Others) : Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Software Category.
The global SOC as a Service market size is projected to reach USD 772.9 million by 2028, from USD 296.3 million in 2021, at a CAGR of 14.2% during 2022-2028.
Major Factors Driving the Growth of SOC as a Service market
SOC is essential to an organization's capacity to maintain operations and achieve compliance with relevant legislation in light of the increased threat of cyberattacks. However, establishing an internal SOC and reaching a high degree of security maturity can be costly and time-consuming. Due to this, many businesses are thinking about utilizing SOC-as-a-Service solutions and other outsourced security services. This factor is anticipated to fuel the SOC as a Service Market's expansion.
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TRENDS INFLUENCING THE GROWTH OF SOC AS A SERVICE MARKET
Traditional managed security service providers (MSSPs) and managed detection and response (MDR) vendors cannot compete with SOC-as-a-Service. The sophisticated security operations center (SOC) capabilities for threat detection and response cannot be provided by legacy MSSPs. Although SOCaaS and MDR share certain similarities, SOCaaS offers a more thorough, adaptable, transparent, and—most importantly—more successful approach to threat detection and response. This factor is expected to drive the growth of the SOC-as-a-Service market.
Additionally, SOCaaS offers all the advantages of a dedicated 24/7 SOC without the exorbitant costs, complexity, and hassles associated with constructing, hiring, and administering one internally. Organizations can use a managed SOC service to outsource the personnel, operational procedures, and technological requirements for a SOC, which is run and managed remotely and provided as a cloud-based service. This, in turn, is expected to drive the growth of the SOC-as-a-Service market. Moreover, SOCaaS suppliers lighten the load on internal security teams. They keep an eye on security around the clock and employ automation and data science to deliver high-confidence alerts faster.
Furthermore, the demand for a cost-efficient security solution is expected to further fuel the SOC-as-a-Service market growth. Businesses only pay for SOC-as-a-Service depending on use as a monthly operating expense. This is more affordable for the vast majority of enterprises than the startup and ongoing costs of setting up and staffing an on-premise SOC.
Increasing adoption of SOC-as-a-Service in the healthcare industry is expected to further propel the SOC-as-a-Service market growth. Large healthcare organizations with extensive, intricate networks are common. It can be difficult for enterprises to adequately monitor every device on the network without the right equipment and knowledge in place. This can be especially true if a company often buys goods from other companies. A SOC as a Service Market can address this security issue by suggesting network visibility enhancements. Dashboards and discovery tools give a comprehensive image of the network's devices as well as any threats or vulnerabilities.
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SOC AS A SERVICE MARKET SHARE ANALYSIS:
Based on application, the healthcare sector is expected to be the most lucrative. For billing, healthcare institutions acquire and retain a sizable amount of Personally Identifiable Information Payment Card Industry (PII PCI) data for each patient. Many of the PII PCI data transfers between hospitals, clinics, and labs continue to be insecure and occasionally even unencrypted. Network management has become crucial to protect devices from malicious assaults as a result of the high proliferation of digital medical equipment.
During the forecast period, North America is anticipated to account for a sizable portion of the SOC service market. This is because there is a greater emphasis on improving advanced systems protection for businesses, there is a greater requirement for data security, and there are many market players who are actively present.
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Key Companies:
- Proficio
- BlackStratus
- Thales E-Security
- Cygilant Inc
- Alert Logic
- Arctic Wolf Networks
- NETMAGIC SOLUTIONS
- ESDS Software Solution
- AQM Technologies
- Suma Soft
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