SOC as a Service Market worth $11.4 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, Sept. 12, 2023 /PRNewswire/ -- In order to deliver comprehensive and proactive cybersecurity solutions, the SOC as a Service Market's future will be characterised by improved threat detection capabilities, broader coverage of emerging technologies and environments, higher automation, and an emphasis on customisation and integration.

The global SOCaaS Market size is projected to grow from USD 6.7 billion in 2023 to USD 11.4 billion by 2028 at a CAGR of 11.2% during the forecast period, according to a new report by MarketsandMarkets™. The SOCaaS Market experienced substantial growth due to the rising complexity of cyber threats, rapid technological progress, the high trend of BYOD, CYOD, and WFH, and complex threat response. Organizations are pursuing robust SOCaaS solutions to secure their data amid modern cybersecurity practices. Additionally, SOCaaS providers are responding with innovative solutions to preserve digital assets, privacy, and data integrity, capitalizing on the heightened demand.

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516 - Tables
51 - Figures
392 - Pages

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Scope of the Report

By vertical segment, the healthcare vertical will grow at the highest CAGR during the forecasted period.

The healthcare vertical is projected to achieve the highest CAGR in the SOCaaS Market due to its unique blend of factors. The sector's emphasis on safeguarding sensitive patient data, complying with strict regulations like HIPAA, addressing escalating cyber threats, managing digital transformation, securing healthcare IoT devices, ensuring patient safety, preserving reputation against breaches, and protecting critical research data all drive its need for robust cybersecurity solutions. With the increasing digitization of healthcare services and data security's vital role in patient care, healthcare organizations are turning to SOCaaS to provide comprehensive protection, regulatory adherence, and uninterrupted healthcare services. This convergence of challenges and demands positions the healthcare vertical as a pivotal driver of SOCaaS Market growth in the forecasted period.

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By Sectors, the Private sector holds the largest market size during the forecast period.

The private sector holds the largest size in the SOCaaS Market for a compelling array of reasons. Its significant data sensitivity, substantial financial resources, risk management concerns, compliance obligations, the potential economic impact of breaches, complex infrastructure, adoption of advanced technologies, customer trust focus, third-party risks, and global operations all contribute to its demand for robust cybersecurity. SOCaaS meets these needs by providing tailored security solutions, initiative-taking monitoring, rapid incident response, and the efficient allocation of resources. As private sector companies prioritize safeguarding operations and customer trust, SOCaaS emerges as a central solution, solidifying the sector's dominant position in the evolving landscape of cybersecurity services.

By region, the Asia Pacific market is to grow at the highest CAGR during the forecast period.

The Asia Pacific region, encompassing well-established economies like China, Japan, Australia, and New Zealand and emerging players like India and Singapore, is poised for the most significant CAGR during the anticipated period. The following ascent owes its momentum to rigorous regulatory frameworks, substantial technological advancements, and notable strides in adopting innovative technologies such as analytics, cloud computing, and fortified business infrastructure.

Asia Pacific region stands out as a pioneer in embracing SOCaaS solutions, primarily spurred by mounting cybersecurity apprehensions, notably within sectors like BFSI, government, IT, and telecommunications. The surge in cyber threats has catalyzed policy revisions on a national scale, prompting an uptick in the uptake of encryption solutions to safeguard sensitive data. In response to the intensifying cyber landscape, prominent industry players such as IBM and TCS are strategically expanding their SOCaaS footprint across Asia, aiming to fortify security measures and regional enterprises' bottom line. Thus, the region accounts for the highest CAGR during the forecasted period.

Top Key Companies in SOC as a Service Market:

NTT (Japan), Verizon (US), Lumen Technology (US), Atos (France), Fortinet (US), Thales (France), Kaseya (US), Cloudflare (US), AT&T (US), Arctic Wolf (US), Trustwave (US), Proficio (US), Airbus (France), ConnectWise (US), Clearnetwork, Inc (US)., Stratosphere Networks (US), eSec Forte (India), Cybersafe Solutions (US), eSentire (Canada), CyberSecOp (US), TECEZE (UK), Netsurion (US), Foresite Cybersecurity (US), Ascend Technologies (US), inSOC (US), SafeAeon (US), SOCWISE (Hungary), Wizard Cyber (UK), and Eventus Security (India) are the key players and other players in the SOCaaS Market.

Recent Developments

• In June 2023, AT&T (France) partnered with Vertek (US) to offer Unified Security Management (USM) Anywhere services to enterprises. The collaboration involved Vertek's advanced SOC, providing proactive and predictive threat detection and mitigation services to safeguard clients from global cyber threats. Further, the SOC services offered by Vertek, powered by AT&T Cybersecurity's platform, encompass real-time intrusion detection, monitoring, response, vulnerability scanning, behavioral monitoring, and SIEM and log management.
• In April 2022, NTT Communications (Japan) introduced "OsecT," a cloud-based security service that visualizes and identifies security risks within control systems for factory production lines, primarily focusing on SMEs. The service's visualization and detection capabilities aligned with the goals of SOCaaS by enhancing risk visibility and enabling prompt responses to anomalies. By addressing potential vulnerabilities in control systems, "OsecT" contributed to a more secure and resilient manufacturing environment, aligning with the broader objectives of the SOCaaS Market.
• In October 2022, Arctic Wolf (US) extended its comprehensive security operations solutions to the Australian and New Zealand markets. This portfolio includes Managed Detection and Response, Managed Risk, and Managed Security Awareness, all seamlessly delivered through the Arctic Wolf Security Operations Cloud.
• In August 2022, Fortinet (US) and NEC Corporation (Japan) entered a global agreement to jointly build secure 5G networks for communication service providers (CSPs). This collaboration aimed to ensure secure and sustainable networking in the 5G era, addressing emerging threats and architectural shifts brought by increased data traffic and Multi-access Edge Computing (MEC). The partnership would focus on network security use cases and services crucial to 5G, such as Radio Access Network, Mobile Roaming, Gi-LAN/N6, and Telco/Edge Cloud Security. The combined strengths of Fortinet's security solutions and NEC's network integration capabilities would empower CSPs to protect against known and unknown threats while maintaining customer experience.
• In May 2021, Cloudflare (US) launched SOC as a Service, a security product, and a team of cybersecurity experts within Cloudflare. It combined its security products with a team of cybersecurity experts to provide 24×7×365 monitoring for security threats and operational disruptions. The service included triaging and responding to alerts, performing in-depth analysis, implementing countermeasures, and offering proactive engagement to keep organizations safe. Additionally, it collaborated with MSSPs to provide a comprehensive end-to-end security solution.

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SOC as a Service Market Advantages:

• Without the need for significant internal resources, SOC as a Service offers affordable access to cutting-edge cybersecurity knowledge and solutions, lowering the total cost of ownership.
• With round-the-clock monitoring of an organization's IT environment provided by SOC as a Service, risks are identified and dealt with quickly, even after hours.
• The danger of data breaches is decreased when organisations have access to a team of skilled cybersecurity analysts that can promptly identify and neutralise security risks.
• In order to uncover new threats and vulnerabilities and improve proactive threat management, SOC as a Service makes use of cutting-edge threat detection tools and real-time monitoring.
• According to an organization's demands, services can scale up or down, ensuring that cybersecurity resources are in line with the changing threat landscape and operational needs.
• Providers of SOC as a Service can react quickly to security problems, reducing the potential harm brought on by breaches or attacks.
• Threat intelligence feeds are included into SOC services to stay current on the most recent cyberthreats, enabling proactive threat mitigation techniques.
• Security analysts with experience may eliminate false positives, ensuring that organisations concentrate on real security risks and lowering alert fatigue.
• By keeping an eye out for and reporting on security incidents and breaches, SOC services assist organisations in adhering to regulatory compliance obligations.

Report Objectives

• To define, describe, and forecast the SOCaaS Market based on service type, offering, application, sectors, verticals, and regions:
• To predict and estimate the market size of five main regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
• To analyze the subsegments of the market with respect to individual growth trends, prospects, and contributions to the overall market
• To provide detailed information related to the primary factors (drivers, restraints, opportunities, and challenges) influencing the growth of the SOCaaS Market
• To analyze opportunities in the market for stakeholders by identifying high-growth segments of the SOCaaS Market
• To profile the key players of the SOCaaS Market and comprehensively analyze their market size and core competencies.
• Track and analyze competitive developments, such as new product launches, mergers and acquisitions, partnerships, agreements, and collaborations in the global SOCaaS Market.

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