The Asia Pacific SOC as a Service Market would witness market growth of 10.7% CAGR during the forecast period (2022-2028).
SOC is used by the majority of businesses as part of the incident detection and response (IDR) strategy. In-house, co-managed, and fully managed SOC adoption types exist. MSSPs are pitching themselves as SOC-as-a-Service suppliers to fully manage an enterprise's security operations in order to stay up with ever-evolving cyber threats. Threat researchers are employed by these companies to collect the security data required to safeguard the company from cyber threats. In the market, many vendors are creating and growing SOC solutions. With a unified security monitoring system, the company could deliver 24x7 managed security services to enterprises throughout verticals, allowing customers to detect and react to any cyber security issue.
Defenses and knowledge are required for organizations of all sizes to monitor for threats at all hours of the day and night. SOC-as-a-Service enables enterprises to obtain an end-to-end detection and response solution that is tailored to SOC challenges at a reasonable cost. Conventionally managed security service providers (MSSPs) and managed detection and response (MDR) vendors can't compete with SOC-as-a-Service. Legacy MSSPs aren't equipped to provide advanced threat detection and response capabilities through the security operations centers (SOCs). SOCaaS shares some similarities with MDR, but it offers a more complete, adaptable, transparent, and, most significantly, more effective threat detection and response methodology.
This region has witnessed a great economic expansion, political transformations, and social transformation in recent years. China, India, and Japan have all amended or established new national cyber-security rules in response to the increasing sophistication of threats. Such countries have a big number of established SMEs that are rapidly expanding to meet the demands of the large client base. Organizations are migrating to the cloud to boost production speed and business performance. Cloud-based applications are being increasingly used by verticals such as BFSI, government, IT, and telecom to cut costs, which is driving the demand for cloud-based security solutions. Security breaches are becoming more common, government rules are becoming stricter, and basic security or traditional security solutions are becoming more popular.
India, being one of the world's fastest-growing economies, is likely to become a lucrative market for SOC-as-a-service providers. The country is seeing rapid digital transformation and increased connectivity, which is driving up demand for SOC-as-a-Service in the country. Factors like rising need for cyber security solutions against cyber-threats, number of people working remotely, adoption of personal and mobile devices by businesses, and usage of SOC-as-a-service solutions to safeguard IT, communications, and security by small and medium organizations are expected to enhance the market of SOC-as-a-service in the region.
The China market dominated the Asia Pacific SOC as a Service Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $906.2 million by 2028. The Japan market is anticipated to grow at a CAGR of 10% during (2022 - 2028). Additionally, The India market would display a CAGR of 11.4% during (2022 - 2028).
Based on Type, the market is segmented into Vulnerability Assessment & Threat Detection and Incident Response. Based on Vertical, the market is segmented into BFSI, IT & ITeS, Manufacturing, Telecommunications, Government & Public Sector, Healthcare & Life Sciences, Transportation & Logistics, Energy & Utilities, and Others. Based on Component, the market is segmented into Professional Services and Solution. Based on Offering Type, the market is segmented into Co-managed and Fully Managed. Based on Organization Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. Based on Application, the market is segmented into Endpoint Security, Network Security, Cloud Security, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide SOC as a Service Market is Projected to reach USD 10.9 Billion by 2028, at a CAGR of 10.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include AT&T, Inc., IBM Corporation, NTT Data Corporation, Verizon Communications, Inc., Cloudflare, Inc., Fortinet, Inc., Check Point Software Technologies Ltd., Atos Group, Tata Consultancy Services Ltd., and Profico.
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